Share Name Share Symbol Market Type Share ISIN Share Description
Block Commodities Ltd NEX:BLCC NEX Ordinary Share GG00B4QYTJ50
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 0.008 0.007 0.009 0.008 0.005 0.008 62,142,858 16:30:03
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - -

Block Commodities Ltd: Final Results

03/12/2019 7:00am

UK Regulatory (RNS & others)


 
 Block Commodities Ltd (BLCC) 
Block Commodities Ltd: Final Results 
03-Dec-2019 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
     The information communicated within this announcement is deemed to 
     constitute inside information as stipulated under the Market Abuse 
 Regulations (EU) No. 596/2014. Upon the publication of this announcement, 
   this inside information is now considered to be in the public domain. 
 
3 December 2019 
 
     BLOCK COMMODITIES LIMITED 
 
     ("Block Commodities" or the "Company") 
 
     Block Commodities Limited / Epic: BLCC / Sector: Mining 
 
     Final Results 
 
  Block Commodities Limited is pleased to announce its final audited results 
    for the year ended 30 June 2019 (the "Annual Report and Accounts 2019"). 
 
 Copies of the Annual Report and Accounts 2019 will be made available on the 
          Company's website at www.blockcommodities.com [1]. 
 
Chairman's Statement 
 
      During the year under review, the Company continued its evolution from 
   solely a junior exploration company with its Lac Dinga potash exploration 
     licence, to a forward-thinking agri-tech company in sub-Saharan Africa, 
        deploying new technologies to maximise value in African agriculture. 
 
          Farmer 3.0 Eco system 
 
Leveraging its connections in Africa, the Company has worked on developing a 
   platform to empower small scale farmers ("SSF") to raise productivity and 
secure better returns for produce, while establishing African communities as 
significant future global agricultural players. The platform uses blockchain 
technology to provide loans of utility tokens to the SSF which are then used 
 to procure inputs from the Company. The loans are repaid by the delivery of 
   outputs, either direct to a contracted off-taker or to Company warehouses 
          where a system of warehouse receipts will enable SSF produce to be 
   consolidated and traded on local commodities exchanges, further enhancing 
          the return to the SSF and the Company. Over time, as the volume of 
       commodities traded on the local and regional exchanges scales up, the 
         purchase of inputs will be secured with derivatives traded on these 
    exchanges. The blockchain will be fundamental to the development of this 
          Ecosystem. 
 
    During the year, the key partnerships to build this platform were put in 
     place and pilot projects in Zambia and Uganda were established. However 
    delays in procuring inputs lead to these being postponed. No trading has 
          been possible in the year under review. 
 
          Lac Dinga 
 
  The Company retains its interest in the exploration side of the fertiliser 
   industry through its 70% interest in La Société des Potasses et des Mines 
        S.A. ('SPM'), which holds the exclusive right to conduct exploration 
 activities for potash salts over the Lac Dinga Project Area ('Lac Dinga' or 
      the 'Project') in highly prospective Kouilou region in the Republic of 
          Congo. 
 
  After extensive delays, the licence was formally renewed for a further two 
  year period in July 2019. The renewal of the license was the key condition 
         precedent to moving forward with the project. With the rainy season 
 commencing in October, no significant work was able to be undertaken by our 
    farm-in partner, African Agronomix limited ("AAX"). Preliminary planning 
   work for a 10,000 m drilling campaign has been carried out. As set out in 
    note 11 to the financial statements, the Company undertook an impairment 
   review of the project and a key assumption was that AAX would mobilise to 
          start the work set out in the agreement. 
 
          Financial Results 
 
    The trading result for the year showed a net trading loss of $nil (2018: 
      $12,000) as existing inventory and receivables were unwound. Operating 
   expenses were reduced to $0.7m (2018: $1.0m). After other gains of $0.1m, 
 and the impairment charge in respect of the Company's investment in Vipa of 
  $0.1m (2018: impairment charges of $0.2m) the loss before interest fell to 
 $0.7m (2018: 1.1m). Finance charges for the period were $0.4m (2018: $0.4m) 
which led to the Group reporting a loss before and after tax of $1.1m (2017: 
$1.5m). During the year the Company raised $27,000 in equity and $333,000 in 
new convertible debt. Accordingly, the Group is reporting net liabilities of 
    $0.9m (2018: net assets $0.1m). This includes current liabilities of $4m 
         (2018: $3m) which includes $1.2m of accrued expenses (2018: $0.8m). 
 
          Subsequent to the year end, the convertible notes have converted 
         automatically into equity and additional equity has been raised. In 
       addition, the Company is in negotiation to restructure its $1.6m loan 
  facility with its lender and should the loan be converted into shares then 
  shareholders holding will be diluted accordingly. Cash balances at 30 June 
          2019 were $80,000 (2018: $153,000). 
 
Going concern 
 
 The Group's business activities, together with the factors likely to affect 
  its future development, performance and position are set out above and the 
      risks facing the business are outlined within the Corporate Governance 
 report.. Note 4 to the financial statements include the Group's objectives, 
         policies and processes for managing its capital; its financial risk 
     management objectives; details of its financial instruments and hedging 
          activities; and its exposures to credit risk and liquidity risk. 
 
 The board has detailed its considerations relating to Going Concern in note 
1 of the financial statements. The Group's forecast cash-flows are dependent 
        on the negotiation and fulfillment of new contracts that are not yet 
 finalised and the successful conclusion of related financing lines. Without 
     these cash-flows the Group will need to raise additional finance either 
  through borrowing or the issue of new equity. In addition, the bridge loan 
          facility (see note 17) fell due for repayment on 1 September 2019. 
    Negotiations to restructure the facility are being held with the lender. 
 Notwithstanding this uncertainty, the directors are confident that, with an 
    anticipated equity raise, renegotiation of the loan facility and current 
     cash there will be sufficient cash resources to enable the Group to pay 
debts as they fall due and to continue the development of its operations for 
    the foreseeable future and thus they continue to adopt the going concern 
       basis of accounting in preparing the annual financial statements. The 
     auditors have made reference to going concern as a material uncertainty 
          within their audit report. 
 
          Outlook 
 
   With the renewal of the Lac Dinga, license and the farm in agreement with 
   AAX, the Group and its partners are in a position to progress the project 
   and establish a stake in a potash resource, a key agricultural input. The 
      farm-in agreement provides that AAX will both manage and fund the work 
  program, with no significant demand on the Group's financial or management 
   resources in the initial two phases of the project through to the initial 
         publication of a resource estimate. Should a commercial resource be 
 confirmed, then the Group has a right to participate or bring in additional 
          partners as the project progresses. 
 
 In addition the board are aiming to expand the company's current investment 
 focus, which aims to maximise the value of African agricultural commodities 
   through the deployment of blockchain technology, to enable the Company to 
          invest in projects in the developing market for producing and/or 
 distributing Medicinal Cannabis, derivatives of it and/or related products. 
 
        The Company has sent a circular to shareholders today asking them to 
       consider whether the Company should make investments in the Medicinal 
   Cannabis sector. These products could include but would not be limited to 
     nutraceuticals, dietary supplements and cosmetic products which contain 
          cannabis or hemp (cannabis which contains less than 0.2% 
          tetrahydrocannabinol ("THC") and THC derived cannabinoids. 
 
        The board has already taken legal advice on the new strategy and the 
  countries where it initially intends to operate. This advice has confirmed 
that, in principle, the intended strategy of the Company does not breach the 
          United Kingdom's Proceeds of Crime Act 2002. 
 
 On 21 November 2019, the Board was strengthened with the appointment of Ian 
         Tordoff as Chief Executive Officer of the Company. He has extensive 
    experience in tracking the evidence base for the efficacy of cannabidiol 
        (CBD) and tetrahydrocannabinol (THC), two natural compounds found in 
  cannabis plants and their associated treatments. Furthermore, he has built 
          strong relationships through this work with relevant producers, 
          laboratories, "brands" and customers. 
 
  In addition to Ian's appointment, the Company is looking to build a strong 
     Scientific Advisory Team of external consultants to assist the board in 
    implementing this investment strategy if approved by shareholders at the 
          coming General Meeting. 
 
 The Board, in addition to its Lac Dinga asset, believe that the Company now 
      has a firm foundation upon which to build a growing revenue generating 
    business and look forward to reporting continued progress in the current 
          year. 
 
          Chris Cleverly 
 
          Chairman 
 
2 December 2019 
 
DIRECTORS' REPORT for the year ended 30 June 2019 
 
      The directors of Block Commodities Limited ("Block Commodities" or the 
          "Company") hereby present their report together with the audited 
          Consolidated Financial Statements for the year ended 30 June 2019. 
 
          Principal activities, business review and future developments 
 
   A review of the Group's activity and prospects is given in the Chairman's 
         Statement on pages 2 to 3. During the year under review the Group's 
   principle activities were the continued development of a trading platform 
for agricultural inputs using blockchain technology and working to renew the 
       Lac Dinga potash exploration licence. The Group also announced it was 
 looking to invest into the Medicinal Cannabis and Wellness market, where it 
 is envisaged that the blockchain will be influential. A review of the risks 
and uncertainties impacting on the Group's long term performance is included 
  in the Corporate Governance report on pages 7 to 9. Details of the Group's 
 exposure to foreign exchange and other financial risks are included in note 
          4. 
 
Results and dividend 
 
   The Group results show a loss after taxation for the year attributable to 
 the equity holders of the Company of $1.1m (2018 loss $1.5m). The directors 
          do not recommend payment of a dividend (2018: $nil). 
 
          Post balance sheet events 
 
  On 12 July 2019, the Lac Dinga exploration license was formally renewed by 
          the government of the republic of Congo (see note 11). 
 
On 15 November 2019, the group announced that it had raised GBP388,000 through 
  the issue of GBP133,000 new ordinary shares at a price of 0.02p and GBP255,000 
   of Convertible Loan Notes with a conversion price of GBP0.0002 per ordinary 
share These convert automatically into equity once the necessary authorities 
had been obtained at the Annual general meeting held on 13 May 2019 and were 
          formally issued on 15 November 2019. 
 
Directors 
 
The directors who served since 1 July 2018 were as follows: 
 
CJ Cleverly  Chairman 
I C Tordoff  Chief Executive          appointed 21 November 2019 
E Pungong*   Non-Executive Director * 
M Simmonds * Non-Executive Director * 
 
          * member of the audit and remuneration committees 
 
Directors' interests 
 
The directors serving during the year had the following beneficial interests 
          in the shares of the Company: 
 
                                   Ordinary shares 
                                30 June 2019 30 June 2018 
 
                      or date of appointment 
 
C J Cleverly                     181,909,909  181,909,909 
I C Tordoff                                -            - 
E Pungong                         12,500,000   12,500,000 
M Simmonds                        52,500,000   52,500,000 
 
 The following share options and warrants have been granted to directors and 
          remain unexercised at the year end: 
 
          Options: 
 
Director    Date of  Number of    Exercise   Date     Expiry 
            grant    options       price     from     date 
                                             which 
                                             Exercisa 
                                             ble 
CJ Cleverly 27        1,000,000 0.90p        27       27 August 
            February                         August   2020 
            2015                             2016 
CJ Cleverly 11       10,000,000 0.55p        11       11 August 
            August                           August   2020 
            2015                             2015 
CJ Cleverly 29 March 50,000,000 0.055p       29 March 28 March 
            2019                             2019     2023 
CJ Cleverly 29 March 40,000,000 0.125p       29 March 28 March 
            2019                             2019     2023 
CJ Cleverly 29 March 25,000,000 0.2p         29 March 28 March 
            2019                             2019     2023 
E Pungong   29 March 10,000,000 0.055p       29 March 28 March 
            2019                             2019     2023 
E Pungong   29 March  8,000,000 0.125p       29 March 28 March 
            2019                             2019     2023 
E Pungong   29 March  5,000,000 0.2p         29 March 28 March 
            2019                             2019     2023 
M Simmonds  29 March 20,000,000 0.055p       29 March 28 March 
            2019                             2019     2023 
M Simmonds  29 March 16,000,000 0.125p       29 March 28 March 
            2019                             2019     2023 
M Simmonds  29 March 10,000,000 0.2p         29 March 28 March 
            2019                             2019     2023 
 
          Warrants: 
 
Director   Date              Exercise  Date from which  Expiry 
           of                  price                    date 
           grant 
 
                  Number               Exercisable 
E Pungong  19      2,500,000    3p     19 October 2015  30 June 
           Octobe                                       2020 
           r 2015 
E Pungong  19     15,000,000    5p     19 October 2015  30 June 
           Octobe                                       2020 
           r 2015 
E Pungong  19     15,000,000    8p     19 October 2015  30 June 
           Octobe                                       2020 
           r 2015 
M Simmonds 10      3,750,000    3p     10 November 2015 30 June 
           Novemb                                       2020 
           er 
           2015 
M Simmonds 10     15,000,000    5p     10 November 2015 30 June 
           Novemb                                       2020 
           er 
           2015 
M Simmonds 10     17,500,000    8p     10 November 2015 30 June 
           Novemb                                       2020 
           er 
           2015 
M Simmonds 10     10,000,000    10p    10 November 2015 30 June 
           Novemb                                       2020 
           er 
           2015 
 
    No share options or warrants were exercised by directors during the year 
          (2018: $nil). 
 
  On 15 November 2019 CJ Cleverley was allotted a further 379,144,700 shares 
as payment of fees and settlement of arrears, reducing creditors by $90,000. 
 
 On appointment on 21 November IC Tordoff held 300,000,000 zero cost options 
  to subscribe for new ordinary shares, of which 150,000,000 have vested and 
 150,000,000 will vest when the Company's share price is in excess of GBP0.002 
          for a period of 14 consecutive days. 
 
       There have been no other changes in directors' interests in shares or 
          options between 1 July 2019 and the date of this report. 
 
          Substantial shareholdings 
 
   To the best of the knowledge of the board, except as set out in the table 
     below, there are no persons who, as of the date of this report, are the 
   direct or indirect beneficial owners of, or exercise control or direction 
          over 3% or more of the Ordinary Shares in issue of the Company. 
 
                   Number of Ordinary Shares   % Holding 
   Grainways Inc                 973,480,000      13.22% 
  Chris Cleverly                 561,054,609       7.62% 
John Glendenning                 250,000,000       3.40% 
 
          Employee involvement policies 
 
 The Group places considerable value on the awareness and involvement of its 
          employees in the Group's performance. Within bounds of commercial 
   confidentiality, information is disseminated to all levels of staff about 
  matters that affect the progress of the Group and that are of interest and 
          concern to them as employees. 
 
          DIRECTORS' REPORT for the year ended 30 June 2019 (continued) 
 
          Creditors' payment policy and practice 
 
        The Group's policy is to ensure that, in the absence of dispute, all 
  suppliers are dealt with in accordance with its standard payment policy to 
 abide by the terms of payment agreed with suppliers when agreeing the terms 
      of each transaction. Suppliers are made aware of the terms of payment. 
 
          Social and community issues 
 
  The Group recognises the value of employment and training to the continued 
         economic growth in the countries in which it operates. The Group is 
       developing policies to ensure its expertise and specialist skills and 
          facilities are made available to the broader community. 
 
          Environmental issues 
 
The Group places great emphasis upon good environmental practice and respect 
          for local community values. 
 
          African empowerment 
 
As its ambitions for growth and diversification are realised, the Group will 
     seek to empower, upskill and recruit local African staff, providing new 
          opportunities for jobs of all skills including senior management. 
 
          Provision of information to auditor 
 
 The directors who were in office on the date of approval of these financial 
       statements have confirmed that, as far as they are aware, there is no 
     relevant audit information of which the auditor is unaware. Each of the 
 directors have confirmed that they have taken all the steps that they ought 
to have taken as directors in order to make themselves aware of any relevant 
     audit information and to establish that it has been communicated to the 
          auditor. 
 
Auditors 
 
PKF Littlejohn LLP has indicated its willingness to continue in office and a 
        resolution to reappoint them will be presented to the annual general 
          meeting. 
 
          Electronic communications 
 
 Additional information on the Company can be found on the Company's website 
          at www.blockcommodities.com [1]. 
 
The maintenance and integrity of the Company's website is the responsibility 
      of the directors; the work carried out by the auditor does not involve 
      consideration of these matters and accordingly, the auditor accepts no 
      responsibility for any changes that may have occurred to the financial 
          statements since they were initially presented on the website. 
 
The Company's website is maintained in compliance with NEX exchange rule 75. 
 
          On behalf of the Board 
 
CJ Cleverly 
 
Chairman 
 
2 December 2019 
 
CORPORATE GOVERNANCE 
 
The board of directors is accountable to the Company's shareholders for good 
  corporate governance. The Company is not required, by the rules of the NEX 
 exchange, to adopt the UK Corporate Governance Code. However, set out below 
  is a summary of how, at 30 June 2019, the Group was dealing with corporate 
          governance issues. 
 
          The Board of Directors 
 
   The Group is led and controlled by a board comprising the chairman, chief 
     executive and two non-executive directors. The board is responsible for 
      formulating, reviewing and approving the Group's strategy, budgets and 
          corporate actions. 
 
   There are no matters specifically reserved to the board for its decision, 
     but no decision of any consequence is made other than by the directors. 
    There is no separate Nomination Committee due to the current size of the 
          board and any new directors are appointed by the whole board. 
 
     The board has a Remuneration Committee, chaired by Mark Simmonds and an 
          Audit Committee chaired by Mark Simmonds. 
 
   There is no agreed formal procedure for the directors to take independent 
          professional advice at the Company's expense. 
 
  The Company has adopted a share dealing code for directors' dealings which 
  is appropriate for a company quoted on the NEX Exchange Growth Market. The 
         Directors comply with Rule 71 of the NEX Exchange Rules relating to 
   directors' dealings and take all reasonable steps to ensure compliance by 
          the Group's employees. 
 
     The Company's directors submit themselves for re-election at the Annual 
       General Meeting at regular intervals in accordance with the Company's 
          Articles of Association. 
 
          Relations with Shareholders 
 
The Executive Chairman is the Group's principal spokesperson with investors, 
fund managers, the press and other interested parties. At the Annual General 
         Meeting, investors are given the opportunity to question the board. 
 
          Compliance with relevant legislation 
 
      All directors are kept informed of changes in relevant legislation and 
 changing commercial risks with the assistance of the Group's legal advisers 
  and auditors where appropriate. The directors have taken appropriate legal 
 advice and implemented internal training and reporting procedures to ensure 
compliance with the UK Bribery Act 2010 (the "Bribery Act"). The Bribery Act 
   prescribes criminal offences for businesses engaged or allowing others to 
engage in bribery or corrupt practices. Although the Company does not have a 
 presence in the UK, the Bribery Act applies to the Directors as the company 
          is listed in the UK. In addition, Guernsey, where the Company is 
      incorporated, is subject to the Prevention of Corruption (Bailiwick of 
   Guernsey) Law, 2003 which contains broadly similar restrictions. Although 
  the application of the UK and Guernsey legislation is uncertain as regards 
the Group, the Directors have formed the view that it is appropriate for the 
      Group to implement relevant procedures to maintain compliance with the 
          Bribery Act. 
 
          Internal Control 
 
   The board acknowledges its responsibility for establishing and monitoring 
     the Group's systems of internal control. Although no system of internal 
     control can provide absolute assurance against material misstatement or 
        loss, the Group's systems are designed to provide the directors with 
     reasonable assurance that problems are identified on a timely basis and 
          dealt with appropriately. 
 
  The board reviews the effectiveness of the systems of internal control and 
   considers the major business risks and the control environment. The board 
  has taken steps to ensure that announcements to the market are approved by 
 more than one director and after careful consideration of the Company's Nex 
        Exchange corporate adviser to ensure greater clarity. No weakness in 
internal financial control has resulted in material losses, contingencies or 
 uncertainties which would require disclosure as recommended by the guidance 
          for directors on reporting on internal financial control. 
 
   In light of this control environment the Board considers that there is no 
          current requirement for a separate internal audit function. 
 
          Risks and uncertainties 
 
 There are a number of risks and uncertainties facing the Group, principally 
          the following: 
 
          Regulatory risk 
 
  Whilst the Group believes that its operations are currently in substantial 
   compliance with all relevant material environmental and health and safety 
          laws and regulations, there can be no assurance that new laws and 
   regulations, or amendments to, or stringent enforcement of, existing laws 
 and regulations will not be introduced, which could have a material adverse 
          impact on the Group. 
 
          Risks associated with operating in sub-Saharan Africa 
 
    Changes in government, monetary policies, taxation, exchange control and 
          other laws can have a significant impact on the Group's assets and 
operations. Several countries in sub-Saharan Africa have experienced periods 
 of political instability, and there can be no guarantees as to the level of 
   future political stability. Changes to government policies and applicable 
laws could adversely affect the operations and/or financial condition of the 
 Group. The jurisdictions in which the Group might operate in the future may 
    have less developed legal systems than more established economies, which 
     could result in risks such as (i) effective legal redress in the courts 
   being more difficult to obtain; (ii) a higher degree of discretion on the 
          part of governmental authorities; (iii) the lack of judicial or 
administrative guidance on interpreting applicable rules and regulations. In 
  certain jurisdictions, the commitment of local business people, government 
          officials and agencies and the judicial system to abide by legal 
      requirements and negotiated agreements may be more uncertain, creating 
 particular concerns with respect to the Group's licences and agreements for 
    business. These may be susceptible to revision or cancellation and legal 
          redress may be uncertain or delayed. 
 
          Risks associated with mineral exploration and mining projects 
 
          Exploration risks 
 
  The business of exploration for minerals and mining involves a high degree 
of risk. The successful exploration and development of potash (or associated 
          minerals) is speculative and subject to a number of uncertainties. 
 Geographical location can present logistical difficulties and the available 
   resources and reserves, once established, may be significantly lower than 
          estimated. 
 
          Early stage of operations 
 
    The Group intends to invest in projects whose operations are at an early 
stage and success in each stage of trading, exploration and mine development 
 will depend on the Directors' ability to manage the current projects and to 
 take advantage of further opportunities which may arise. The success of the 
   Group will depend on its ability to identify prospective projects and its 
          ability to access equity markets for its development requirements. 
 
          Potash market risk 
 
 The marketability and availability of a ready market for potash is affected 
by and dependent on numerous factors beyond the Group's control, the precise 
      effects of which cannot be accurately predicted. These factors include 
market fluctuations, general economic activity, action taken by other potash 
   producing nations, availability of transportation capacity and government 
 regulations such as regulations relating to taxation, royalties, production 
levels, exports and the environment. Movements in market prices could render 
          uneconomic any of the mining activities to be undertaken. 
 
          Risks associated with blockchain trading operations 
 
          Early stage of operations 
 
Significant time and resource can be expended penetrating new markets and to 
          identify those opportunities which can lead to profitable revenue 
          generation. 
 
          Competition 
 
The Group competes with numerous other companies (many of which have greater 
       financial resources than the Group) and individuals in the trading of 
    fertiliser and other agriculture commodities and for the recruitment and 
          retention of qualified employees. 
 
          Fertiliser distribution 
 
      Differences in terms under sales and procurement contracts can lead to 
     significant exposure to financial loss. The logistical complications of 
 distributing a high value product in sub-Saharan Africa can lead to loss or 
          theft. 
 
          Foreign exchange 
 
   The Company raises its share capital in Sterling, however it's fertiliser 
        trading and potash exploration activities and, if successful, potash 
         production are markets which are denominated in US Dollars ($). The 
  directors therefore consider the functional and presentational currency to 
  be US Dollars. Some of its working capital requirements may be denominated 
  in currencies other than US Dollars. As a result, fluctuations in currency 
        exchange rates could have a material adverse effect on the financial 
          condition, results, operations or cash flows of the Group. 
 
          Risks associated with Medicinal Cannabis projects 
 
    If the additional investment strategy is approved by shareholders at the 
   coming General Meeting, entry into the Medicinal Cannabis market presents 
      additional risks. These are set out in the circular announced today to 
 shareholders. In particular the board has already taken legal advice on the 
  new strategy and the countries where it initially intends to operate. This 
       advice has confirmed that, in principle, the intended strategy of the 
  Company does not breach the United Kingdom's Proceeds of Crime Act 2002. A 
          copy of the circular may be found on our website at 
          http://www.blockcommodities.com/corporate-documents [2] 
 
STATEMENT OF DIRECTORS' RESPONSIBILITIES 
 
       The directors are responsible for preparing the Annual Report and the 
     Financial Statements in accordance with applicable law and regulations. 
 
      Guernsey company law requires the directors to prepare Group Financial 
    Statements for each financial year in accordance with generally accepted 
   accounting principles. The directors are required by the rules of the NEX 
  Exchange Growth Market to prepare Group Financial Statements in accordance 
 with International Financial Reporting Standards ("IFRS") as adopted by the 
          European Union ("EU"). 
 
The Financial Statements of the Group are required by law to give a true and 
   fair view of the state of the Group's affairs at the end of the financial 
       period and of the profit or loss of the Group for that period and are 
 required by IFRS adopted by the EU to present fairly the financial position 
          of the Group and the financial performance of the Group. 
 
          In preparing the Group Financial Statements, the directors should: 
 
· select suitable accounting policies and then apply them consistently; 
 
· make judgements and estimates that are reasonable and prudent; 
 
· state whether they have been prepared in accordance with IFRSs adopted 
by the EU; and 
 
· prepare the financial statements on the going concern basis unless it is 
inappropriate to presume that the Group will continue in business. 
 
      The directors are responsible for keeping accounting records which are 
   sufficient to show and explain the group's and company's transactions and 
  are such as to disclose with reasonable accuracy at any time the financial 
          position of the Group and enable them to ensure that the Financial 
       Statements are properly prepared and in accordance with The Companies 
  (Guernsey) Law 2008. They are also responsible for safeguarding the assets 
   of the Group and hence for taking reasonable steps for the prevention and 
          detection of fraud and other irregularities. 
 
      The directors are responsible for the maintenance and integrity of the 
      corporate and financial information included on the Company's website. 
      Legislation in Guernsey governing the preparation and dissemination of 
    Financial Statements may differ from legislation in other jurisdictions. 
 
          On behalf of the board 
 
          C J Cleverly 
 
          Chairman 
 
          2 December 2019 
 
INDEPENT AUDITOR'S REPORT TO THE MEMBERS OF BLOCK COMMODITIES LIMITED 
 
          Opinion 
 
  We have audited the financial statements of Block Commodities Limited (the 
    'Group') for the year ended 30 June 2019 which comprise the Consolidated 
      Statement of Comprehensive Income, Consolidated Statement of Financial 
      Position, Consolidated Statement of Changes in Equity and Consolidated 
      Statement of Cash Flows and related notes to the financial statements, 
       including a summary of significant accounting policies. The financial 
reporting framework that has been applied in their preparation is applicable 
   law and International Financial Reporting Standards (IFRSs) as adopted by 
          the European Union. 
 
          In our opinion, the financial statements: 
 
· give a true and fair view of the state of the Group's affairs as at 30 
June 2019 and of its loss for the year then ended; 
 
· have been properly prepared in accordance with IFRSs as adopted by the 
European Union; and 
 
· have been prepared in accordance with the requirements of the Companies 
(Guernsey) Law, 2008. 
 
          Basis for opinion 
 
        We conducted our audit in accordance with International Standards on 
    Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under 
 those standards are further described in the Auditor's responsibilities for 
         the audit of the financial statements section of our report. We are 
   independent of the Group in accordance with the ethical requirements that 
  are relevant to our audit of the financial statements in the UK, including 
       the FRC's Ethical Standard as applied to listed entities, and we have 
       fulfilled our other ethical responsibilities in accordance with these 
        requirements. We believe that the audit evidence we have obtained is 
          sufficient and appropriate to provide a basis for our opinion. 
 
          Material uncertainty related to going concern 
 
   We draw attention to the Directors' report and to note 2 in the financial 
 statements, which indicates that the Group incurred a net loss of US$1.1mil 
 and operating cash outflows during financial year ended 30 June 2019 and at 
          that date the Group held net liabilities of US$922k. The financial 
     statements have been prepared on a going concern basis which depends on 
        receipt of new funds in order to enter into new arrangements and for 
 existing debt holders to renegotiate settlement dates. As stated in note 2, 
    these events or conditions, along with the other matters as set forth in 
          note 2, indicate that a material uncertainty exists that may cast 
    significant doubt on the Group's ability to continue as a going concern. 
 
          Our opinion is not modified in respect of this matter. 
 
          Our application of materiality 
 
    Materiality is a key concept in the context of an audit. In providing an 
 opinion on whether the financial statements provide a 'true and fair' view, 
  we are providing an opinion on whether the financial statements as a whole 
          are free from material misstatement whether due to fraud or error. 
 
   Materiality is an expression of the relative significance of a particular 
      matter in the context of the financial statements as a whole. An item, 
  either individually or in aggregate, is considered material if omitting it 
   or misstating it could reasonably be expected to influence decisions that 
users make on the basis of an entity's financial statements. Materiality has 
both quantitative and qualitative characteristics. It depends on the size or 
   nature of the item or error judged in the particular circumstances of its 
          omission or misstatement. 
 
          We determine materiality in order to: 
 
· Assist in establishing the scope of our audit engagement and the design 
of our audit tests; 
 
· Calculate sample sizes where we are undertaking substantive testing; and 
 
· Assist in evaluating the effect of known and likely misstatements on the 
financial statements. 
 
  We used gross assets as a basis for determining planning materiality as it 
 was considered that this was where the core value of the Group lies and any 
changes to these would most impact investors. We have determined our Overall 
  Financial Statement Materiality to be US$ 100,000. This has been set at 3% 
      of total assets as we consider gross assets to be the most significant 
       determinant of the Group's financial position and performance used by 
          shareholders, with the key financial statement balances being the 
          exploration asset and cash levels. 
 
  We set performance materiality at 60%. We apply the concept of materiality 
  both in planning and performing our audit, and in evaluating the effect of 
   misstatements. At the planning stage materiality is used to determine the 
   financial statement areas that are included within the scope of our audit 
          and the extent of sample sizes during the audit. 
 
          An overview of the scope of our audit 
 
  As part of designing our audit, we determined materiality and assessed the 
risks of material misstatement in the financial statements. In particular we 
looked at areas involving significant accounting estimates and judgements by 
the Directors and considered future events that are inherently uncertain. As 
   in all of our audit, we also addressed the risk of management override of 
   internal controls, including among other matters consideration of whether 
 there was evidence of bias that represented a risk of material misstatement 
          due to fraud. 
 
     Our Group audit scope focused on the principal area of operation, being 
Africa. The Group comprises 6 components and we assessed the significance of 
 each component to the Group audit. On this basis, 4 components were subject 
          to audit where balances were material to the Group. 
 
 The Group and its subsidiaries are accounted for from one central location. 
  Given the nature of said location, our audit was concluded from our London 
office where the audit team was based with regular visits from the key Group 
          individual responsible for the accounting function. 
 
          Key audit matters 
 
Key audit matters are those matters that, in our professional judgment, were 
of most significance in our audit of the financial statements of the current 
          period and include the most significant assessed risks of material 
   misstatement (whether or not due to fraud) we identified, including those 
which had the greatest effect on: the overall audit strategy, the allocation 
of resources in the audit; and directing the efforts of the engagement team. 
   These matters were addressed in the context of our audit of the financial 
    statements as a whole, and in forming our opinion thereon, and we do not 
      provide a separate opinion on these matters. In addition to the matter 
   described in the Material Uncertainty Related to Going Concern section we 
  have determined the matters described below to be the key audit matters to 
          be communicated in our report. 
 
                              Risk      Our response to the risk 
 
 Impairment risk of evaluation and   Our audit work included but 
         exploration ("E&E") costs           was not limited to: 
 capitalised as intangible assets. 
 
                                         An impairment review of 
 The most significant balance held       intangible assets which 
      by the Group is the value of   considered the areas listed 
intangible exploration costs which        below as indication of 
       have a carrying value of GBP3      impairment under IFRS 6; 
     million at the year end. This 
   relates to the Lac Dinga asset, 
      which is for the exploration 
activities for potash salts at Lac 
   Dinga in the Republic of Congo. 
The Group submitted an application 
 during 2019 to extend the licence 
 for a further two years, which is · Obtaining evidence of the 
   pending government approval. In licence renewal and 
   October 2018, the Group entered reviewing the minimum 
    into an agreement with African licence spend requirements; 
  Agronomix Limited (AAX), whereby 
AAX has the right to acquire up to · Reviewing managements 
   100% of the Group's interest in budgets to ensure work was 
       Lac Dinga project. AAX have planned in line with the 
  delayed commencement of the next licence requirements; 
 phase of exploration work pending 
   receipt of the licence renewal. · Discussing with 
                                   management their future 
                                   plans for the licence and 
                                   the current status of their 
                                   relationship with AAZ; 
                                   andDiscussion with 
                                   management regarding their 
                                   future plans for the 
       The key assets of the Group licence held; and 
   statements are the US$3 million 
 evaluation and explorations costs · Renewing the post year 
  incurred in respect of Lac Dinga end cash position and the 
     that have been capitalized in Group's ability to have the 
           accordance with IFRS 6. cash resources to meet the 
                                   required minimum spend. 
 
                                         Based on the audit work 
                                    performed we do not consider 
                                   the intangible asset as at 30 
In October 2017, the Group entered    June 2019 to be materially 
    into an agreement with African   misstated. However, we draw 
  Agronomix Limited (AAX), whereby   users attention to the fact 
AAX has the right to acquire up to that the recoverable value of 
   100% of the Group's interest in       the intangible asset is 
                Lac Dinga project. dependent on the Group having 
                                    sufficient cash resources to 
                                          meet the minimum spend 
                                        requirements and for the 
                                   relationship with AAX to work 
                                   as intended. Should these not 
                                      be achieved then the asset 
                                        may be subject to a full 
       Whilst the licence has been                   impairment. 
  renewed after initial delays AAX 
     have yet to commence work and 
   there are minimum licence spend 
requirements for the Group to meet 
  which is dependent on sufficient 
            funds being available. 
 
       There is a risk that IFRS 6 
impairments triggers have been met 
    during the period and that the 
 carrying value of these assets is 
                        overstated 
 
   Going concern would also have been identified as a Key Audit Matter if it 
          were not required to be separately disclosed in the audit report. 
 
          Other information 
 
      The other information comprises the information included in the annual 
        report, other than the financial statements and our auditor's report 
       thereon. The directors are responsible for the other information. Our 
    opinion on the financial statements does not cover the other information 
  and, except to the extent otherwise explicitly stated in our report, we do 
not express any form of assurance conclusion thereon. In connection with our 
  audit of the financial statements, our responsibility is to read the other 
     information and, in doing so, consider whether the other information is 
      materially inconsistent with the financial statements or our knowledge 
obtained in the audit or otherwise appears to be materially misstated. If we 
  identify such material inconsistencies or apparent material misstatements, 
we are required to determine whether there is a material misstatement in the 
   financial statements or a material misstatement of the other information. 
        If, based on the work we have performed, we conclude that there is a 
  material misstatement of this other information, we are required to report 
          that fact. 
 
          We have nothing to report in this regard. 
 
          Opinions on other matters prescribed by the Guernsey Act 
 
    In our opinion, based on the work undertaken in the course of the audit: 
 
· the information given in the strategic report and the directors' report 
for the financial year for which the financial statements are prepared is 
consistent with the financial statements; and 
 
· the strategic report and the directors' report have been prepared in 
accordance with applicable legal requirements. 
 
          Responsibilities of directors 
 
   As explained more fully in the directors' responsibilities statement, the 
   directors are responsible for the preparation of the financial statements 
   and for being satisfied that they give a true and fair view, and for such 
      internal control as the directors determine is necessary to enable the 
          preparation of financial statements that are free from material 
          misstatement, whether due to fraud or error. 
 
    In preparing the financial statements, the directors are responsible for 
assessing the Group's ability to continue as a going concern, disclosing, as 
    applicable, matters related to going concern and using the going concern 
     basis of accounting unless the directors either intend to liquidate the 
Group or to cease operations, or have no realistic alternative but to do so. 
 
        Auditor's responsibilities for the audit of the financial statements 
 
         Our objectives are to obtain reasonable assurance about whether the 
financial statements as a whole are free from material misstatement, whether 
   due to fraud or error, and to issue an auditor's report that includes our 
    opinion. Reasonable assurance is a high level of assurance, but is not a 
  guarantee that an audit conducted in accordance with ISAs (UK) will always 
 detect a material misstatement when it exists. Misstatements can arise from 
       fraud or error and are considered material if, individually or in the 
      aggregate, they could reasonably be expected to influence the economic 
        decisions of users taken on the basis of these financial statements. 
 
A further description of our responsibilities for the audit of the financial 
      statements is located on the Financial Reporting Council's website at: 
  www.frc.org.uk/auditorsresponsibilities.This description forms part of our 
          auditor's report. 
 
          Use of our report 
 
 This report is made solely to the Group's members, as a body, in accordance 
   with our engagement letter dated 31 October 2019. Our audit work has been 
   undertaken so that we might state to the Group's members those matters we 
       are required to state to them in an auditor's report and for no other 
 purpose. To the fullest extent permitted by law, we do not accept or assume 
 responsibility to anyone, other than the Group and the Group's members as a 
      body, for our audit work, for this report, or for the opinions we have 
          formed. 
 
          Joseph Archer (Senior Statutory Auditor) 15 Westferry Circus 
 
          For and on behalf of PKF Littlejohn LLP Canary Wharf 
 
          Statutory Auditor London E14 4HD 
 
          2 December 2019 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
 
For the year ended 30 June 2019 
 
                                                  2019     2018 
                                Note             $'000    $'000 
 
Other trading (loss) /                               -     (12) 
income 
Operating expenses               6               (778)    (948) 
Impairment of loan to            15               (50)    (100) 
unquoted company 
Impairment of fixed              14                  -     (86) 
assets 
Other gains / (losses)           6                 119     (20) 
 
Operating loss                   6               (709)  (1,166) 
 
Finance expense                  8               (364)    (357) 
 
Loss before taxation                           (1,073)  (1,523) 
 
Income tax                       9                   -        - 
 
Loss for the year 
attributable to the 
owners of the parent 
company 
                                               (1,073)  (1,523) 
 
Other comprehensive income for the year 
 
Items that may be reclassified subsequently 
to profit or loss 
- Foreign exchange translation differences           1        4 
Total comprehensive loss for the year 
attributable to the owners of the parent 
company 
 
                                               (1,072)  (1,519) 
 
Loss per share - 
attributable to the 
owners of the parent 
company: - basic and 
diluted (cents)                  10            (0.02c)  (0.05c) 
 
All results relate to continuing activities. There is no taxation arising on 
other comprehensive income. 
 
The notes on pages 19 to 46 form part of the financial statements. 
 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
 
                                     30 June 2019   30 June 2018 
 
                     Note                   $'000          $'000 
 
ASSETS 
Non-current assets 
Intangible assets:    11                    3,000          3,000 
exploration 
activities 
Property, plant       14                        -              6 
and equipment 
 
Total non-current                           3,000          3,006 
assets 
 
Current assets 
Inventory                                       -             10 
Trade and other       15                       25             92 
receivables 
Cash and cash         15                       80            153 
equivalents 
Total current                                 105            255 
assets 
 
TOTAL ASSETS                                3,105          3,261 
 
LIABILITIES 
Current 
liabilities 
Trade and other       16                  (2,076)        (1,719) 
payables 
Borrowings            17                  (1,951)        (1,423) 
 
Total current                             (4,027)        (3,142) 
liabilities 
 
NET ASSETS                                  (922)            119 
 
EQUITY 
Share capital         18                   19,341         19.314 
Share based                                 2,850          2,882 
payment reserve 
Foreign exchange                            (572)          (573) 
translation 
reserve 
Retained losses                          (22,541)       (21,504) 
 
Total equity 
attributable to 
the owners of the 
parent company 
                                            (922)            119 
 
The notes on pages 19 to 46 form part of the financial statements. 
 
The financial statements were approved and authorised for issue by the Board 
of Directors on 2 December 2019 and were signed on its behalf. 
 
C J Cleverly 
 
Chairman 
 
               Share    Share-based   Foreign   Retained  Total 
               capital      payment  exchange     losses 
                            reserve translati 
                                           on 
                                      reserve 
 
                 $'000        $'000     $'000      $'000  $'000 
Balances at 1   18,551        2,633     (577)   (20,115)    492 
July 2017 
Loss for the         -            -         -    (1,523) (1,523 
year                                                          ) 
Other 
comprehensive 
income 
Exchange             -            -         4          -      4 
translation 
differences on 
foreign 
operations 
Total                -            -         4    (1,523) (1,519 
comprehensive                                                 ) 
income for the 
year 
Transactions 
with owners 
Issue of           763            -         -          -    763 
shares 
Issue of             -          383         -          -    383 
options and 
warrants 
Lapse of share       -        (134)         -        134      - 
based payments 
Total              763          249         -        134  1,146 
transactions 
with owners 
Balance at 30   19,314        2,882     (573)   (21,504)    119 
June 2018 
Loss for the         -            -         -    (1,073) (1,073 
year                                                          ) 
Other 
comprehensive 
income 
Exchange             -            -         1          -      1 
translation 
differences on 
foreign 
operations 
Total                -            -         1    (1,073) (1,072 
comprehensive                                                 ) 
income for the 
year 
Transactions 
with owners 
Issue of            27            -         -          -     27 
shares 
Issue of             -            4         -          -      4 
options and 
warrants 
Lapse of share       -         (36)         -         36      - 
based payments 
Total               27         (32)         -         36     31 
transactions 
with owners 
Balance at 30   19,341        2,850     (572)   (22,541)  (922) 
June 2019 
 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
 
For the year ended 30 June 2019 
 
The notes on pages 19 to 46 form part of the financial statements. 
 
CONSOLIDATED CASH FLOW STATEMENT 
 
For the year ended 30 June 2019 
 
                                                     2019   2018 
                         Note                       $'000  $'000 
 
Operating activities 
Loss before tax                                     (1,07  (1,52 
                                                       3)     3) 
Adjustments for: 
- Depreciation                                          6      7 
- Profit on disposal of                                 -   (24) 
investments 
- Impairment of property, plant                         -     86 
and equipment 
- Impairment of loan to                  17            50    100 
unquoted company 
- Foreign exchange (gain)/loss                      (109)     65 
- Share based payment                                   -    334 
- Finance expense                                     364    357 
Operating cash flow before movements in             (762)  (598) 
working capital 
Working capital 
adjustments: 
- Decrease /                                           10   (10) 
(increase) in 
inventory 
- Decrease in                                          27      - 
receivables 
- Increase in                                         298    159 
payables 
 
Cash used in                                        (427)  (449) 
operations 
Finance expense                                         -   (42) 
 
Net cash used in                                    (427)  (491) 
operating 
activities 
 
Investing 
activities 
Loan to unquoted                         15          (50)  (100) 
company 
 
Net cash used in                                     (50)  (100) 
investing 
activities 
 
Financing 
activities 
Proceeds from issue                      18            96    733 
of share capital 
Issue of                                 17           308      - 
convertible of loan 
notes 
 
Net cash from                                         404    733 
financing 
activities 
 
Net decrease/(increase) in cash and                  (73)    142 
cash equivalents 
 
Cash and cash                                         153     11 
equivalents at 
start of the year 
 
Cash and cash                                          80    153 
equivalents at end 
of the year 
 
Non cash transactions 
 
The principal non cash transactions relate to: 
 
                                                    2019    2018 
Shares issued in settlement of:                    $'000   $'000 
                                                       -     232 
 
· Advisory and consultancy and directors' 
fees 
 
Share based payments                                   4     334 
                                                       4     566 
 
The notes on pages 19 to 46 form part of the financial statements. 
 
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
 
For the year ended 30 June 2019 
 
1. General Information 
 
    Block Commodities Limited is incorporated and domiciled in Guernsey. The 
      address of the registered office is given on page 1. The nature of the 
          Group's operations and its principal activities are set out in the 
          Directors' Report on pages 2 to 3. 
 
    The presentational and functional currency of the Group is US Dollars as 
 this reflects the Group's business activities in the fertiliser trading and 
       resource exploration sectors in sub-Saharan Africa, and therefore the 
          Group's financial position and financial performance. 
 
          Basis of preparation 
 
          These financial statements have been prepared in accordance with 
International Financial Reporting Standard (IFRS) as adopted by the European 
          Union (EU), IFRIC Interpretations and those parts of the Companies 
       (Guernsey) Law 2008 applicable to companies reporting under IFRS. The 
 financial statements have been prepared under historical cost convention as 
          modified by certain financial instruments at fair value. 
 
          Adoption of new and revised standards and interpretations 
 
   In the current year, the Group has adopted all new and revised IFRSs that 
   are relevant to its operations and effective for annual reporting periods 
 beginning on or after 1 January 2018. At the date of authorisation of these 
   financial statements for the year ended 30 June 2019, the following IFRSs 
          were adopted: 
 
          IFRS 9 Financial Instruments 
 
IFRS 9 has replaced IAS 39 Financial Instruments: 
 
Recognition and measurement: Financial assets are classified by reference to 
    the business model within which they are held and their contractual cash 
         flow characteristics. IFRS 9 introduces a 'fair value through other 
      comprehensive income' category for certain debt instruments. Financial 
     liabilities are classified in a similar manner to under IAS 39, however 
 there are differences in the requirements applying to the measurement of an 
          entity's own credit risk. 
 
       Impairment: IFRS 9 introduces an 'expected credit loss' model for the 
       measurement of the impairment of financial assets, so it is no longer 
       necessary for a credit event to have occurred before a credit loss is 
          recognised. 
 
  Hedge accounting: Introduces a new hedge accounting model that is designed 
      to be more closely aligned with how entities undertake risk management 
     activities when hedging financial and non-financial risk exposures. The 
          Group does not hedge account for these accounts. 
 
   Derecognition. The requirements for derecognition of financial assets and 
          liabilities are carried forward from IAS 39. 
 
    Following an assessment of the classification of each financial asset no 
       changes to classification were required. Management have performed an 
          assessment of expected credit losses for the Group receivables. 
 
The Group applied the modified retrospective transition method. There has 
been no impact on the financial statements. 
 
          IFRS 15 Revenue from Contracts with Customers 
 
IFRS 15 provides a single, principles based five-step model to be applied to 
all contracts with customers. 
 
The five steps in the model are as follows: 
 
· Identify the contract with the customer 
 
· Identify the performance obligations in the contract 
 
· Determine the transaction price 
 
· Allocate the transaction price to the performance obligations in the 
contracts 
 
· Recognise revenue when (or as) the entity satisfies a performance 
obligation. 
 
        Guidance is provided on topics such as the point in which revenue is 
  recognised, accounting for variable consideration, costs of fulfilling and 
     obtaining a contract and various related matters. New disclosures about 
          revenue are also introduced. 
 
Management has assessed the core principle of IFRS 15, that the company will 
  recognise revenue to depict the transfer of promised goods to customers in 
an amount that reflects the consideration to which the company expects to be 
    entitled in exchange for the goods. Revenue is recognised when goods are 
 collected or delivered to the customer in line with published or contracted 
  terms and conditions. The company has reviewed the terms and conditions of 
       the company and is satisfied that there is no change to the timing of 
  revenue recognition under IFRS 15 regarding their policy, but this will be 
          reviewed if, and when sales commence. 
 
The Group has not applied the following new, revised or amended 
pronouncements that have been issued by the IASB as they are not yet 
effective for the annual financial year beginning 1 July 2018. 
 
IFRS 16 Leases 
 
 IFRS 16 specifies how an IFRS reporter will recognise, measure, present and 
    disclose leases. The standard provides a single lessee accounting model, 
 requiring lessees to recognise assets and liabilities for all leases unless 
the lease term is 12 months or less or the underlying asset has a low value. 
 Lessors continue to classify leases as operating or finance, with IFRS 16's 
 approach to lessor accounting substantially unchanged from its predecessor, 
          IAS 17. 
 
The mandatory implementation required by the standard is for years beginning 
        on or after 1 January 2019. This change in accounting policy will be 
   implemented for the first time for the financial year ending 30 June 2020 
 with the relevant analysis completed for the interim results to 31 December 
          2019. 
 
The directors do not expect there to be a material impact to the financial 
statements from the adoption of this standards. 
 
There are no other IFRSs or IFRIC interpretations that are not yet effective 
          that would be expected to have a material impact on the Group. 
 
          Basis of consolidation 
 
      The financial statements consolidate the financial statements of Block 
          Commodities Limited and the financial statements of its subsidiary 
          undertakings made up to 30 June 2019. 
 
       Subsidiaries are entities over which the Group has control. The Group 
 controls an entity when the Group is exposed to, or has rights to, variable 
  returns from its involvement with the entity and has the ability to affect 
     those returns through its power over the entity. Subsidiaries are fully 
    consolidated from the date on which control is transferred to the Group. 
They are deconsolidated from the date on which control is transferred to the 
          Group 
 
     Intra-group transactions, balances and unrealised gains on transactions 
 between group companies are eliminated. Unrealised losses are eliminated in 
   the same way as unrealised gains, but only to the extent that there is no 
          evidence of impairment. 
 
          Business combinations 
 
      The acquisition of subsidiaries is accounted for using the acquisition 
      method if they meet the criteria of IFRS 3. The cost of acquisition is 
measured at the aggregate of the fair values, at the date of acquisition, of 
 assets given, liabilities incurred or assumed and equity instruments issued 
        by the Group in exchange for control of the acquiree, plus any costs 
          directly attributable to the business combination. 
 
      The assets, liabilities and contingent liabilities of the acquiree are 
  measured at their fair value at the date of acquisition. Any excess of the 
fair value of the consideration paid over the fair value of the identifiable 
     net assets acquired is recognised as goodwill. If the fair value of the 
    consideration is less than the fair value of the identifiable net assets 
    acquired, the difference is recognised directly in the income statement. 
 
          Going concern 
 
 The Group's business activities, together with the factors likely to affect 
         its future development, performance and position are set out in the 
       Chairman's statement and Director's report. In addition note 4 to the 
financial statements includes the Group's objectives, policies and processes 
   for managing its capital; its financial management objectives; details of 
        its financial instruments and approach to credit and liquidity risk. 
 
   The financial statements have been prepared on a going concern basis. The 
         Group is in a net liability position, its assets are not generating 
 revenues, an operating loss has been reported, operating cash outflows have 
  been incurred and the Group will need to raise funds to provide additional 
      working capital to finance their ongoing activities, non-discretionary 
       expenditures and new medicinal cannabis focused projects. In addition 
current debt settlement dates will need to be renegotiated with the relevant 
    lenders and should the loan totaling $1.6m be converted into shares then 
          shareholders holding will be diluted accordingly. 
 
   The earn-in agreement with AAX enables the Group to retain an interest in 
  the Lac Dinga project without the need to commit additional cash resources 
          in the first two phases of work scheduled under the agreement. 
 
    The board has prepared forecasts for the Group covering the period to 30 
          June 2021. The principal assumption is that the Company will raise 
   additional equity to acquire an interest in and fund the development of a 
 production facility for medicinal cannabis that will generate a cash return 
          within the forecasting period. 
 
  The directors are confident that additional equity will be available, that 
debt settlement dates will be renegotiated and that there will be sufficient 
     cash resources to enable the Group to pay debts as they fall due and to 
continue its operations for the foreseeable future and thus they continue to 
         adopt the going concern basis of accounting in preparing the annual 
          financial statements. 
 
       Going concern is referred to by the auditors in the audit report as a 
          material uncertainty. 
 
Foreign exchange 
 
i) Transactions and balances 
 
        The individual financial statements of each company in the Group are 
    prepared in the currency of the primary economic environment in which it 
 operates (its "functional currency"). The consolidated financial statements 
          are presented in US dollars ($). 
 
Foreign currency transactions are translated into the functional currency of 
          the entity using the exchange rates prevailing at the dates of the 
          transactions. Foreign exchange gains and losses resulting from the 
 settlement of such transactions and from the translation of monetary assets 
          and liabilities denominated in in the income statement. 
 
ii) Consolidation 
 
 For the purpose of presenting consolidated financial statements, the assets 
  and liabilities of the Group's operations are translated at exchange rates 
  prevailing at the statement of financial position date. Income and expense 
     items are translated at the average exchange rates for the year, unless 
       exchange rates fluctuate significantly during the year, in which case 
   exchange rates at the date of transactions are used. Exchange differences 
arising from the translation of the net investment in foreign operations and 
 branches are recognised as a separate component of equity. Such translation 
    differences are recognised as income or expense in the year in which the 
          operation or branch is disposed of. 
 
   The following exchange rates have been used in preparing the consolidated 
          financial statements: 
 
                             Average Rate           Closing Rate 
                          2019       2018        2019       2018 
 
GBP                       1.30       1.35        1.27       1.36 
Central African            605        569         581        579 
Franc (CFA) 
 
2. Significant accounting policies 
 
          Current and deferred income tax 
 
The tax expense represents the sum of the tax currently payable and deferred 
   tax. The tax payable is based on taxable result for the year. The Group's 
   liability for current tax is calculated by using tax rates that have been 
enacted or substantively enacted by the reporting date In Guernsey. Deferred 
 tax is the tax expected to be payable or recoverable on differences between 
   the carrying amount of assets and liabilities in the financial statements 
  and the corresponding tax bases used in the computation of taxable profit, 
          and is accounted for using the balance sheet liability method. 
 
          Deferred tax liabilities are recognised for all taxable temporary 
 differences and deferred tax assets are recognised to the extent that it is 
    probable that taxable profits will be available against which deductible 
temporary differences can be utilised. Deferred tax is calculated at the tax 
rates that are expected to apply to the period when the asset is realised or 
 the liability is settled based upon rates enacted and substantively enacted 
     at the reporting date. Deferred tax is charged or credited in profit or 
       loss, except when it relates to items credited or charged directly to 
        equity, in which case the deferred tax is also dealt with in equity. 
 
          Intangible exploration and evaluation assets 
 
          All costs incurred prior to obtaining the legal right to undertake 
   exploration and evaluation activities on a project are written-off to the 
          income statement as incurred. 
 
    Exploration and evaluation costs arising following the acquisition of an 
  exploration licence are capitalised on a project-by-project basis, pending 
  determination of the technical feasibility and commercial viability of the 
          project. Costs incurred include technical expenses and allocated 
 administrative overheads. Exploration assets are carried at historical cost 
          less any impairment losses recognised. 
 
  If an exploration project is successful and it is brought into production, 
the related expenditures are transferred to property, plant and equipment as 
a mineral reserve or resource and depleted on a unit of production basis, or 
until the properties are sold, allowed to lapse, abandoned or determined not 
     to be economically viable, at which time they are charged to the income 
          statement. 
 
Capitalised exploration expenditures are reviewed for impairment losses (see 
   accounting note below) at each reporting date. In the case of undeveloped 
    properties, there may be only inferred resources to form a basis for the 
 impairment review. The review is based on a status report regarding results 
    of exploration or evaluation work to date and the Group's intentions for 
         development of the related property as well as consideration of the 
          impairment factors set out in IFRS 6. 
 
The recoverability of exploration and evaluation costs is dependent upon the 
discovery of economically recoverable ore reserves, the ability of the Group 
        to obtain the necessary financing to complete the development of the 
     reserves and future profitable production or proceeds from the disposal 
          thereof. 
 
Impairment of intangible assets - Exploration and evaluation costs 
 
Impairment reviews for exploration and evaluation costs are carried out on a 
 project by project basis, with each project representing a potential single 
 cash generating unit. An impairment review is undertaken when indicators of 
      impairment arise but typically when one of the following circumstances 
          applies: 
 
· Unexpected geological occurrences that render the resource uneconomic; 
 
· Substantive expenditure on further exploration expenditure for and 
evaluation of mineral resources is neither budgeted or planned; 
 
· Variations in the commodity price that render the project uneconomic; 
 
· Title to the asset is compromised; or 
 
· The Group determines it no longer wishes to continue with or develop the 
project. 
 
          Property, plant and equipment 
 
    All items of property, plant and equipment are stated at historical cost 
      less depreciation (see below) and impairment. Historical cost includes 
    expenditure that is directly attributable to the acquisition. Subsequent 
      costs are included in the asset's carrying value when it is considered 
probable that future economic benefits associated with the item will flow to 
          the Group and the cost of the item can be measured reliably. 
 
   Assets in course of construction for production, rental or administrative 
        purposes not yet determined are carried at cost, less any identified 
          impairment loss. Cost includes professional fees and associated 
          administrative expenses. 
 
Impairment of intangible assets - Exploration and evaluation costs 
(continued) 
 
    Depreciation is charged to the income statement on a straight-line basis 
          over the estimated useful lives of each item, as follows: 
 
  Motor vehicles 25% 
Office equipment 10% - 33% 
 
  The assets' residual values and useful lives are reviewed, and adjusted if 
  appropriate, at each balance sheet date. Gains and losses on disposals are 
   determined by comparing proceeds with carrying amount and are included in 
          the income statement. 
 
          Financial Assets 
 
          Classification 
 
   The Group classifies its financial assets in the following categories: at 
    amortised cost including trade receivables and other financial assets at 
     amortised cost, The classification depends on the purpose for which the 
 financial assets were acquired. Management determines the classification of 
          its financial assets at initial recognition. 
 
          Recognition and measurement 
 
          Amortised cost 
 
       Trade and other receivables are recognised initially at the amount of 
        consideration that is unconditional, unless they contain significant 
  financing components, in which case they are recognised at fair value. The 
group holds the trade and other receivables with the objective of collecting 
         the contractual cash flows, and so it measures them subsequently at 
          amortised cost using the effective interest method. 
 
 The group classifies its financial assets as at amortised cost only if both 
          of the following criteria are met: 
 
· the asset is held within a business model whose objective is to collect 
the contractual cash flows; and 
 
· the contractual terms give rise to cash flows that are solely payments 
of principle and interest. 
 
          Impairment of financial assets 
 
 The Group recognises an allowance for expected credit losses (ECLs) for all 
    debt instruments not held at fair value through profit or loss. ECLs are 
based on the difference between the contractual cash flows due in accordance 
 with the contract and all the cash flows that the Group expects to receive, 
 discounted at an approximation of the original EIR. The expected cash flows 
    will include cash flows from the sale of collateral held or other credit 
          enhancements that are integral to the contractual terms. 
 
 ECLs are recognised in two stages. For credit exposures for which there has 
   not been a significant increase in credit risk since initial recognition, 
ECLs are provided for credit losses that result from default events that are 
       possible within the next 12-months (a 12-month ECL). For those credit 
    exposures for which there has been a significant increase in credit risk 
   since initial recognition, a loss allowance is required for credit losses 
expected over the remaining life of the exposure, irrespective of the timing 
          of the default (a lifetime ECL). 
 
        For trade receivables (not subject to provisional pricing) and other 
    receivables due in less than 12 months, the Group applies the simplified 
  approach in calculating ECLs, as permitted by IFRS 9. Therefore, the Group 
       does not track changes in credit risk, but instead, recognises a loss 
     allowance based on the financial asset's lifetime ECL at each reporting 
          date. 
 
          Impairment of financial assets (continued) 
 
  The Group considers a financial asset in default when contractual payments 
are 90 days past due. However, in certain cases, the Group may also consider 
    a financial asset to be in default when internal or external information 
 indicates that the Group is unlikely to receive the outstanding contractual 
  amounts in full before taking into account any credit enhancements held by 
     the Group. A financial asset is written off when there is no reasonable 
expectation of recovering the contractual cash flows and usually occurs when 
    past due for more than one year and not subject to enforcement activity. 
 
 At each reporting date, the Group assesses whether financial assets carried 
 at amortised cost are credit impaired. A financial asset is credit-impaired 
     when one or more events that have a detrimental impact on the estimated 
          future cash flows of the financial asset have occurred. 
 
          Derecognition 
 
The Group derecognises a financial asset only when the contractual rights to 
    the cash flows from the asset expire, or when it transfers the financial 
 asset and substantially all the risks and rewards of ownership of the asset 
          to another entity. 
 
On derecognition of a financial asset measured at amortised cost, the 
difference between the asset's carrying amount and the sum of the 
consideration received and receivable is recognised in profit or loss. This 
is the same treatment for a financial asset measured at FVTPL. 
 
          Financial liabilities 
 
  Financial liabilities are classified, at initial recognition, as financial 
     liabilities at fair value through profit or loss, loans and borrowings, 
         payables, or as derivatives designated as hedging instruments in an 
   effective hedge, as appropriate. All financial liabilities are recognised 
        initially at fair value and, in the case of loans and borrowings and 
       payables, net of directly attributable transaction costs. The Group's 
          financial liabilities include trade and other payables. 
 
          Trade and other payables 
 
       Trade and other payables are initially measured at fair value and are 
  subsequently measured at amortised cost, using the effective interest rate 
          method. 
 
          Loan notes 
 
   Loan notes are measured at cost. Convertible loan notes are classified as 
    liabilities and are transferred to equity when the conversion rights are 
          exercised. 
 
          Equity instruments 
 
Equity instruments issued by the Group are recorded at fair value on initial 
recognition, net of transaction costs. Transfers of shares to /from treasury 
       are recorded at fair value. Shares in treasury are held at par value. 
 
          Fair value measurement 
 
  Fair value is the price that would be received to sell an asset or paid to 
  transfer a liability in an orderly transaction between market participants 
         at the measurement date. The fair value measurement is based on the 
presumption that the transaction to sell the asset or transfer the liability 
takes place either in the principal market for the asset or liability or, in 
  the absence of a principal market, in the most advantageous market for the 
   asset or liability. The principal or the most advantageous market must be 
       accessible to the Group. The fair value of an asset or a liability is 
      measured using the assumptions that market participants would use when 
    pricing the asset or liability, assuming that market participants act in 
          their economic best interest. 
 
          Fair value measurement (continued) 
 
For all other financial instruments not traded in an active market, the fair 
value is determined by using valuation techniques deemed to be appropriate 
in the circumstances. Valuation techniques include the market approach 
(i.e., using recent arm's length market transactions adjusted as necessary 
and reference to the current market value of another instrument that is 
substantially the same) and the income approach (i.e., discounted cash flow 
analysis and option pricing models making as much use of available and 
supportable market data as possible). 
 
 All assets and liabilities for which fair value is measured or disclosed in 
   the financial statements are categorised within the fair value hierarchy, 
described as follows, based on the lowest level input that is significant to 
          the fair value measurement as a whole: 
 
 Level 1 - Quoted (unadjusted) market prices in active markets for identical 
          assets or liabilities. 
 
     Level 2 - Valuation techniques for which the lowest level input that is 
         significant to the fair value measurement is directly or indirectly 
          observable. 
 
     Level 3 - Valuation techniques for which the lowest level input that is 
          significant to the fair value measurement is unobservable. 
 
  For assets and liabilities that are recognised in the financial statements 
  on a recurring basis, the Group determines whether transfers have occurred 
between levels in the hierarchy by re-assessing the categorisation (based on 
 the lowest level input that is significant to the fair value measurement as 
          a whole) at the end of each reporting year. 
 
Share based payments - share options and warrants 
 
The Company issues equity-settled share-based payments to certain employees. 
          These payments are measured at fair value (excluding the effect of 
  non-market based vesting conditions) at the date of grant and the value is 
     expensed on a straight-line basis over the vesting period, based on the 
   Group's estimate of the shares that will eventually vest and adjusted for 
          non-market based vesting conditions. 
 
 Fair value is measured by use of the Black Scholes model. The expected life 
 used in the model is adjusted, based on management's best estimate, for the 
       effects of non-transferability, exercise restrictions and behavioural 
          considerations. 
 
3. Critical accounting estimates and judgements 
 
  The preparation of financial statements in conformity with IFRS as adopted 
in the EU requires the use of certain critical accounting estimates. It also 
requires management to exercise its judgement in the process of applying the 
       Group's accounting policies. The estimates and judgements that have a 
significant risk of causing a material adjustment to the carrying amounts of 
assets and liabilities within the next financial period are discussed below. 
 
Intangible exploration and evaluation assets 
 
        The valuation of the Group's exploration, evaluation and development 
   expenditure is dependent upon the success of the Group in discovering and 
   having the economic ability to develop recoverable mineral resources in a 
country of operation where political, economic, legal, regulatory and social 
          uncertainties are potential risk factors. 
 
 The future revenue flows relating to these assets are uncertain and will be 
          affected by competition, relative exchange rates and potential new 
          legislation and related environmental requirements. 
 
     The Group's ability to continue its exploration program and develop its 
       project is dependent on the ability of the Group to find a partner to 
   develop its asset or future fundraising. Whilst the Group believes it has 
   achieved this through the agreement with Africa Agronomix Limited ("AAX") 
  there is no certainty that this will proceed as planned. The third term of 
 the licence was renewed in July 2019. The key judegements are that AAX will 
  mobilise and perform the work set out in the agreement. Whilst there is no 
  indication at the date of signing these financial statements that AAX will 
      not mobilise, there is no absolute certainty of this. As a result, the 
  directors have exercised their judgement on this matter and have concluded 
that no further impairment provision is required. Failure of AAX to mobilise 
    and undertake a drilling campaign may result in a full impairment of the 
          asset. 
 
          Share Options and warrants 
 
The group has 236,444,686 share options in issue with a weighted average 
exercise price of 0.29p and 640,351,231 investor warrants with a weighted 
average exercise price of 1.30p. 
 
The valuation of options uses the Black Scholes model and is detailed in 
Note 19. Changes to inputs and assumptions, in particular concerning the 
volatility of the Company's share price and the time to exercise can have a 
significant effect on the valuation 
 
          4. Financial risk management 
 
    The Group is principally financed by equity share capital to finance the 
   Group's operations and expansion together with short term borrowings. The 
       Group has financial instruments of cash, loan receivables, short term 
  deposits, a loan note, deferred consideration and others such as trade and 
          other receivables and payables. 
 
 The Group has not entered into any derivative or other hedging instruments. 
 
    The main risks arising from the Group's financial instruments are credit 
      risk, liquidity risk and market risk (including interest rate risk and 
  currency risk). The Board reviews and agrees policies for managing each of 
 these risks and these are summarised below. The interest receivable relates 
          to interest earned on bank deposits. 
 
          4. Financial risk management (continued) 
 
          Credit risk 
 
     Credit risk is the risk of financial loss to the Group if a customer or 
  counterparty fails to meet its contractual obligations. Credit risk arises 
   from financial assets, cash and cash equivalents, and deposits with banks 
 and financial institutions, as well as outstanding receivables. The Group's 
          principal deposits are held with a bank with a high credit rating. 
        Receivables are regularly monitored and assessed for recoverability. 
 
m 
 
        The fair value of financial assets and liabilities is not materially 
          different to the carrying values presented. 
 
          Maximum exposure to credit risk is as follows: 
 
                             2019    2018 
                            $'000   $'000 
 
Trade and other receivables     -      91 
Cash and cash equivalents      80     153 
                               80     244 
 
          Liquidity risk 
 
      Liquidity risk is the risk that the Group will encounter difficulty in 
  meeting the obligations associated with its financial liabilities that are 
   settled by delivering cash or another financial asset when they fall due. 
       The Group's policy throughout the year has been to ensure that it has 
    adequate liquidity by careful management of its working capital which it 
    achieves through monitoring cash flows and forecasts and preserving cash 
    through minimising burn rate through cost reduction. At 30 June 2019 the 
          Group held cash deposits of $80,000 (2018: $153,000). 
 
          Market risk 
 
       Market risk is the risk that changes in market price, such as foreign 
    exchange rates and interest rates, will affect the Group's income on the 
   value of its holding in financial instruments. The objective is to manage 
         and control market risk exposures with acceptable parameters whilst 
   optimising the return. The significant market risks to which the Group is 
          exposed are currency risk and interest rate risk. 
 
          These are discussed further below: 
 
· Interest rate risk 
 
  The Group finances operations through the use of cash deposits at variable 
   rates of interest for a variety of short term periods, depending on cash. 
  The rates are reviewed regularly and the best rate obtained in the context 
of the Group's needs. The weighted average interest rate on deposits was nil 
          (2018: nil). 
 
   The exposure of the financial assets to interest rate risk is as follows: 
 
                                                    2019    2018 
                                                   $'000   $'000 
 
Financial assets at floating rates - Cash and cash 
equivalents 
 
                                                      80     153 
 
· Currency risk 
 
The Group holds cash balances and has transactions denominated in currencies 
        other than the reporting currency and which therefore are subject to 
 fluctuations in exchange rates. These risks are monitored by the board on a 
     regular basis. The Group does not hedge against the effects of exchange 
          rates. 
 
    The exposure of the Group's financial assets and liabilities to currency 
          risk is as follows: 
 
                                Sterling   CFA Other   USD Total 
                                   $'000 $'000 $'000 $'000 $'000 
Cash and cash                         79     -     1     -    80 
equivalents 
Trade and other                       25     -     -     -    25 
receivables 
Total financial                      104     -     1     -   105 
assets at 30 
June 2019 
 
Trade payables                         5   165     -     -   170 
Other payables                       817   776     -   313 1,906 
and accruals 
Borrowings                         1,951     -     -     - 1,951 
Total financial liabilities at     2,773   941     -   313 4,027 
30 June 2019 
 
Cash and cash                        153     -     -     -   153 
equivalents 
Trade and other                       65     -     1     -    66 
receivables 
Total financial                      218     -     1     -   219 
assets at 30 
June 2018 
 
Trade payables                         4   165     1     -   170 
Other payables                       485   777     -   275 1,537 
and accruals 
Borrowings                         1,423     -     -     - 1,423 
Total financial liabilities at     1,912   942     1   275 3,130 
30 June 2018 
 
          Fair values 
 
The Directors have reviewed the financial statements and have concluded that 
 there is no significant difference between the carrying values and the fair 
   values of the financial assets and liabilities of the Group as at 30 June 
          2019 and at 30 June 2018. 
 
          Capital risk management 
 
        The Group regularly reviews its capital management requirements. The 
  requirement for capital is satisfied by the issue of shares and short term 
          loan notes. 
 
     The Group's objective when managing capital is to safeguard the Group's 
      ability to continue as a going concern in order to provide returns for 
    shareholders and benefits for other stakeholders. The Group places funds 
    which are not required in the short term on deposit at the best interest 
          rates it is able to secure from its bankers. 
 
     The Group is under no obligation to meet any externally imposed capital 
          requirements. 
 
          Sensitivity analysis 
 
         Financial instruments affected by market risk include cash and cash 
        equivalents, trade and other receivables and payables. The following 
analysis, required by IFRS 7 Financial Instruments: Disclosures, is intended 
      to illustrate the sensitivity of the Group's financial instruments (at 
        period end) to changes in market variables, being exchange rates and 
          interest rates. 
 
Exchange rates:   Income Statement   Equity 
                             $'000    $'000 
2019 
+ 5% US$ Sterling            (133)    (133) 
- 5% US$ Sterling              133      133 
+5% US$ CFA                      -        - 
-5% US$ CFA                      -        - 
2018 
+ 5% US$ Sterling             (85)     (85) 
- 5% US$ Sterling               85       85 
+5% US$ CFA                      -        - 
-5% US$ CFA                      -        - 
 
The following assumptions were made in calculating the sensitivity analysis: 
 
· all income statement sensitivities also impact equity 
 
· translation of foreign subsidiaries and operations into the Group's 
presentation currency have been excluded from this sensitivity. 
 
5. Segment reporting 
 
         The Chief Operating Decision Maker ("CODM") is considered to be the 
          Directors. The directors consider that during the year the Group's 
          activities comprise the segments of fertiliser trading and potash 
  exploration and other unallocated expenditure in one geographical segment, 
          Africa. 
 
     Revenue represents sales to external customers. Unallocated expenditure 
       relates to central costs and any items of expenditure that can not be 
          directly attributed to an individual segment. 
 
Year ended             Trading Exploration Unallocated   Total 
30 June 2019 
                         $'000       $'000       $'000   $'000 
 
Revenue                      -           -           -       - 
Segment results 
- Operating expenses     (105)           -       (554)   (659) 
- Impairment                 -           -        (50)    (50) 
- Interest expense           -           -       (364)   (364) 
Loss before tax          (105)           -       (968) (1,073) 
 
Income tax                   -           -           -       - 
Loss after tax           (105)           -       (968) (1,073) 
 
Year ended               Trading Exploration Unallocated   Total 
30 June 2018 
                           $'000       $'000       $'000   $'000 
 
Revenue                        -           -           -       - 
Segment 
results 
- Operating                (402)        (14)       (563)   (979) 
expenses 
- Impairment                   -        (87)       (100)   (187) 
- Interest                     -           -       (357)   (357) 
expense 
Loss before                (402)       (101)     (1,020) (1,523) 
tax 
 
Income tax                     -           -           -       - 
Loss after                 (402)       (101)     (1,020) (1,523) 
tax 
 
  Segment assets consist primarily of intangible assets, property, plant and 
         equipment, other receivables and cash and cash equivalents. Segment 
          liabilities comprise operating liabilities. 
 
 Capital expenditure comprises of additions to property, plant and equipment 
          and intangibles. 
 
  The segment assets and liabilities at 30 June 2019 and capital expenditure 
          for the year then ended are as follows: 
 
                      Trading Exploration Unallocated Total 
                        $'000       $'000       $'000 $'000 
 
Assets                      1       3,000         104 3,105 
Liabilities                           940        3087 4,027 
Capital expenditure         -           -           -     - 
 
          Segment assets and liabilities are reconciled to Group assets and 
          liabilities as follows: 
 
At 30 June 2019                    Assets Liabilities 
                                    $'000       $'000 
Segment assets and liabilities      3,001         940 
Unallocated: 
Other receivables                      25           - 
Cash                                   79           - 
Trade payables                          -           5 
Accruals and deferred income            -       1,131 
Borrowings                              -       1,951 
Total                               3,105       4,027 
 
  The segment assets and liabilities at 30 June 2018 as restated and capital 
          expenditure for the year then ended are as follows: 
 
                      Trading Exploration Unallocated Total 
                        $'000       $'000       $'000 $'000 
 
Assets                     18       3,000         243 3,261 
Liabilities                 -         942        2188 3,130 
Capital expenditure         -           -           -     - 
 
          Segment assets and liabilities are reconciled to Group assets and 
          liabilities as follows: 
 
At 30 June 2018                      Assets Liabilities 
                                      $'000       $'000 
Segment assets and liabilities        3,018         942 
Unallocated: 
Other receivables                        90           - 
Cash                                    153           - 
Trade payables                            -           5 
Accruals and deferred income              -         760 
Loan note                                 -       1,423 
Total                                 3,261       3,130 
 
6. Operating loss 
 
Operating loss has been arrived at after charging:  2019    2018 
                                                   $'000   $'000 
 
Net foreign exchange (gain) / loss                 (106)      63 
Travel and accommodation                              53      21 
Legal and professional                               214     323 
Consultancy fees                                      62      24 
Depreciation                                           6       7 
Staff costs (see note 7)                             379     488 
 
 Other gains and losses include the foreign exchange gain or loss arising on 
          the revaluation of the bridge loan (see note 17). 
 
Amounts payable to the Group's auditor PKF Littlejohn LLP and its associated 
          entities are as follows: 
 
                                   2019    2018 
                                  $'000   $'000 
 
Audit services - statutory audit     30      35 
 
7. Staff costs 
 
The average monthly number of employees (including executive directors) 
employed by the Group for the year was as follows: 
 
                        2019     2018 
                      Number   Number 
 
Office and Management      2        2 
Operational                2        3 
                           4        5 
 
The aggregate remuneration comprised: 
 
                            2019    2018 
                           $'000   $'000 
 
Wages and salaries           379     351 
Social security costs          -       - 
Share based payment charge           137 
                             379     488 
 
Directors'                                Short    Share  Total 
remuneration 2019                          term    based 
                                        employe  payment 
                                              e        s 
                                        benefit 
                                              s 
                                          $'000    $'000  $'000 
C Cleverly                                  135        -    135 
E Pungong                                    39        -     39 
M Simmonds                                   39        -     39 
                                            213        -    213 
Key management remuneration 
N Clayton                                   105        -    105 
 
Directors'             Short   Share based          Total 
remuneration            term      payments 
2018                   emplo 
                         yee 
                       benef 
                         its 
                       $'000         $'000          $'000 
C Cleverly               121            98            219 
E Pungong                 31            16             47 
M Simmonds                31            23             54 
                         195           137            332 
Key management 
remuneration 
N                         95             -                    95 
Clayto 
n 
 
At 30 June 2019, there were outstanding directors' fees of 429,000 (2018: 
$259,000) and key management fees of $157,000 (2018: $79,000) 
 
8. Finance expense 
 
                                        2019    2018 
                                       $'000   $'000 
Finance expense 
- Loan note facility fee (see note 17)     -    (64) 
- Loan note interest                   (364)   (293) 
Total finance expense                  (364)   (357) 
 
9. Income tax 
 
                                                  2019      2018 
                                                 $'000     $'000 
 
Loss before tax from continuing activities:    (1,073)   (1,523) 
 
Tax at the effective corporation tax rate 30%    (322)     (457) 
 
(2018: 30%) 
Deferred tax credit                                104       167 
Deferred tax credit not recognized               (104)     (167) 
Tax effect of expenses that are not deductible       -        19 
in determining taxable profit 
Tax effect of losses not allowable                 322       438 
Total tax for the year (current and deferred)        -         - 
 
  The tax reconciliation has been prepared using a 30% tax rate, an estimate 
 of the effective corporate income tax rate in jurisdictions where the Group 
          operates. 
 
 The Group has operations in a number of overseas jurisdictions where it has 
  incurred taxable losses for the year of $345,000 (2018: $556,000). To date 
     no deferred tax asset has been recognised as the requirements of IAS 12 
          'Income Taxes' have not been met. 
 
 The Company is resident for taxation purposes in Guernsey and its income is 
subject to Guernsey income tax, presently at a rate of zero (2018: zero). No 
    tax is payable for the year due to losses incurred. Deferred tax has not 
  been provided for, as brought forward tax losses are not recoverable under 
          the Income Tax (Zero 10) (Guernsey) Law, 2007 (as amended). 
 
 Income tax for the period is nil (2018:nil) and deferred tax for the period 
      is nil (2018:nil) and thereby the total taxation for the period is nil 
          (2018:nil). 
 
10. Loss per share 
 
The calculation of the basic and diluted loss per share is based on the 
following data: 
 
                                            2019            2018 
 
                                           $'000           $'000 
Loss for the purposes of basic 
earnings per share 
- attributable to owners of the          (1,073)         (1,523) 
parent company 
 
Number of shares 
 
Weighted average number of         4,831,793,287   3,112,078,626 
ordinary shares for the purposes 
of basic and diluted loss per 
share 
 
Loss per share attributable to 
owners of the parent company 
 
                                         (0.02c)         (0.05c) 
 
 The company has issued options over ordinary shares which could potentially 
  dilute basic loss per share in the future. Due to the loss incurred during 
   the year, there is no difference between basic loss per share and diluted 
          loss per share as the potential ordinary shares are anti-dilutive. 
 
11. Intangible assets 
 
                                Evaluation and exploration costs 
                                                           $'000 
 At 1 July                                                 3,000 
  2017 and 
      2018 
 Additions                                                     - 
Impairment                                                     - 
 provision 
  Exchange                                                     - 
      rate 
adjustment 
At 30 June                                                 3,000 
      2019 
 
 Evaluation and exploration costs are capitalised in accordance with IFRS 6. 
    The asset comprises the Lac Dinga exploration licence in the Republic of 
  Congo held by La Societé des Potasses et des Mines SA ("SPM") in which the 
Group has a 70% interest. The second term of the license expired on 25 April 
 2018. The application to renew the licence for a third term of 2 years, was 
      approved on 12 July 2019. Under the terms of its licence, the Group is 
required to undertake some exploration activity in any nine month period and 
  during the year work has continued on planning the next phase of drilling. 
 
    In order to develop the asset and issue a maiden resource statement, the 
       Group announced on 19 July 2017 that it has entered an agreement with 
  African Agronomix Limited ("AAX"), whereby AAX has the right to acquire up 
 to 100% of the Company's interest in Lac Dinga project structured over four 
    distinct phases. The agreement was effective 17 October 2017 and AAX are 
          acting as the operator of the project on behalf of SPM. 
 
12. Investment in subsidiaries 
 
The Group had the following 
subsidiaries at 30 June 2019 
                                                      Proportion 
                                                      of 
                                                      ordinary 
                                                      shares 
                                Proportion Proportion held by 
                                of         of         non-contro 
                                ordinary   ordinary   lling 
                                shares     shares     interests 
         Country                held       held by    % 
         of                     directly   the group 
         incorpora              by the     % 
         tion and               parent % 
         place of 
         business 
 
                   Nature of 
                   business 
 
Name 
                   Intermediate 
                   holding 
                   company 
 
African 
Potash 
(Mauriti 
us) 
Limited1 Mauritius                 100        100         - 
La 
Société 
des 
Potasses 
et des   Republic  Potash 
Mines    of Congo  exploration 
S.A. 2 
 
                                    -          70         30 
                   Intermediate 
                   holding 
                   company 
 
African  Guernsey 
Fertilis 
er 
Limited1 
                                   100        100         - 
African            Fertiliser 
Potash             trading 
(Uganda) 
Limited3 
         Uganda                     -          51         49 
African            Fertiliser 
Potrash            trading 
(Zambia) 
Limited3 
         Zambia                     1         100         - 
 
1 Held directly by the Company 
 
2 Held by African Potash (Mauritius) Limited 
 
3 Held by African Fertiliser Limited 
 
          All subsidiary undertakings are included in the consolidation. The 
proportion of the voting rights in the subsidiary undertakings held directly 
  by the parent company do not differ from the proportion of ordinary shares 
          held. 
 
Set out below is the summary financial information for: 
 
La Société des Potasses et des Mines S.A.           2019    2018 
("SPM") 
                                                   $'000   $'000 
Non Current Assets                                 2,737   2,742 
Current 
                                                               - 
 
· Assets 
 
                                                   (940)   (942) 
 
· Liabilities 
 
Net Current Liabilities                            (940)   (942) 
                                                 (6,063) (6,075) 
 
· Loan from parent company 
 
Net Liabilities                                  (4,266) (4,275) 
 
12. Investment in subsidiaries (continued) 
 
Block Commodities(Zambia) Limited                  2019  2018 
                                                  $'000 $'000 
Non Current Assets                                    -     6 
Current 
                                                      1    11 
 
· Assets 
 
                                                      -     - 
 
· Liabilities 
 
Net Current Assets                                    1    11 
                                                  (211) (211) 
 
· Loan from parent 
company 
 
Net Liabilities                                   (210) (194) 
 
13. Investment in associate 
 
                                          $'000 
              At 1 July 2017                101 
                    Disposal              (101) 
Share of loss for the period                  - 
      At 30 June 2018 & 2019                  - 
 
      As announced on 14 March 2018, the Group and AHH decided to unwind the 
     investment in AAH as the Company was unable to arrange additional trade 
       finance facilities to accelerate the development of the AAH Business. 
Consequently the 221,601,740 ordinary shares issued as initial consideration 
       have been returned to the Company by the vendors of AAH. The deferred 
  consideration is no longer payable. These shares are held in treasury (see 
          note 19). 
 
14. Property, plant and equipment 
 
                                       Motor        Office Total 
                                    vehicles     equipment 
                                       $'000         $'000 $'000 
Cost 
At 1 July 2017                            51           149   200 
Exchange rate                              -           (1)   (1) 
adjustment 
At 1 July 2018                            51           148   199 
Exchange rate                              -             -     - 
adjustment 
AT 30 June 2019                           51           148   199 
 
Depreciation 
       At 1 July 2017                     19            82   101 
Charge for the year                        7             -     7 
Impairment                                19            67    86 
Exchange rate                              -           (1)   (1) 
adjustment 
At 1 July 2018                            45           148   193 
Charge                                     6             -     6 
Exchange rate                              -             -     - 
adjustment 
At 30 June 2019                           51           148   199 
Net book value 
At 30 June 2019                            -             -     - 
At 30 June 2018                            6             -     6 
 
 All property plant and equipment is held in Africa. Depreciation arising in 
 the year has been included in operating costs. The impairment charge arises 
 in respect of assets held by SPM in Republic of Congo following the closure 
          of the office pending renewal of the exploration license. 
 
15. Current assets 
 
                                             2019    2018 
                                            $'000   $'000 
 
           Current assets 
                Inventory                       -      10 
        Trade receivables                       -       1 
              Prepayments                       -      25 
        Other receivables                      25      66 
Cash and cash equivalents                      80     153 
                                              105     355 
 
      Trade receivables are amounts due from customers for goods sold in the 
ordinary course of business. They are generally due for settlement within 30 
     days and therefore are all classified as current. Trade receivables are 
  recognised initially at the amount of consideration that is unconditional. 
     The Group holds the trade receivables with the objective to collect the 
contractual cash flows and therefore measures them subsequently at amortised 
          cost using the effective interest method. 
 
      The Group applies the IFRS 9 simplified approach to measuring expected 
   credit losses which uses a lifetime expected loss allowance for all trade 
  receivables. To measure the expected credit losses, trade receivables have 
         been grouped based on the days past due. No credit losses have been 
          recognised in the prior period. 
 
 During the year $50,000 (2018:$100,000) was advanced to Vipa Holdings (Pty) 
     Limited, pending completion of negotiations to acquire an equity stake. 
          After due diligence, the Company decided not to continue with the 
          acquisition. The receivable has been fully impaired. 
 
         The directors consider that the carrying amount of financial assets 
   approximates their fair value. There are no significant amounts past due. 
 
16. Financial liabilities 
 
                                 2019    2018 
                                $'000   $'000 
Current liabilities 
Trade payables                    170     170 
Other payables                    706     707 
Accruals                        1,200     842 
Borrowings (note 17)            1,951   1,423 
Total financial liabilities     4,027   3,142 
 
Trade payables, other payables and accruals comprise amounts outstanding for 
  trade purchases and ongoing costs. Accruals include unpaid interest on the 
          loan note of $319,000 (2018: $260,000). 
 
The directors consider that the carrying amount of financial liabilities 
approximates to their fair value. 
 
17. Borrowings 
 
Bridge Loan Note 
 
                                         $'000 
             At 1 July 2017              1,170 
Unpaid interest capitalised                190 
Exchange rate adjustment                    63 
            At 30 June 2018              1,423 
Unpaid interest capitalised                306 
Exchange rate adjustment                 (102) 
            At 30 June 2019              1,627 
 
 On 1 September 2017, the Company, with agreement of the lender, renewed the 
  term of the bridge loan for a further 2 years. Unpaid interest of GBP145,669 
     was rolled into the principal outstanding. The loan is repayable on the 
          earlier of: 
 
· 1 September 2019; 
 
· completion by the Company of equity financing which (in aggregate) 
raises more than GBP2.0m; and 
 
· completion of any non-trade finance debt financing. 
 
  In addition, the lender has the right at any time to convert any amount of 
  the loan outstanding at a conversion price of 0.02p per ordinary share or, 
if lower, at a price per share at which shares are issued for cash following 
          the renewal of the loan. 
 
       In the event of default under the provisions of the loan (including a 
   failure to make interest payments), the lender may require the Company to 
conduct a placing (at a 30% discount to the share price on the day preceding 
the date on which an application is made for admitting the placing shares to 
  trading) to raise funds to satisfy all outstanding sums plus an additional 
          facility fee of 5%. 
 
Subject to certain trigger events noted below, the lender agreed to reduce 
the interest on the loan note to 10% per annum, payable monthly. In this 
context, the Company was required to make a minimum monthly payment to the 
lender of at least GBP5,000 in respect of accruing interest, and any balance 
of such accruing but unpaid interest shall be rolled-up as additional loan 
capital. on 1 September 2019 and 1 September 2019 only. Interest will be 
charged on the additional loan capital. 
 
? in the event that the Company fails to comply with the terms of the loan 
note, the Company agreed that the reduced rate of interest noted above shall 
cease to be effective and the interest rate (and associated provisions) 
shall revert to those set out in the original loan, together with all other 
consequences, with effect from 1 September 2017; and 
 
? the Company agrees to pay a facility re-arrangement fee of GBP50,000 in 
respect of the renewal at 1 September 2017. The lender agreed to waive this 
fee provided that the Company complies with the terms of the loan note on an 
ongoing basis (failing which, such fee shall be immediately due and 
payable). 
 
The Company has not met its obligations and accordingly a provision has been 
         made for the full amount of interest and arrangement fees under the 
agreement. The amount of unpaid interest and fees capitalised at 1 September 
   2018 was $306,000 and at 1 September 2019 unpaid interest of $351,000 was 
          capitalised. 
 
The Company is in discussions with the lender to restructure the facility. 
 
Convertible loan notes 
 
                                      $'000 
           At 1July 2018                  - 
     Issue of loan notes                333 
Exchange rate adjustment                (9) 
         At 30 June 2019                324 
 
   As part of the fundraising announced on 27 March 2019, the Company issued 
    convertible loan notes amounting to $333,000, whilst it sought authority 
  from shareholders to issue further ordinary shares. The terms of the notes 
         provided for automatic conversion into equity on the passing of the 
resolution at the Annual General Meeting held on 13 May 2019. The conversion 
  price was adjusted to 0.02p per new ordinary share to ensure all investors 
  received the same terms. These shares were formally issued to note holders 
          on 15 November 2019. 
 
Reconciliation to cash flow statement 
 
                 At 30  Cash flow    Interest  Foreign     At 30 
                                              Exchange 
 
             June 2018            Capitalised          June 2019 
                 $'000      $'000       $'000    $'000     $'000 
 
Bridge Loan      1,423          -         306    (102)     1,627 
Note 
Convertible          -        333           -      (9)       324 
loan notes 
                 1,423        333         396    (111)     1,951 
 
18. Share capital 
 
                                      Authorised. allotted 
 
                                         and fully paid 
Ordinary shares of no par            Number                $'000 
value 
 
At 1 July 2017                     1,876,112,472          18,551 
Issue of shares                    2,854,250,678             888 
Transfer to shares held in         (221,601,740)           (125) 
treasury * 
At 30 June 2018                    4,508,762,000          19,314 
Issue of shares                      107,000,000              27 
At 30 June 2019                    4,615,762,000          19,341 
Shares held in treasury              221,601,150               - 
Total shares in issue at 30        4,837,363,150          19,341 
June 2019 
 
 The Company has one class of ordinary share which carries no right to fixed 
          income. 
 
On 19 July 2018 107,000,000 shares were issues at 0.035p to fund the working 
          capital requirements of the Group, 
 
 * On 16 June 2017, 221,601,740 shares were issued at 0.045p in satisfaction 
      of the initial consideration due on the acquisition of 21% of Advanced 
 Agricultural Holdings (Pty) Limited (see note 14). As announced on 14 March 
          2018, the Group and AAH decided to unwind the investment in AAH. 
Consequently the 221,601,740 ordinary shares issued as initial consideration 
   have been returned to the Company by the vendors of AAH. These shares are 
          held in treasury. 
 
Share Options: 
 
       At 30 June 2019, the following options over ordinary shares have been 
   granted to directors and employees to the Company and remain unexercised: 
 
Date of grant        Number of Exercise price  Exercise period 
                        shares 
 
11 July 2014         8,000,000             4p 11 July 2015 to 
                                              11 July 2020 
27 February          2,444,686           0.9p 27 August 2015 to 
2015                                          27 August 2020 
11 August 2015      19,000,000          0.56p 11 August 2015 to 
                                              11 August 2020 
29 March 2018       90,000,000         0.055p 29 March 2019 to 
                                              28 March 2023 
29 March 2018       72,000,000         0.125p 29 March 2019 to 
                                              28 March 2023 
29 March 2018       45,000,000           0.2p 29 March 2019 to 
                                              28 March 2023 
                   236,444,686 
 
Incentive shares 
 
        At 30 June 2019, the following incentive shares have been granted to 
          directors and consultants to the Company and remain unvested: 
 
Date of grant Number of shares Vesting price   Exercise period 
 
29 March 2019      122,500,000          0.2p 29 March 2018 to 28 
                                             March 2023 
 
Zero Cost Options 
 
   Certain employees and consultants waived arrears of fees in return for an 
option to subscribe for new ordinary shares at a nominal subscription price. 
The number of options issued was calculated using the market value of 0.055p 
          per share, reducing creditors by $99,000. 
 
Date of grant Number of shares Exercise price  Exercise period 
 
29 March 2018      127,657,786        Nominal From 29 March 2018 
 
Warrants: 
 
   At 30 June 2019 the following warrants over ordinary shares have been and 
          remain unexercised: 
 
Date of grant        Number of Exercise price  Exercise period 
                        shares 
19 October           2,500,000             3p 19 October 2016 
2015                                          to 30 June 2020 
10 November          6,250,000             3p 10 November 2016 
2015                                          to 30 June 2020 
01 December          2,500,000             3p 01 December 2016 
2015                                          to 30 June 2020 
19 October          15,000,000             5p 19 October 2016 
2015                                          to 30 June 2020 
10 November         32,475,000             5p 10 November 2016 
2015                                          to 30 June 2020 
01 December          5,000,000             5p 01 December 2016 
2015                                          to 30 June 2020 
19 October          15,000,000             8p 19 October 2016 
2015                                          to 30 June 2020 
10 November         35,000,000             8p 10 November 2016 
2015                                          to 30 June 2020 
01 December          2,500,000             8p 01 December 2016 
2015                                          to 30 June 2020 
10 November         10,000,000            10p 10 November 2016 
2015                                          to 30 June 2020 
14 July 2017       200,000,000         0.025p 14 July 2017 to 
                                              13 December 2022 
20 October          56,283,374          0.06p 20 October 2017 
2017                                          to 16 July 2020 
14 December        200,000,000         0.025p 14 December 2017 
2017                                          to 13 December 
                                              2022 
28 June 2018        47,142,857         0.035p 28 June 2018 to 
                                              27 June 2021 
19 July 2018        10.700,000         0.035p 19 July 2018 to 
                                              18 July 2021 
                   640,351,231 
 
19. Share based payments 
 
          Equity - settled share option plan 
 
  The Group unapproved share option scheme was established to provide equity 
incentives to the directors of, employees of and consultants to the company. 
 The scheme rules provide that the Board shall determine the exercise price, 
vesting period and vesting criteria. The vesting period is generally 1 year. 
  If options remain unexercised after a period of 4 or 5 years from the date 
     of grant, the options expire. Furthermore, options are forfeited if the 
          employee leaves the Group before the options vest. 
 
                                           Options     Weighted 
                                            Number      average 
                                                       exercise 
                                                          price 
 
Options at 1 July 2018                 238,444,686        0.31p 
Granted during the year                          -            - 
Lapsed                                 (2,000,000)        3.00p 
At 30 June 2019                        236,444,686        0.29p 
 
Exercisable at the year                236,444,686        0.29p 
end 
 
      At 30 June 2019 the weighted average remaining contractual life of the 
          options outstanding was 3.39 years (2018: 4.38 years). 
 
No options were granted or exercised during the year. 
 
          Warrants 
 
                                          Warrants     Weighted 
                                            Number      average 
                                                       exercise 
                                                          price 
 
Warrants at 1 July 2018                629,651,231        1.32p 
Issued during the year                  10,700,000       0.035p 
Lapsed                                           -            - 
Warrants at 30 June                    640,351,231        1.30p 
2019 
 
Exercisable at year end                640,351,231        1.30p 
 
At 30 June 2019 the weighted average remaining contractual life of the 
warrants outstanding was 2.64 years (2018: 3.64 years). 
 
The fair value of services received in return for share options and warrants 
      granted is measured by reference to the value of the share options and 
  warrants granted. This is estimated using the Black-Scholes model which is 
      considered the most appropriate considering the effects of the vesting 
    criteria, exercise price and the payment of the dividend by the Company. 
 
 The fair value of the warrants granted during the year was determined using 
          the following assumptions: 
 
 - Share price at the date of grant was the average mid-market closing price 
          for the three days immediately prior to grant of 0.045p 
 
     - The risk-free rate was 1.04% and was based on the gilt yield over the 
          vesting period at the date of grant. 
 
     - The annual dividend yield is expected to be nil based on management's 
          immediate intention to reinvest operating cash flows. 
 
      - The annual volatility was 109.1% and is derived from the daily share 
          prices of the Company over the year preceding the date of grant. 
 
 - The warrants vest immediately and the weighted average exercise period is 
          2.00 years being an estimate of the exercise period. 
 
   - The fair value of warrants granted during the period ranged was 0.028p. 
 
The charge of $4,000 in respect of broker warrants has been debited to share 
capital as a cost of the issue of equity. 
 
20. Related party disclosures 
 
1) The loan note (see note 18) has been provided by Mrs K Clayton, the 
wife of the Company's CFO. Interest of $364,000 (2018: $357,000) were 
charged during the year of which $319,000 remained outstanding at 30 June 
2019 (2018: $260,000). 
 
2) Mr N Clayton, the Group CFO, is a director of Global Web Pay Limited, a 
company providing foreign exchange services. During the year the Group 
paid fees and an estimated margin of $4,600 (2018: $4,000). 
 
3) Rt Hon Mark Simmonds is the chairman of FinComEco Limited, The Company 
and FinComEco Limited worked on forming a joint venture to integrate a 
system of warehouse receipts to aggregate outputs of small-scale farmers 
and the development of local commodity exchanges. No fees were incurred. 
 
4) During the year, the company entered an option agreement to acquire a 
stake in Made in Africa Foundation Limited ("MAIF"), a company 
incorporated in Uganda. MAIF is looking to acquire Cannabis licenses in 
Uganda. Chris Cleverly holds 50% of the share capital of MAIF. The option 
has lapsed, pending approval by shareholders of the expanded investment 
strategy into the medicinal cannabis sector. The premium paid was $20,000. 
This has been expensed in the period. 
 
5) Remuneration of key management personnel 
 
  The remuneration of the directors, and the key management personnel of the 
 Company, is set out below in aggregate for each of the categories specified 
        in IAS 24 'Related Party Disclosures'. Further information about the 
          remuneration of individual directors is provided in note 7. 
 
                                              2019    2018 
                                             $'000   $'000 
Short-term employee benefits - directors       213     195 
Short-term employee benefits - key personnel   105      95 
Share based payment - directors                  -     137 
Share based payment - key personnel              -       - 
                                               318     427 
 
          21. Capital commitments 
 
 At 30 June 2019 and 30 June 2018, the group was required under the terms of 
   its Lac Dinga licence to conduct a minimum level of exploration activity. 
    Under the agreement with AAX, these obligations lie with AAX and not the 
          group. 
 
          22. Ultimate controlling party 
 
    The Directors believe that there is no ultimate controlling party of the 
          Group. 
 
          23. Post balance sheet events 
 
  On 12 July 2019, the Lac Dinga exploration license was formally renewed by 
          the government of the republic of Congo (see note 11). 
 
On 15 November 2019, the group announced that it had raised GBP388,000 through 
  the issue of GBP133,000 new ordinary shares at a price of 0.02p and GBP255,000 
   of Convertible Loan Notes with a conversion price of GBP0.0002 per ordinary 
share These convert automatically into equity once the necessary authorities 
had been obtained at the Annual general meeting held on 13 May 2019 and were 
          formally issued on 15 November 2019.S 
 
CONTACTS 
 
Block Commodities Limited 
Chris Cleverly                     info@blockcommodities.com 
 
Ian Tordoff                        info@blockcommodities.com 
 
Press contact 
 
Hawthorn Advisors                  block@hawthornadvisors.com 
 
NEX Exchange Corporate Adviser 
Alexander David Securities Limited 
David Scott - Corporate Finance    +44 (0) 20 7448 9820 
James Dewhurst - Corporate Broking +44 (0) 20 7448 9820 
 
The Directors of the Company accept responsibility for the content of this 
announcement. 
 
ISIN:          GG00B4QYTJ50 
Category Code: FR 
TIDM:          BLCC 
LEI Code:      2138001KNTXRAZTFKU51 
Sequence No.:  32886 
EQS News ID:   926619 
 
End of Announcement EQS News Service 
 
 
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2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=7ad3f570920fa0e1c4aa27ce38155e26&application_id=926619&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

December 03, 2019 02:00 ET (07:00 GMT)

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