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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Blencowe Resources Plc | LSE:BRES | London | Ordinary Share | GB00BFCMVS34 | ORD 0.5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.10 | 1.71% | 5.95 | 5.70 | 6.20 | 5.95 | 5.65 | 5.85 | 621,456 | 09:33:05 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Offices-holdng Companies,nec | 0 | -1.4M | -0.0067 | -8.73 | 12.25M |
From May 2021 to May 2024
TIDMBRES
RNS Number : 5661A
Blencowe Resources PLC
02 June 2021
Date: 2 June 2021
Blencowe Resources Plc
("Blencowe" or the "Company")
Interim Financial Statements
for the six month period ended 31 March 2021
The Company is pleased to announce its Interim Results for the six-month period to 31 March 2021.
Electronic copies of the report will be available at the Company's website www.blencoweresourcesplc.com
For further information please contact:
Hot Features
Premium
Blencowe Resources www.blencoweresourcesplc.com
Sam Quinn Tel: +44 (0) 1624 681 250
info@blencoweresourcesplc.com
Investor Enquiries Tel: +44 (0) 7891 677 441
Sasha Sethi sasha@flowcomms.com
Brandon Hill Capital Limited Tel: +44 (0)20 3463 5000
Jonathan Evans jonathan.evans@brandonhillcapital.com
First Equity Limited Tel: +44 (0)20 7330 1883
Jason Robertson jasonrobertson@firstequitylimited.com
Interim Management Report
Dear Shareholder,
It is with pleasure we present you with the Interim Results for the Company, and an update on various
activities underway within Blencowe. The past year has been a challenging one for everybody and it has forced us all to adapt to continue to work, using different methodologies wherever necessary to achieve outcomes. I am pleased to report that the team within Blencowe, and that includes the wider support network of parties that help and support us everywhere, have all pulled together superbly and found ways to deliver solutions to overcome all challenges. It is times like this that board, management and key relationships are tested and I would like to give each and every party included under this umbrella my heartfelt thanks for their efforts. They have been appreciated.
We have always known that we have a significant resource asset at Orom-Cross, and post the RTO in April 2020 we set out to put as much value onto this project as we could, with a goal to remain efficient in all we did, both in terms of time and cost. In the past year we have achieved a number of key milestones that continue to add value, culminating in our maiden JORC Resource estimate for over 16 million tonnes graphite, and this represents a starting point as we have explored only the smallest fraction of what is available there. We have identified two excellent deposits, one of particular high grade, and we drilled them out in a substantial programme that completed in 2H 2020. Samples were sent to South Africa for assaying, and others to Canada where our metallurgical partner is currently well underway with what is turning out to be a successful test program to deliver a quality concentrate that will be in high demand as we move into production.
We continue to build on these early successes and we have recently initiated a second substantial drilling program in the field at Orom-Cross to further delineate these two deposits and prepare them for mining planning and pit designs that will be required within the feasibility study. Our plan remains straightforward, to continue building this project towards a decision to mine whilst utilising all our experience to ensure that all key requirements are suitably covered to de-risk the process.
Blencowe remains a firm believer that the push for renewable energy will continue gathering huge momentum moving forward, and the transition from fossil fuel engines to electric vehicles (EVs) will play a central role in this. Currently the lithium-ion battery is the accepted technology that will power these EVs and graphite remains a core component within the anode inside the battery. It is therefore logical to assume demand for graphite will remain highly leveraged to growth in demand for lithium ion batteries, and over the next few years Blencowe intends to bring into production one of the lower cost, high grade graphite projects in the world, located in a safe long term jurisdiction for development of such a project.
We continue to appreciate your support as a shareholder as we continue this exciting journey.
Mike Ralston
Chief Executive Officer
Responsibility Statement of the Directors in respect of the Interim Report
The Directors are responsible for preparing the Interim Financial Statements in accordance with applicable law and regulations. In addition, the Directors have elected to prepare the Interim Financial Statements in accordance with International Financial Reporting Standards ("IFRSs"), as adopted by the European Union ("EU").
The Interim Financial Statements are required to give a true and fair view of the state of affairs of the Group and of the profit or loss of the Group for that period.
In preparing these Interim Financial Statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- present information and make judgements that are reasonable, prudent and provides relevant, comparable and understandable information;
-- provide additional disclosures when compliance with the specific requirements in IFRS is insufficient to enable users to understand the impact of particulars transactions, other events and conditions on the entity's financial position and financial performance; and
-- make an assessment of the Group's ability to continue as a going concern.
The Directors are responsible for keeping proper accounting records that are sufficient to show and explain the Group's transactions and disclose with reasonable accuracy at any time its financial position of the Group to enable them ensure that the financial statements comply with the requirements of the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and Interim Financial Statements. Legislation governing the preparation and dissemination of Interim Financial Statements may differ from one jurisdiction to another.
We confirm that to the best of our knowledge:
-- the Interim Financial Statements, prepared in accordance with International Financial Reporting Standards as adopted by the EU, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group for the period;
-- the Director's report includes a fair review of the development and performance of the business and the position of the group, together with a description of the principal risks and uncertainties that they face; and
-- the annual report and financial statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the group's performance, business model and strategy.
Consolidated Statement of Comprehensive Income for the six month period ended 31 March 2021
6 months ended 6 months ended 12 months ended
31 Mar 2021 31 Mar 2020 30 Sep 2020
(Unaudited) (Unaudited) (Audited)
Notes GBP GBP GBP
Exploration costs (1,999) - (9,736)
Administrative fees and other expenses 5 (304,238) (481,752) (1,015,053)
--------------- --------------- ----------------
Operating loss (306,237) (481,752) (1,024,789)
Finance costs (23,444) - (33,295)
--------------- --------------- ----------------
Loss before tax (23,444) (481,752) (1,058,084)
Income tax - - -
Loss for the period and total comprehensive loss for the
period (329,681) (481,752) (1,058,084)
--------------- --------------- ----------------
Basic and diluted loss per share (pence) 7 (0.01) (1.52) (1.74)
There was no other comprehensive income for the period ended on 31 March 2021.
Consolidated Statement of Financial Position as at 31 March 2021
As at As at As at
31 Mar 2021 31 Mar 2020 30 Sept 2020
(Unaudited) (Unaudited) (Audited)
Notes GBP GBP GBP
Non-Current Assets 4,390,956 - 4,377,127
Current assets
Trade and other receivables 6 84,717 252,693 72,020
Cash and cash equivalents 611,231 88,249 205,856
Total current assets 695,948 340,942 277,877
Total assets 5,086,904 340,942 4,655,003
Current liabilities
Creditors: Amounts falling due within one year 377,415 518,643 498,588
------------- ------------- --------------
Total current liabilities 377,415 518,643 498,588
Non-current liabilities
Surface liabilities 764,494 - 849,512
Total liabilities 1,141,909 518,643 1,348,100
Net assets 3,9744,995 (177,701) 3,306,903
------------- ------------- --------------
Equity
Share capital 878,258 450,000 783,333
Share premium 4,884,146 209,983 3,876,650
Warrants reserves 164,601 50,707 100,471
Retained earnings (1,982,010) (888,391) (1,453,551)
------------- ------------- --------------
Total equity 3,944,995 (177,701) 3,306,903
------------- ------------- --------------
Consolidated Statement of Changes in Equity for the six month period ended 31 March 2021
Share capital Share premium Warrant reserves Retained earnings Total equity
GBP GBP GBP GBP GBP
Balance as at 30 Sep 2019 450,000 209,983 33,778 (406,639) 287,122
Total comprehensive loss for 6
months
Loss for the period - - - (481,752) (481,752)
-------------- -------------- ----------------- ------------------ -------------
Total comprehensive loss - - - (481,752) (481,752)
Contributions from equity
holders
Issue of warrants - - 16,929 - 16,929
-------------- -------------- ----------------- ------------------ -------------
Total contributions from equity
holders - - 16,929 - 16,929
Balance as at 31 Mar 2020 450,000 209,983 50,707 (888,391) (177,701)
-------------- -------------- ----------------- ------------------ -------------
Total comprehensive loss for 6
months
Loss for the period - - - (576,332) (576,332)
-------------- -------------- ----------------- ------------------ -------------
Total comprehensive loss - - - (576,332) (576,332)
Contributions from equity
holders
New shares issued 333,333 3,666,667 - - 4,000,000
Issue of warrants - - 49,764 - 49,764
Adjustment on consolidation -
IFRS 9 11,171 11,171
-------------- -------------- ----------------- ------------------ -------------
Total contributions from equity
holders 333,333 3,666,667 49,764 11,171 4,060,935
Balance as at 30 Sep 2020 783,333 3,876,650 100,471 (1,453,551) 3,306,903
-------------- -------------- ----------------- ------------------ -------------
Total comprehensive loss for 6
months
Loss for the period - - - (329,681) (329,681)
-------------- -------------- ----------------- ------------------ -------------
Total comprehensive loss - - - (329,681) (329,681)
Contributions from equity
holders
New shares issued 94,925 1,093,992 - - 1,188,917
Share issued costs - (86,496,) - - (86,496)
Warrants reserve - - 77,194 - 77,194
Warrants exercised (13,064) 13,064 -
Adjustment on consolidation -
IFRS 9 (211,842) (211,842)
-------------- -------------- ----------------- ------------------ -------------
Total contributions from equity
holders 94,925 1,007,496 64,130 (198,778) 967,773
Balance as at 31 Mar 2021 878,258 4,884,146 164,601 (1,982,010) 3,944,995
-------------- -------------- ----------------- ------------------ -------------
Statement of Cash Flows for the six month period ended 31 March 2021
As at As at As at
31 Mar 2021 31 Mar 2020 30 Sept 2020
(Unaudited) (Unaudited) (Audited)
Notes GBP GBP GBP
Operating activities
Loss after tax 5 (329,681) (481,752) (1,058,084)
Amortisation 1,349 - 1,919
Finance costs 23,444 - 33,295
Share issue/warrant cost 64,130 16,929 66,693
Changes in working capital
Decrease/(increase) in trade and other receivables (12,697) 3,497 (27,426)
Increase/(decrease) in trade and other payables (229,635) 407,583 131,821
------------- ------------- --------------
Net cash flows from operating activities (483,090) (53,743) (851,782)
Cash flows from financing activities
Investment in exploration assets (213,956) - (1,084,354)
------------- ------------- --------------
Net cash flows from investment activities (213,956) (1,084,354)
Financing activities
Shares issued 1,188,917 - 2,000,000
Shares issued (cost) (86,496) - -
------------- ------------- --------------
Net cash flows from financing activities 1,102,421 - 2,000,000
Increase in cash and short-term deposits 405,375 (53,743) 63,864
Cash and short-term deposits brought forward 205,856 141,992 141,992
Cash and cash equivalents at end of period 611,231 88,249 205,856
------------- ------------- --------------
Notes to the Financial Statements for the six month period ended 31 March 2021
1. General
Blencowe Resources Plc (the "Company") is a public limited company incorporated and registered in England and Wales on 18 September 2017 with registered company number 10966847 and its registered office situated in England and Wales at 25 Bilton Road, Rugby, CV22 7AG.
The Group did not earn any trading income during the period under review but incurred expenditure in developing its principal assets.
2. Accounting Policies
Basis of preparation
The interim financial statements of the Group are unaudited condensed financial statements for the 6 month period ended 31 March 2021.
The accounting policies applied by the Group in these Interim Financial Statements, are the same as those applied by the Group in its consolidated financial statements, and have been prepared on the basis of the accounting policies applied for the financial year to 30 September 2020 which have been prepared in accordance with IFRS as adopted by EU for. The Group Financial Statements have been prepared using the measurement bases specified by IFRS each type of asset, liability, income and expense.
The Group Financial Statements are presented in GBP, which is the Group's functional currency. All amounts have been rounded to the nearest pound, unless otherwise stated.
Comparative figures
The comparative figures have been presented as the Group Financial Statements cover the 6 month period ended 31 March 2020 and the 12 month period ended 30 September 2020.
3. Critical accounting estimates and judgments
In preparing the Group 's Interim Financial Statements, the Directors have to make judgments on how to apply the Group's accounting policies and make estimates about the future. The Directors do not consider there to be any critical judgments that have been made in arriving at the amounts recognised in the Group Financial Statements.
4. Significant accounting policies
The accounting policies adopted are consistent with those followed in the preparation of the annual financial statements of Blencowe Resources Plc for the year ended 30 September 2020. A copy of these financial statements is available on the Group website at https://blencoweresourcesplc.com/
5. Administrative fee and other expenses
6 months
ended 6 months 12 Months
31 Mar ended ended
2021 31 Mar 2020 30 Sep 2020
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Directors' remuneration 68,471 45,052 107,102
Professional fees 47,627 220,701 437,340
Salaries (see note 7) 18,000 - 27,500
Listing fees 19,593 77,830 26,599
Audit fees 12,500 75,000 25,000
Fees payable to group auditors
for non-audit services - - 69,275
Share issue/warrant cost 77,194 16,929 66,693
Project Costs - 10,530 -
Administration fees 28,500 9,000 24,486
Broker fees 3,244 2,500 190,833
Travelling expenses 971 7,260 7,260
Miscellaneous fees 27,868 16,950 32,965
------------
Total 304,238 481,752 1,015,053
------------ ------------- -------------
The Group did not employ any staff during the period other than Directors. The Directors are the only members of key management and their remuneration related solely to short term employee benefits.
6. Trade and other receivables
6 months
ended 6 months 12 Months
31 Mar ended ended
2021 31 Mar 2020 30 Sep 2020
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Loan to CARU - 257,184 -
Other receivables 22,002 7,344 67,902
Prepayments 62,715 - 4,119
------------ ------------- -------------
84,717 264,528 72,021
Less: provision - (11,835) -
------------ ------------- -------------
Total 84,717 252,693 72,021
------------ ------------- -------------
7. Creditors: Amounts falling due within one year
6 months
ended 6 months 12 Months
31 Mar ended ended
2021 31 Mar 2020 30 Sep 2020
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Payables 131,138 209,881 281,726
Other payables 233,049 80,000 175,225
Accruals and provision 13,227 228,762 41,637
------------ ------------- -------------
Total 377,415 518,643 498,588
8. Creditors: Amounts falling after one year
CARU entered into an agreement for surface rights over the land in the mineral area of the licence. The land owners granted CARU a 49 year lease over an area. The lease is payable in 11 instalments
effective 31st January 2020.
6 months
ended 6 months 12 Months
31 Mar ended ended
2021 31 Mar 2020 30 Sep 2020
(Unaudited) (Unaudited) (Audited)
GBP GBP GBP
Total payable at the beginning 1,024,737 - -
of the period
Addition to non-current liabilities - - 1,009,049
Interest charged during the
period 22,685 - 11,923
Exchange loss on valuation (49,879) - 3,765
------------ ------------- -------------
Total payable as at period end 997,543 - 1,024,737
Analysis between current and
non-current liability
Payable within 12 months 233,049 - 175,225
Payable after 12 months 764,494 - 849,512
------------ ------------- -------------
997,543 1,024,737
The value of the lease is measured at the present value of the contractual payments due to the lessor
over the lease term , with the discount rate of 5%.
9. Loss per share
The calculation of the basic and diluted loss per share is based on the following data:
6 months ended 6 months ended 12 Months ended
31 Mar 2021 31 Mar 2020 30 Sep 2020
(Unaudited) (Unaudited) (Audited)
------------------------------------------------------------------ --------------- --------------- ----------------
Earnings GBP GBP GBP
Loss from continuing operations for the period attributable to
the equity holders of the Group (329,681) (481,852) (1,058,084)
Number of shares
Weighted average number of Ordinary Shares for the purpose of
basic and diluted earnings per
share 3,108,550,648 31,666,664 60,707,758
------------------------------------------------------------------ --------------- --------------- ----------------
Basic and diluted loss per share (pence) (0.01) (1.52) (1.74)
------------------------------------------------------------------ --------------- --------------- ----------------
There are no potentially dilutive shares in issue.
10. Related party transactions
The are no related party transactions during the period except for the Directors' remuneration, which have been disclosed in note 5.
Sam Quinn is a director and shareholder of the Company and a Director of Lionshead Consultants Limited. During the period, Lionshead Consultants Limited charged fees for consultancy fees of GBP12,000 (31 March 2020: GBPNil and 30 Sep 2020: GBP10,000).
11. Events after the reporting date
The total number of shares raised by the Company since 31 March 2021 up to the date these Interim Financial Statements were signed were 886,667, of which 686,667 were warrants exercised.
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END
IR FIFETRFIFIIL
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June 02, 2021 04:54 ET (08:54 GMT)
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