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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.02 | 0.40% | 5.00 | 4.80 | 5.20 | 5.00 | 5.00 | 5.00 | 0.00 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Offices-holdng Companies,nec | 0 | -1.4M | -0.0064 | -7.81 | 10.82M |
TIDMBRES
RNS Number : 8519P
Blencowe Resources PLC
23 June 2022
Date: 23 June 2022
Blencowe Resources Plc
("Blencowe" or the "Company")
Interim Consolidated Financial Statements
for the six month period ended 31 March 2022
The Company is pleased to announce its Interim Results for the six-month period to 31 March 2022.
Electronic copies of the report will be available at the Company's website www.blencoweresourcesplc.com
For further information please contact:
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 Tavira Securities Limited Tel: +44 (0)203 192 1733 Jonathan Evans jonathan.evans@tavirasecurities.com First Equity Limited Tel: +44 (0)20 7330 1883 Jason Robertson jasonrobertson@firstequitylimited.com
Interim Management Report
The past six months (and subsequent events to 31 March 2022) have seen excellent progress at the Orom-Cross graphite project, and the Company's profile in Uganda as a whole.
An internally generated Preliminary Economic Assessment ("PEA") was delivered in October 2021 which highlighted a low cost, high margin mining operation with strong Net Present Value and other key performance indicators. This PEA will be augmented by a Pre-Feasibility Study ("PFS") which is due mid-2022.
An extensive second diamond drilling programme at Orom-Cross in 2H 2021 delivered an updated JORC Standard Mineral Resource of 24.5Mt at 6.0% graphite, which was a 50% increment to the maiden JORC Resource delivered in 2021. Furthermore, the high quantum of Indicated and Measured Resources within this total means that Blencowe has enough graphite for first 20 years life of mine, to be included within the PFS. All necessary resource definition drilling for first production is now completed.
The Company has been working continuously with graphite technical experts SGS Lakeside in Canada to complete metallurgical test work showing what quality of concentrate may be delivered at Orom-Cross and results for this work have been outstanding. The 96-97% LOI concentrate will be a premium grade product, and the specific attributes within this should ensure the end products are attractive to a wide range of end users. Technical Data Sheets are being prepared right now to send to prospective end users across various industry sectors to gauge their initial interest for various Orom-Cross products.
During the period Blencowe engaged leading Sustainability consultants ERM to undergo a first stage program of working with the Company to ensure that Orom-Cross delivers strong ESG (environmental, social and governance) and sustainability credentials. This is seen as a very important aspect moving forward and the Company is particularly keen to get this right from the start, to deliver as green an end product from as life cycle sustainable a project as possible. Significant progress has already been made but this is an ongoing exercise that will continue forward as the project moves towards first production in 2023.
In 1Q 2022 the Company announced an earn-in agreement to complement the Orom-Cross graphite project with the highly prospective Akelikongo nickel project, also located in northern Uganda. This is a synergistic exploration project located approximately 150kms from Orom-Cross that previous owners SIPA Resources and Rio Tinto had spent US$15 million on early stage development, including 19,000m of drilling. There is already an 800m mineralised zone with both disseminated and massive nickel sulphides and Blencowe will look to add value to Akelikongo via extending this mineralised zone. An airborne electromagnetic survey is underway to locate additional drill targets and, if successful, these will be drilled in 2H 2022. Nickel is another key battery metal with forecast future high demand, similar to graphite. Both projects will be managed via the same in-country team within Uganda.
Finally, in April 2022 Blencowe announced the first significant institutional investor on the register, with highly recognised and sought-after mining and resources fund RAB Capital taking a 10% stake in the Company by investing a further GBP800,000. Their support is appreciated and Blencowe hopes for further market recognition once the PFS is delivered and the market is better able to appreciate the value within the Company's emerging portfolio of resource assets.
Despite Covid and the challenges this has presented, particularly to travel, the Company has made substantial progress in this period and will continue to do so ahead as further milestones are delivered.
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 United Kingdom ("UK").
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 UK, 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 2022
6 months ended 6 months ended 12 months ended 31 Mar 2022 31 Mar 2021 30 Sep 2021 (Unaudited) (Unaudited) (Audited) Notes GBP GBP GBP Exploration costs (2,744) (1,999) (11,690) Administrative fees and other expenses 5 (331,617) (304,238) (815,415) Adjustments to Liability to Land Owners - - 117,639 --------------- --------------- ---------------- Operating loss (334,361) (306,237) (649,466) Finance costs (21,974) (23,444) (45,260) --------------- --------------- ---------------- Loss before tax (356,336) (629,681) (694,726) Income tax - - - Loss after tax (356,336) (329,681) (694,726) --------------- --------------- ---------------- Other comprehensive income Exchange differences on translation of foreign operation (2,061) - 3,662 Other comprehensive income, net of tax (2,061) - 3,662 Total comprehensive loss (358,397) (329,681) (691,064) Basic and diluted loss per share (pence) 9 (0.27) (0.01) (0.61)
There was no other comprehensive income for the period ended on 31 March 2022.
Consolidated Statement of Financial Position as at 31 March 2022
As at As at As at 31 Mar 2022 31 Mar 2021 30 Sept 2021 (Unaudited) (Unaudited) (Audited) Notes GBP GBP GBP Non-Current Assets 5,815,114 4,390,956 5,296,289 Current assets Trade and other receivables 6 248,413 84,717 52,580 Cash and cash equivalents 968,693 611,231 93,288 Total current assets 1,217,106 695,948 145,868 Total assets 7,032,220 5,086,904 5,442,157 Current liabilities Creditors: Amounts falling due within one year 282,217 377,415 280,071 ------------- ------------- -------------- Total current liabilities 282,217 377,415 280,071 Non-current liabilities Surface liabilities 924,359 764,494 887,560 Total liabilities 1,206,576 1,141,909 1,167,631 Net assets 5,825,644 3,944,995 4,274,526 ------------- ------------- -------------- Equity Share capital 1,101,316 878,258 901,316 Share premium 6,841,596 4,884,146 5,132,081 Warrants reserves 317,876 164,601 317,876 Translation reserve 1,601 - 3,662 Retained earnings (2,436,745) (1,982,010) (2,080,409) ------------- ------------- -------------- Total equity 5,825,644 3,944,995 4,274,526 ------------- ------------- --------------
Consolidated Statement of Changes in Equity for the six month period ended 31 March 2022
Share option Retained Translation Share capital Share premium reserves earnings reserve Total equity GBP GBP GBP GBP GBP GBP 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 issue costs - (86,496) - - - (86,496) Issue of warrants - - 77,194 - - 77,194 Warrants exercised - - (13,064) 13,064 - - -------------- -------------- ---------------- ---------------- ---------------- ------------- Total contributions from equity holders 94,925 1,007,496 64,130 13,064 - 1,178,615 Balance as at 31 Mar 2021 878,258 4,884,146 164,601 (1,770,168) - 4,156,837 -------------- -------------- ---------------- ---------------- ---------------- ------------- Total comprehensive loss for 6 months Loss for the period - - - (365,045) - (365,045) -------------- -------------- ---------------- ---------------- ---------------- ------------- Total comprehensive loss - - - (365,045) - (365,045) Contributions from equity holders New shares issued 23,058 250,308 - - - 273,366 Share issue costs - (2,373) - - - (2,373) Issue of warrants - - 208,079 - - 208,079 Warrants exercised (54,804) 54,804 - - Exchange differences on translation of foreign operations - - - - 3,662 3,662 -------------- -------------- ---------------- ---------------- ---------------- ------------- Total contributions from equity holders 23,058 247,935 153,275 54,804 3,662 482,734 Balance as at 30 Sep 2021 901,316 5,132,081 317,876 (2,080,409) 3,662 4,274,526 Total comprehensive loss for 6 months -------------- -------------- ---------------- ---------------- ---------------- ------------- Loss for the period - - - (356,336) - (356,336) -------------- -------------- ---------------- ---------------- ---------------- ------------- Total comprehensive loss - - - (356,336) - (356,336) -------------- -------------- ---------------- ---------------- ---------------- ------------- Contributions from equity holders -------------- -------------- ---------------- ---------------- ---------------- ------------- New shares issued 200,000 1,800,000 - - - 2,000,000 -------------- -------------- ---------------- ---------------- ---------------- ------------- Share issued costs - (90,485) - - - (90,485) -------------- -------------- ---------------- ---------------- ---------------- ------------- Exchange differences on translation of foreign operations - - - - (2,061) (2,061) -------------- -------------- ---------------- ---------------- ---------------- ------------- Total contributions from equity holders 200,000 1,709,515 - - (2,061) 1,907,454 -------------- -------------- ---------------- ---------------- ---------------- ------------- Balance as at 31 Mar 2022 1,101,316 6,841,596 317,876 (2,436,745) 1,601 5,825,644 -------------- -------------- ---------------- ---------------- ---------------- -------------
Consolidated Statement of Cash Flows for the six month period ended 31 March 2022
As at As at As at 31 Mar 2022 31 Mar 2021 30 Sept 2020 (Unaudited) (Unaudited) (Audited) Notes GBP GBP GBP Operating activities Loss after tax 5 (356,336) (329,681) (694,726) Amortisation - 1,349 - Finance costs 21,974 23,444 45,260 Adjustment to Surface Liability - - (177,639) Share issue/warrant cost - 64,130 285,273 Unrealised currency translation (61,217) - 55,785 Changes in working capital Decrease/(increase) in trade and other receivables (195,833) (12,697) 19,441 Increase/(decrease) in trade and other payables 38,945 (229,635) (9,494) ------------- ------------- --------------
Net cash flows from operating activities (552,467) (483,090) (476,100) Cash flows from financing activities Investment in exploration assets (481,643) (213,956) (976,084) ------------- ------------- -------------- Net cash flows from investment activities (481,643) (213,956) (976,084) Financing activities Shares issued 2,000,000 1,188,917 -33,798 Shares issued (cost) (90,485) (86,496) 1,373,414 ------------- ------------- -------------- Net cash flows from financing activities 1,909,515 1,102,421 1,339,616 Increase in cash and short-term deposits 875,404 405,375 (112,568) Cash and short-term deposits brought forward 93,288 205,856 205,856 Cash and cash equivalents at end of period 968,692 611,231 93,288 ------------- ------------- --------------
Notes to the Financial Statements for the six month period ended 31 March 2022
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.
The Consolidated Interim Financial Statements of the Company for the six month period ended 31 March 2022 comprise the financial statements of the Company and its subsidiaries (together referred to as the "Group").
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 2022.
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 2021 which have been prepared in accordance with IFRS as adopted by UK 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 2021 and the 12 month period ended 30 September 2021.
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 2021. 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 2022 31 Mar 2021 30 Sep 2021 (Unaudited) (Unaudited) (Audited) GBP GBP GBP Directors' remuneration 70,046 68,741 138,787 Professional fees 130,655 47,627 100,256 Salaries 60,000 18,000 58,000 Listing fees 19,783 19,593 42,535 Audit fees 4,375 12,500 25,000 Share issue/warrant cost - 77,194 285,273 Administration fees 23,500 28,500 52,000 Broker fees 29,542 3,244 48,990 Travelling expenses - 971 1,529 Miscellaneous fees (6,284) 27,868 63,045 ------------ Total 331,617 304,238 815,415 ------------ ------------- -------------
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 2022 31 Mar 2021 30 Sep 2021 (Unaudited) (Unaudited) (Audited) GBP GBP GBP Other receivables 37,997 22,002 8,752 Prepayments 210,416 62,715 43,828 ------------ ------------- ------------- Total 248,413 84,717 52,580 7. Creditors: Amounts falling due within one year 6 months ended 6 months 12 Months 31 Mar ended ended 2022 31 Mar 2021 30 Sep 2022 (Unaudited) (Unaudited) (Audited) GBP GBP GBP Payables 268,067 131,138 238,614 Land Owners Liability - 233,049 - Accruals and provision 14,150 13,228 41,457 ------------ ------------- ------------- Total 282,217 377,415 280,071 8. Creditors: Amounts falling after one year
CARU, the Company's subsidiary 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 liability to the land owners is to be paid in 10 instalments on a section basis as the project progresses. The progress on each section is not limited to any time frames and is at the Group's discretion.
6 months ended 6 months 12 Months 31 Mar ended ended 2022 31 Mar 2021 30 Sep 2021 (Unaudited) (Unaudited) (Audited) GBP GBP GBP Total payable at the beginning of the period 887,560 1,024,737 1,024,737 Change in estimate - - (177,639) Interest charged during the period 21,975 22,685 45,260 Exchange loss on valuation 14,825 (49,879) (4,798) ------------ ------------- ------------- Total payable as at period end 924,359 997,543 887,560 Analysis between current and non-current liability Payable within 12 months - - - Payable after 12 months 924,359 997,543 887,560 ------------ ------------- ------------- 924,359 997,543 887,560
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 2022 31 Mar 2021 30 Sep 2021 (Unaudited) (Unaudited) (Audited) ------------------------------------------------------------------ --------------- --------------- ---------------- Earnings GBP GBP GBP Loss from continuing operations for the period attributable to the equity holders of the Group (353,336) (329,681) (694,726) Number of shares Weighted average number of Ordinary Shares for the purpose of basic and diluted earnings per share 133,655,997 98,345,650 114,070,173 ------------------------------------------------------------------ --------------- --------------- ----------------
Basic and diluted loss per share (pence) (0.27) (0.34) (0.61) ------------------------------------------------------------------ --------------- --------------- ----------------
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 GBP26,400 (31 March 2021: GBP12,000 and 30 Sep 2021: GBP24,000).
11. Events after the reporting date
On 16 April 2022, the Company issued 16,000,000 new ordinary shares of 0.06p at a price of 5p per new ordinary share. In addition, the holder of these share will receive 1 warrant per 2 placing shares, exercisable at 8p for 3 years from admission.
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June 23, 2022 02:00 ET (06:00 GMT)
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