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Share Name Share Symbol Market Type Share ISIN Share Description
Edenville Energy Plc LSE:EDL London Ordinary Share GB00BN47NP32 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  1.50 4.0% 39.00 34.00 36.00 37.50 35.00 37.50 228,380 16:35:13
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.3 -1.8 -0.1 - 5

Edenville Energy PLC Interim Results

30/10/2020 7:00am

UK Regulatory (RNS & others)


Edenville Energy (LSE:EDL)
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TIDMEDL

RNS Number : 6876D

Edenville Energy PLC

30 October 2020

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

30 October 2020

EDENVILLE ENERGY PLC

("Edenville" or the "Company")

Interim Results for the six months to 30 June 2020

Edenville Energy plc (AIM: EDL), the company developing a coal project in southwest Tanzania, announces the Company's unaudited interim results for the six months ended 30 June 2020.

Key Developments

The reporting period has been characterised by:

- A complete restructuring of the operation of the Rukwa Project ("Rukwa") and finalisation of two agreements with the Company's new strategic partner, Infrastructure and Logistics Tanzania Ltd ("ILTL"). A third agreement was signed in August 2020;

   -      The impact of the Covid-19 pandemic on Rukwa and Tanzania as a whole; 

- Two fundraisings in January and June to raise in aggregate GBP1.2 million (before expenses) via the issue of new equity, predominantly to existing shareholders;

   -      Adverse weather events that impacted production until April 2020; and 

- The appointment of Nick von Schirnding to the Board to coincide with the departure of Rufus Short.

Post Period End Developments

   -      Recommencement of mining operations at Rukwa in early August 2020; 

- Ongoing discussions with Lind Partners LLC regarding the status of the Funding Agreement; and

- Proposed hand over of day to day operations to ILTL under the conditions of the Coal Mining Agreement expected during November 2020.

Jeff Malaihollo, Chairman of Edenville, commented : "2020 has been dominated by the Covid-19 pandemic throughout the world. During the second quarter, a Tanzania-wide lockdown forced the Company to suspend operations at Rukwa.

However, the third quarter saw a recommencement of mining, processing and sales of coal from Rukwa and also the completion of three related agreements with our strategic partner ILTL, designed to address mining, sales and the Company's capital position. These three agreements form a new business model which we expect to improve the fortunes of the Company by freeing up the capital need for operations.

In June 2020, the Board also welcome the appointment of Nick von Schirnding as an Independent Non-Executive Director who replaced Rufus Short. Nick has 25 years of experience in coal mining and natural resources including strategic development, M&A, driving operational change.

Looking ahead, we believe the three agreements with ILT, the new business model, the renegotiation of the Company's debts and the Board changes have put the Company in a stronger position to achieve its goals."

For further information please contact:

 
                                 +44 (0) 20 3934 
 Edenville Energy Plc             6630 
 Jeff Malaihollo - Chairman 
 Alistair Muir - CEO 
 
 SP Angel Corporate Finance      +44 (0) 20 3470 
  LLP                             0470 
 (Nominated Adviser) 
 David Hignell 
 Charlie Bouverat 
 Abigail Wayne 
 
                                 +44 (0) 20 7936 
 Brandon Hill Capital Limited     5200 
 (Broker) 
 Oliver Stansfield 
 Jonathan Evans 
 
                                 +44 (0) 20 3934 
 IFC Advisory Limited             6630 
 (Financial PR and IR) 
 Tim Metcalfe 
 Graham Herring 
 Florence Chandler 
 

CEO's Report

Operational Report

The reporting period has been characterised by:

- A complete restructuring of the operation of Rukwa and finalisation of two agreements with the Company's new strategic partner, ILTL. A third agreement was signed in August 2020;

   -      The impact of the Covid-19 pandemic on Rukwa and Tanzania as a whole; and 
   -      Adverse weather events that impacted production in the early part of the year. 

On the restructuring side the Company now has in place 3 operational contracts with ILTL. These are:

   -      The Coal Mining Agreement ("CMA"); 
   -      A US$1million Loan Agreement; and 

- A Sales and Marketing agreement with MarTek Ltd (a sister company of ILTL) which was signed in August 2020.

In terms of restructuring, the Company now has in place three new agreements which have been reached with 2 different companies, although both have the same principle shareholder, a Dubai-based Tanzanian with extensive experience in logistics in east Africa. The three contracts include the Coal Mining Agreement and a US$1million Loan Agreement with ILTL and a Sales and Marketing agreement with MarTek Ltd which was signed in August 2020.

It has been difficult to assess the impact of the Covid-19 as Tanzania has not tested or reported details on cases in the country. The Company understands that the virus peaked at the same time as Europe with some lockdown and social distancing practices in place. Although the President announced a return to "business as usual" in mid-May 2020, logistically the movement of people in and out of Tanzania remained challenging until the late summer. A number of coal users stopped production over this time.

Rukwa and the complete Western Highlands region experienced an extended weather event during the 2019-20 wet season with extensive rains from December to April. This again impacted production in January to March, before the temporary closure of the mine due to the pandemic. Some production was taken from the southern pit during the first half of the year, but access to the northern pit became problematic due to road conditions. These were resolved post the Covid-19 enforced lockdown.

The Company raised additional funds from two new equity issues and also settled certain legacy UK debts. The Company intends to settle the significantly smaller outstanding Tanzanian debt with some of the proceeds from the loan facility of US$1M from ILTL.

The Company raised additional funds twice during the period via the issue of new shares. These equity funding rounds were as follows:

- GBP700,000 (gross) was raised in January 2020 at a price of 0.04p per share and was subscribed for by existing major shareholders and one new major investor; and

- GBP500,000 (gross) was raised in June 2020 also at a price of 0.04p with all the funds coming from the same existing shareholders.

In August shareholders exercised warrants at 0.06p with a value of circa GBP50,000.

Financial Results

For the six month period ended 30 June 2020 the Company generated revenue of GBP16,003 (H1 2019: GBP151,140).

The Group made a loss after taxation of GBP626,398 (H1 2019 loss of GBP888,045). The net assets at 30 June 2020

amounted to   GBP6,541,900 (30 June 2019 GBP6,367,559). 

The total comprehensive loss for the period was GBP179,894 (H1 2019 loss of GBP887,339), which included a gain of GBP446,504 (H1 2019 gain of GBP706) arising from the translation of the Tanzanian subsidiary accounts from US Dollars to Sterling.

Post-Period Report

The Rukwa mine has been operating since operations recommenced on 3 August 2020 and continues to fulfil its pre-purchase orders. The Company successfully restructured its staffing requirements during the summer and can confirm that employee numbers on site have been reduced by circa 50%.

As previously announced, the commencement date for ILTL to take over Rukwa operations pursuant to the Coal Mining Agreement was 1 September 2020.

The CMA contains a provision for a mobilisation period of up to 60 days from commencement to ensure both ILTL's equipment and personnel are at site. Both Edenville and ILTL were working towards an earlier hand over date and had initially expected the transition to have taken place during September 2020. However, as administrative issues relating to work permits between the Tanzanian Government and ILTL remain ongoing, principally as a result of a backlog caused by Covid-19, the transition is now expected to take place during November 2020.

ILTL has also been undertaking marketing and sales activities for Rukwa coal, as foreshadowed in the Sales and Marketing Agreement, with several positive developments with respect to new contracts. These are expected to be formalised and announced in due course.

Funding Agreement with Lind Partners LLC

Edenville has a funding agreement (the "Funding Agreement") with Lind Partners LLC ("Lind"). Monthly repayments were made on a regular basis to Lind between September 2019 and March 2020 inclusive. At the start of April 2020, a payment holiday until July 2020 was agreed with Lind as a result of the disruption related to the Covid-19 pandemic.

Following the conclusion of the deferral period and given the brief period of COVID-related mine suspension and subsequent ongoing production ramp up, Edenville notified Lind that it wished to make the July, August and September 2020 repayments in shares, as is its right under the Funding Agreement. However, to date, Lind has not taken delivery of the shares, so no additional monthly payments have been made.

These three-monthly payments represent approximately US$150,000 of the total outstanding balance of the Funding Agreement, which is currently US$580,000. Lind has subsequently requested that Edenville repay the total outstanding balance of the Funding Agreement by 30 November 2020. The Company does not accept the proposed date of repayment as under the terms of the Funding Agreement the loan expires in June 2021.

The Company is holding further discussions with Lind in order to agree a way forward. Negotiations are continuing and a further announcement regarding the status of the Funding Agreement will be made as soon as practicable.

Alistair Muir

Chief Executive Officer

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 
                                               Six months    Six months            Year 
                                                    ended         ended           ended 
                                                  30 June       30 June          31 Dec 
                                                       20            19              19 
                                                Unaudited     Unaudited         Audited 
                                       Note           GBP           GBP             GBP 
 Revenue                                           16,003       151,140         233,414 
 Cost of sales                                  (227,350)     (476,352)       (982,261) 
 
 Gross profit                                   (211,347)     (325,212)       (748,847) 
 Administrative expenses                        (292,862)     (483,112)       (904,410) 
 Share based payments                            (50,398)      (16,077)        (16,077) 
 Written off intangible asset                           -             -               - 
 
 Group operating loss                           (554,607)     (824,401)     (1,669,334) 
 Finance income                                        52            56             113 
 Finance costs                                   (71,843)      (63,700)       (177,843) 
 
 Loss on operations before taxation             (626,398)     (888,045)     (1,847,064) 
 
 Taxation                                               -             -               - 
 
 Loss for the period after taxation             (626,398)     (888,045)     (1,847,064) 
 Other comprehensive income/(loss): 
 Gain/(loss) on translation of 
  overseas subsidiary                             446,504           706       (235,401) 
 
 Total comprehensive (loss)/income 
  for the period                                (179,894)     (887,339)     (2,082,465) 
 
 Attributable to: 
 Equity holders of the Company                  (179,127)     (886,401)     (2,079,997) 
 Non-controlling interest                           (767)         (938)         (2,468) 
 
                                                (179,894)     (887,339)     (2,082,465) 
 
 Loss per share 
 - basic and diluted (pence)            2          (0.01)        (0.04)          (0.05) 
 
 

The income for the period arises from the Group's continuing operations.

CONSOLIDATED statement of financial position

as at 30 june 2020

 
                                                        As at          As at          As at 
                                                      30 June        30 June         31 Dec 
                                                           20             19             19 
                                                    Unaudited      Unaudited        Audited 
                                                                 As restated 
                                          Note            GBP            GBP            GBP 
 Non-current assets 
 Property, plant and equipment             4        6,429,956      6,473,498      6,085,403 
 Right of use assets                       5           95,753              -         97,727 
 Intangible assets                         6          343,496        333,537        321,368 
 
                                                    6,869,205      6,807,035      6,504,498 
 Current assets 
 Inventories                                          264,583        329,559        247,538 
 Trade and other receivables                          428,893        506,042        365,541 
 Cash and cash equivalents                            301,535         75,843         41,110 
 
                                                      995,011        911,444        654,189 
 Current liabilities 
 Trade and other payables                           (699,829)      (749,860)      (897,122) 
 Borrowings                                         (478,555)      (252,428)      (520,820) 
 
                                                  (1,178,384)    (1,002,288)    (1,417,942) 
 
 Current assets less current 
  liabilities                                       (183,373)       (90,844)      (763,753) 
 
 Total assets less current liabilities              6,685,832      6,716,191      5,740,745 
 
 Non - current liabilities 
 Borrowings                                         (120,932)      (348,632)      (284,903) 
 Environmental rehabilitation                        (23,000)              -              - 
  liability 
 
                                                    6,541,900      6,367,559      5,455,842 
 
 Capital and reserves 
 Called-up share capital                   7        4,024,935      3,294,935      3,414,935 
 Share premium account                             19,357,514     18,631,157     18,811,157 
 Share based payment reserve                          355,277        291,540        281,502 
 Foreign currency translation 
  reserve                                           1,144,599        934,202        698,095 
 Retained earnings                               (18,325,155)   (16,771,838)   (17,736,330) 
 
 Issued capital and reserves 
  attributable to owners of the 
  parent company                                    6,557,170      6,379,996      5,469,359 
 Non-controlling interest                            (15,270)       (12,437)       (13,517) 
 
 Total equity                                       6,541,900      6,367,559      5,455,842 
 
 

CONSOLIDATED statement of changes in equity

 
 
                                   ----------------------------------Equity 
                                   Interests-------------------------------- 
 
                                                                                 Foreign 
                                                                   Share        currency                         Non- 
                          Share        Share       Retained       option     translation                  Controlling 
                        capital      premium       Earnings      reserve         reserve         Total       interest         Total 
                            GBP          GBP            GBP          GBP             GBP           GBP            GBP           GBP 
 
 Balance at 1 
  January 
  2020                3,414,935   18,811,157   (17,736,330)      281,502         698,095     5,469,359       (13,517)     5,455,842 
 Issue of share 
  capital              610,000       615,000              -            -               -    1,225,000               -    1,225,000 
 Share issue costs            -     (68,643)              -        8,643                      (60,000)        -            (60,000) 
 Share based 
  payment 
  charge                      -            -              -      101,938               -       101,938        -             101,938 
 Lapse/cancelation 
  of share options            -            -         36,806     (36,806)               -             -         -                  - 
 Foreign currency 
  translation                 -            -              -            -         446,504       446,504      (986)           445,518 
 Loss for the 
  period                      -            -      (625,631)            -               -     (625,631)      (767)         (626,398) 
 
 Balance at 30 June 
  2020                4,024,935   19,357,514   (18,325,155)      355,277       1,144,599     6,557,170     (15,270)       6,541,900 
 
 
 Balance at 1 
  January 
  2019                2,722,036   18,566,642   (15,884,731)      275,463         933,496     6,612,906       (11,508)     6,601,398 
 Issue of share 
  capital              572,899        64,515              -            -               -     637,414                -     637,414 
 Share based 
  payment 
  charge                      -            -              -       16,077               -        16,077        -              16,077 
 Foreign currency 
  translation                 -            -              -            -             706           706        9                 715 
 Loss for the 
  period                      -            -      (887,107)            -               -     (887,107)      (938)         (888,045) 
 
 Balance at 30 June 
  2019                3,294,935   18,631,157   (16,771,838)      291,540         934,202     6,379,996     (12,437)       6,367,559 
 
 
 
                                                                                 Foreign 
                                                                   Share        currency                         Non- 
                          Share        Share       Retained       option     translation                  Controlling 
                        capital      premium       Earnings      reserve         reserve         Total       interest         Total 
                            GBP          GBP            GBP          GBP             GBP           GBP            GBP           GBP 
 
 Balance at 1 
  January 
  2019                2,722,036   18,566,642   (15,884,731)      275,463         933,496     6,612,906       (11,508)     6,601,398 
 Issue of share 
  capital               692,899      244,515                                                   937,414              -       937,414 
 Share 
  options/warrants 
  charge                                                          16,077                        16,077              -        16,077 
 Cancellation of 
  share 
  options                                            10,038     (10,038)               -             -              -             - 
 Changes on initial 
  application of 
  IFRS 
  16                                               (17,042)            -               -      (17,042)              -      (17,042) 
 Foreign currency 
  translation                 -            -              -            -       (235,401)     (235,401)              -     (235,401) 
 Loss for the year            -            -    (1,844,595)            -               -   (1,844,595)        (2,468)   (1,847,063) 
 Non-controlling              -            -              -            -               -             -            459             - 
 interest 
 share of goodwill 
 
 Balance at 31 
  December 
  2019                3,414,935   18,811,157   (17,736,330)      281,502         698,095     5,469,359       (13,517)     5,455,842 
 
 

consolidated CASH FLOW STATEMENT

 
                                           Six months   Six months          Year 
                                                ended        ended         ended 
                                              30 June      30 June        31 Dec 
                                                   20           19            19 
                                            Unaudited    Unaudited       Audited 
                                                  GBP          GBP           GBP 
 Cash flows from operating activities 
 Operating loss                             (554,607)    (824,401)   (1,669,334) 
 Depreciation                                  92,129      110,929       234,290 
 Amortisation                                   8,531       14,461        44,204 
 Interest paid                                   (57)            -      (23,000) 
 Expected credit losses                             -            -        26,804 
 Share based payments                          50,398       16,077        16,077 
 (Increase) in inventories                   (17,045)     (73,477)         8,544 
 (Decrease) in trade and other 
  receivables                                (41,534)    (108,496)        26,741 
 Increase in trade and other payables       (149,557)      191,590       476,883 
 Foreign exchange gain/(loss)                  51,081     (11,006)      (32,196) 
 
 Net cash used in operating activities      (560,661)    (684,323)     (890,987) 
 
 Cash flows from investing activities 
 Purchase of property, plant and 
  equipment                                                  (706)      (33,559) 
 Finance income                                    52           56           113 
 Finance cost                                       -     (16,884)             - 
 
 Net cash used in investing activities             52     (17,534)      (33,426) 
 
 Cash flows from financing activities 
 Borrowings                                   180,000            -       100,000 
 Repayment of convertible loan 
  notes                                     (160,420)     (11,787)     (198,644) 
 Repayment of lease liabilities              (31,982)            -      (23,241) 
 Lease interest                               (6,770)            -      (10,016) 
 Proceeds on issue of ordinary 
  shares                                      900,000      630,214       937,414 
 Share issue costs                           (60,000)            -             - 
 
 Net cash generated from financing 
  activities                                  820,828      618,427       805,513 
 
 
 Net decrease in cash and cash 
  equivalents                                 260,219     (83,430)     (118,920) 
 Cash and cash equivalents at beginning 
  of year                                      41,110      160,042       160,042 
 Exchange losses on cash and cash 
  equivalents                                     206        (769)          (12) 
 
 
 Cash and cash equivalents at end 
  of period                                   301,535       75,843        41,110 
 
 
 

NOTES TO THE INTERIM REPORT

   1.         Financial information and basis of preparation 

The interim financial statements of Edenville Energy Plc are unaudited consolidated financial statements for the six months ended 30 June 2020 which have been prepared in accordance with IFRSs as adopted by the European Union. They include unaudited comparatives for the six months ended 30 June 2019 together with audited comparatives for the year ended 31 December 2019.

The interim financial statements do not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The statutory accounts for the year ended 31 December 2019 have been reported on by the company's auditors and have been filed with the Registrar of Companies. The report of the auditors was qualified in respect of inventory quantities at the year end. The report of the auditor also contained an Emphasis of mater paragraph on the recoverability of VAT in Tanzania and a "Material uncertainty relating to going concern. Aside from the limitation of scope relating to inventory quantities, the auditor's report did not contain any statement under section 498 of the Companies Act 2006.

The interim consolidated financial statements for the six months ended 30 June 2020 have been prepared on the basis of accounting policies expected to be adopted for the year ended 31 December 2020. These are anticipated to be consistent with those set out in the Group's latest financial statements for the year ended 31 December 2019. These accounting policies are drawn up in accordance with adopted International Accounting Standards ("IAS") and International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board and adopted by the EU.

   2.          Loss per share 

The calculation of the basic and diluted loss per share is based on the following data:

 
                                  30 June 20        30 June 19       31 December 
                                                                              19 
                                         GBP               GBP               GBP 
 Loss after taxation               (626,398)         (888,045)         (1,847,064) 
 
 Weighted average number 
  of shares in the period      6,768,595,353     2,311,584,263       3,554,665,440 
 
 Basic and diluted loss 
  per share (pence)                   (0.01)            (0.04)              (0.05) 
 

The loss attributable to equity shareholders and weighted average number of ordinary shares for the purposes of calculating diluted earnings per ordinary share are identical to those used for basic earnings per ordinary share. This is because the exercise of share options and warrants would have the effect of reducing the loss per ordinary share and is therefore anti-dilutive.

   3.         Dividends 

No dividends are proposed for the six months ended 30 June 2020 (six months ended 30 June 2019: GBPnil, year ended 31 December 2019: GBPnil).

   4.    Property, plant and equipment 
 
                             Coal Production       Plant &      Fixtures   Motor vehicles 
                                      assets     machinery    & fittings                          Total 
                                         GBP           GBP           GBP              GBP           GBP 
 Cost or valuation 
  As at 1 January 
  2020                             5,317,637     1,225,972         7,253          197,196     6,748,058 
 Additions                            19,640             -             -                -        19,640 
 Foreign exchange 
  adjustment                         366,154        83,902           213           12,428       462,697 
 
 At 30 June 2020                   5,703,431     1,309,874         7,466          209,624     7,230,395 
 
 
 Accumulated depreciation 
 As at 1 January 
  2020                                83,342       482,401         6,990           89,922       662,655 
 Depletion/Charge 
  for the year                             -        78,000            43           14,086        92,129 
 Foreign exchange 
  adjustment                           5,738        34,313           213            5,391        45,655 
 
 At 30 June 2020                      89,080       594,714         7,246          109,399       800,439 
 
 Net book value 
 As at 30 June 2020                5,614,351       715,160           220          100,225     6,429,956 
 
 
 
                              Coal Production       Plant &      Fixtures   Motor vehicles 
                                       assets     machinery    & fittings                          Total 
                                  As restated 
                                          GBP           GBP           GBP              GBP           GBP 
 Cost or valuation 
  As at 1 January 
  2019                                            1,435,541         7,360           93,946     1,536,847 
 Transfer from intangibles 
  assets                            5,501,291             -             -                -     5,501,291 
 Additions                                  -           706             -                -           706 
 Foreign exchange 
  adjustment                           17,721         4,600            10              249        22,580 
 
 At 30 June 2019                    5,519,012     1,440,847         7,370           94,195     7,061,424 
 
 Accumulated depreciation 
 As at 1 January 
  2019                                      -       306,410         7,010           84,396       397,816 
 Transfer from intangible 
  assets                               57,928             -             -                -        57,928 
 Depletion/Charge 
  for period                           14,461       109,736            43            1,150       125,390 
 Foreign exchange 
  adjustment                              187         6,325            10              270         6,792 
 
 As at 30 June 2019                    72,576       422,471         7,063           85,816       587,926 
 
 
 Net book value 
 As at 30 June 2019                 5,446,436     1,018,376           307            8,379     6,473,498 
 
 
 
 
                             Coal Production       Plant &      Fixtures   Motor vehicles 
                                      assets     machinery    & fittings                          Total 
                                         GBP           GBP           GBP              GBP           GBP 
 Cost or valuation 
  As at 1 January 
  2019                             5,501,291     1,435,541         7,360           93,946     7,038,138 
 Additions                                 -           680             -          105,829       106,509 
 Disposal                                  -     (168,189)             -                -     (168,189) 
 Foreign exchange 
  adjustment                       (183,654)      (42,060)         (107)          (2,579)     (228,400) 
 
 At 31 December 2019               5,317,637     1,225,972         7,253          197,196     6,748,058 
 
 
 Accumulated depreciation 
 As at 1 January 
  2019                                57,928       306,410         7,010           84,396       455,744 
 Depletion/Charge 
  for the year                        27,348       226,110            87            8,093       261,638 
 Disposal                                  -      (33,638)             -                -      (33,638) 
 Foreign exchange 
  adjustment                         (1,934)      (16,481)         (107)          (2,567)      (21,089) 
 
 At 31 December 2019                  83,342       482,401         6,990           89,922       662,655 
 
 Net book value 
 As at 31 December 
  2019                             5,234,295       743,571           263          107,274     6,085,403 
 
 
   5.    Right of use assets 
 
                                 Mining asset 
                                       leases 
                                          GBP 
 Cost 
 As at 1 January 2020                 114,016 
 Foreign exchange adjustment            7,851 
 
 As at 31 December 2020               121,867 
 
 Amortisation 
 As at 1 January 2020                  16,289 
 Charge for the year                    8,531 
 Foreign exchange adjustment            1,294 
 
 As at 31 December 2020                26,114 
 
 Net book value 
 As at 31 December 2020                95,753 
 
 
 
 
                                    Mining asset 
                                          leases 
                                             GBP 
 Cost 
 As at 1 January 2019                          - 
 Recognised on adoption of IFRS 
  16                                     114,016 
 Foreign exchange adjustment                   - 
 
 As at 31 December 2019                  114,016 
 
 Amortisation 
 As at 1 January 2019                          - 
 Charge for the year                      16,856 
 Foreign exchange adjustment               (567) 
 
 As at 31 December 2019                   16,289 
 
 Net book value 
 As at 31 December 2019                   97,727 
 
 
 
   6.    Intangible assets 
 
 
                                 Mining Licences         Total 
                                             GBP           GBP 
 Cost or valuation 
  As at 1 January 2020                 1,519,712     1,519,712 
 Foreign exchange 
  adjustment                             104,642       104,642 
 
 At 30 June 2020                       1,624,354     1,624,354 
 
 
 Accumulated amortisation 
  and impairment 
 As at 1 January 2020                  1,198,344     1,198,344 
 Depletion of development                                    - 
  and production assets                        - 
 Foreign exchange 
  adjustment                              82,514        82,514 
 
 At 30 June 2020                       1,280,858     1,280,858 
 
 Net book value 
 As at 30 June 2020                      343,496       343,496 
 
 
 
 
 
                                      Development     Goodwill           Total 
                                   and production 
                                      expenditure 
                                      As restated 
                                              GBP          GBP             GBP 
 Cost or valuation 
 As at 1 January 2019                   5,501,291    1,572,197       7,073,488 
 Transfer to property, 
  plant and equipment                 (5,501,291)            -     (5,501,291) 
 Foreign exchange adjustment                    -        5,064           5,064 
 
 At 30 June 2019                                -    1,577,261       1,577,261 
 
 
 Accumulated amortisation 
  and impairment 
 As at 1 January 2019                      57,928    1,239,731       1,297,659 
 Transfer to property, 
  plant and equipment                    (57,928)            -        (57,928) 
 Charge for the period                          -            -               - 
 Foreign exchange adjustment                    -        3,993           3,993 
 
 As at 30 June 2019                             -    1,243,724       1,243,724 
 
 Net book value 
 As at 30 June 2019                             -      333,537         333,537 
 
 
 
 
 
                                   Mining Licences         Total 
                                               GBP           GBP 
 Cost or valuation 
  As at 1 January 2019                   1,572,197     1,572,197 
 Foreign exchange adjustment              (52,485)      (52,485) 
 
 At 31 December 2019                     1,519,712     1,519,712 
 
 
 Accumulated amortisation 
  and impairment 
 As at 1 January 2019                    1,239,731     1,239,731 
 Depletion of development                                      - 
  and production assets                          - 
 Foreign exchange adjustment              (41,387)      (41,387) 
 
 At 31 December 2019                     1,198,344     1,198,344 
 
 Net book value 
 As at 31 December 2019                    321,368       321,368 
 
 
 
   7.    Share capital 
 
                                               No         GBP                No          GBP         GBP 
                                  Ordinary shares    Ordinary          Deferred     Deferred       Total 
                                    of 0.02p each      shares         shares of       shares       share 
                                                     of 0.02p       0.001p each    of 0.001p     capital 
                                                         each                           each 
 Issued and fully 
  paid 
 At 1 January 2020                  5,012,241,761   1,002,450   241,248,512,346    2,412,485   3,414,935 
 On 9 January the 
  company issued 50,000,000 
  shares at 0.05p                      50,000,000      10,000                 -            -      10,000 
 On 21 January 2020 
  the company issued 
  1,750,000,000 shares 
  at 0.04p                          1,750,000,000     350,000                 -            -     350,000 
 On 8 June 2020 the 
  company issued 1,250,000,000 
  shares at 0.4p                    1,250,000,000     250,000                 -            -     250,000 
 
 As at 30 June 2020                 8,062,241,761   1,612,450   241,248,512,346    2,412,485   4,024,935 
                                 ================  ==========  ================  ===========  ========== 
 
 
 
 
                                                No         GBP                No          GBP         GBP 
                                          Ordinary    Ordinary          Deferred     Deferred       Total 
                                         shares of      shares         shares of       shares       share 
                                        0.02p each    of 0.02p       0.001p each    of 0.001p     capital 
                                                          each                           each 
 Issued and fully paid 
 At 1 January 2019                   1,547,746,369     309,551   241,248,512,346    2,412,485   2,722,036 
 On 20 February 2019 
  the company issued 36,000,000 
  shares at 0.02p                       36,000,000       7,200                 -            -       7,200 
 On 20 February 2019 
  the Company issued 64,515,192 
  shares at 0.12p each                  64,515,192      12,904                 -            -      12,904 
 On 2 May 2019 the Company 
  issued 500,000,000 shares 
  at 0.02p each                        500,000,000     100,000                 -            -     100,000 
 On 20 May 2019 the Company 
  issued 2,263,980,200 
  shares at 0.02p each               2,263,980,200     452,795                 -            -     452,795 
 
 As at 30 June 2019                  4,412,241,761     882,450   241,248,512,346    2,412,485   3,294,935 
                                  ================  ==========  ================  ===========  ========== 
 
 
 
 
                                              No         GBP                No          GBP         GBP 
                                 Ordinary shares    Ordinary          Deferred     Deferred       Total 
                                   of 0.02p each      shares         shares of       shares       share 
                                                    of 0.02p       0.001p each    of 0.001p     capital 
                                                        each                           each 
 Issued and fully 
  paid 
 At 1 January 2019                 1,547,746,369     309,551   241,248,512,346    2,412,485   2,722,036 
 On 20 February 2019 
  Ordinary shares were 
  issued at 0.02p                     36,000,000       7,200                 -            -       7,200 
 On 20 February 2019 
  Ordinary shares were 
  issued at 0.12p                     64,515,192      12,903                 -            -      12,903 
 On 2 May 2019 500,000 
  Ordinary shares at 
  0.02p                              500,000,000     100,000                 -            -      100,00 
 On 20 May 2019 2,263,980,200 
  Ordinary shares at 
  0.02p                            2,263,980,200     452,796                 -            -     452,796 
 On 11 September 2019 
  600,000,000 Ordinary 
  shares at 0.05p                    600,000,000     120,000                 -            -     120,000 
 
 As at 31 December 
  2019                             5,012,241,761   1,002,450   241,248,512,346    2,412,485   3,414,935 
                                ================  ==========  ================  ===========  ========== 
 
 
 
   8.    Prior year adjustment 

As disclosed in note 33 the group financial statements for the year ended 31 December 2019., during April 2018 the groups mining activities moved into the production phase. At this stage costs of GBP5,225,232 had been incurred. Previously these costs continued to be classified within intangible assets together with a fair value gain less depletion in the period. The 2018 figures have been restated to show the transfer of GBP5,225,232 to property, plant and equipment on completion of the development of the asset. The foreign exchange gain and depletion of the asset are now shown with property, plant and equipment. As a result of the above the comparative figures for the previously announced results for the six months to 30 June 2019 have also been restated to show a net transfer to property plant and equipment from intangible assets of GBP5,443,363 This adjustment has no impact on the Group Statement of Comprehensive Income or on the Group Statement of Changes in Equity

   9.    Distribution of interim report to shareholders 

The interim report will be available for inspection by the public at the registered office of the company during normal business hours on any weekday and from the Company's website http://www.edenville-energy.com/ . Further copies are available on request.

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END

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October 30, 2020 03:00 ET (07:00 GMT)

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