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HZM Horizonte Minerals Plc

1.50
-2.25 (-60.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Horizonte Minerals Plc LSE:HZM London Ordinary Share GB00BMXLQJ47 ORD 20P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -2.25 -60.00% 1.50 1.25 1.75 4.25 1.375 3.75 14,494,776 16:29:04
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Gold Ores 0 -5.32M -0.0197 -0.76 4.05M

Horizonte Minerals PLC Quarterly Report (9658G)

12/11/2018 7:00am

UK Regulatory


Horizonte Minerals (LSE:HZM)
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From Mar 2019 to Mar 2024

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TIDMHZM

RNS Number : 9658G

Horizonte Minerals PLC

12 November 2018

12 November 2018

HORIZONTE MINERALS QUARTERLY FINANCIAL STATEMENTS FOR THE THREE MONTHSED 30 SEPTEMBER 2018 ____________________________________________________________________________________

Horizonte Minerals Plc, (AIM: HZM, TSX: HZM) ('Horizonte' or 'the Company'), the nickel development company focused in Brazil, is pleased to announce its unaudited financial results for the three month period to 30 September 2018. These results, as well as a Management Discussion & Analysis, have been posted on the Company's website www.horizonteminerals.com and are also available on SEDAR at www.sedar.com.

For further information visit www.horizonteminerals.com or contact:

 
 
   Horizonte Minerals plc 
 Jeremy Martin (CEO)                      +44 (0) 203 356 2901 
 
 Numis Securities Ltd (NOMAD & Broker) 
 John Prior 
  Paul Gillam                             +44 (0) 207 260 1000 
 
 Shard Capital (Joint Broker) 
 Damon Heath 
  Erik Woolgar                            +44 (0) 20 186 9952 
 
 Tavistock (Financial PR) 
 Emily Fenton 
  Gareth Tredway                          +44 (0) 207 920 3150 
 
 

About Horizonte Minerals:

Horizonte Minerals plc is an AIM and TSX-listed nickel development company focused in Brazil. The Company is developing the Araguaia project, as the next major ferronickel mine in Brazil, and the Vermelho nickel-cobalt project, with the aim of being able to supply nickel and cobalt to the EV battery market. Both projects are 100% owned.

Horizonte Minerals plc

Condensed Consolidated Interim Financial Statements for the nine months ended 30 September 2018

Condensed consolidated statement of comprehensive income

 
                                                                        9 months ended             3 months ended 
                                                                          30 September               30 September 
                                                                          2018          2017          2018        2017 
--------------------------------------------------------  ------  ------------  ------------  ------------  ---------- 
                                                                     Unaudited     Unaudited     Unaudited   Unaudited 
--------------------------------------------------------  ------  ------------  ------------  ------------  ---------- 
                                                           Notes           GBP           GBP           GBP         GBP 
--------------------------------------------------------  ------  ------------  ------------  ------------  ---------- 
 Continuing operations 
 Revenue                                                                     -             -             -           - 
 Cost of sales                                                               -             -             -           - 
--------------------------------------------------------  ------  ------------  ------------  ------------  ---------- 
 
 Gross profit                                                                -             -             -           - 
 
 Administrative expenses                                           (1,138,978)     (959,250)     (353,630)   (304,702) 
 Charge for share options granted                                    (633,222)     (101,931)     (338,516)    (23,121) 
 Change in value of contingent consideration                         (265,378)       255,342      (70,904)     102,248 
 Gain/(Loss) on foreign exchange                                       117,313     (271,947)        24,515    (26,395) 
 
 
 Loss from operations                                              (1,920,265)   (1,077,786)     (738,535)   (251,970) 
 
 Finance income                                                         31,803         9,961         9,928       2,513 
 Finance costs                                                       (215,283)     (175,304)      (74,961)    (58,360) 
--------------------------------------------------------  ------  ------------  ------------  ------------  ---------- 
 
 Loss before taxation                                              (2,103,745)   (1,243,129)     (803,568)   (307,817) 
 
 Taxation                                                                    -             -             -           - 
--------------------------------------------------------  ------  ------------  ------------  ------------  ---------- 
 
 Loss for the year from continuing operations                      (2,103,745)   (1,243,129)     (803,568)   (307,817) 
========================================================  ======  ============  ============  ============  ========== 
 
 Other comprehensive income 
 Items that may be reclassified subsequently to profit 
 or loss 
 Change in value of available for sale financial assets                      -             -             -           - 
 Currency translation differences on translating foreign 
  operations                                                       (4,935,406)   (1,796,142)     (880,193)     400,455 
--------------------------------------------------------  ------  ------------  ------------  ------------  ---------- 
 
   Other comprehensive income for the period, net of tax           (4,935,406)   (1,796,142)     (880,193)     400,455 
--------------------------------------------------------  ------  ------------  ------------  ------------  ---------- 
 Total comprehensive income for the period 
 attributable to equity holders of the Company                     (7,039,151)   (3,039,271)   (1,683,762)      92,638 
--------------------------------------------------------  ------  ------------  ------------  ------------  ---------- 
 
 Earnings per share from continuing operations 
 attributable to the equity holders of the Company 
 
 Basic and diluted (pence per share)                           9       (0.147)       (0.106)       (0.056)     (0.026) 
 
 
 

Condensed consolidated statement of financial position

 
                                         30 September    31 December 
                                                 2018           2017 
                                            Unaudited        Audited 
------------------------------  ------  -------------  ------------- 
                                 Notes            GBP            GBP 
------------------------------  ------  -------------  ------------- 
 Assets 
 Non-current assets 
 Intangible assets                   6     32,567,204     34,308,278 
 Property, plant & equipment                    1,271          2,051 
                                           32,568,475     34,310,329 
------------------------------  ------  -------------  ------------- 
 Current assets 
 Trade and other receivables                  127,948        153,105 
 Cash and cash equivalents                  7,938,804      9,403,825 
------------------------------  ------  -------------  ------------- 
                                            8,066,752      9,556,930 
------------------------------  ------  -------------  ------------- 
 Total assets                              40,635,227     43,867,259 
==============================  ======  =============  ============= 
 Equity and liabilities 
 Equity attributable to 
  owners of the parent 
 Issued capital                      7     14,325,218     13,719,343 
 Share premium                       7     41,664,018     40,422,258 
 Other reserves                           (3,947,391)        988,015 
 Accumulated losses                      (17,358,324)   (15,887,801) 
------------------------------  ------  -------------  ------------- 
 Total equity                              34,683,521     39,241,815 
------------------------------  ------  -------------  ------------- 
 Liabilities 
 Non-current liabilities 
 Contingent consideration                   5,261,237      3,635,955 
 Deferred tax liabilities                     214,874        253,205 
------------------------------  ------  -------------  ------------- 
                                            5,476,111      3,889,160 
------------------------------  ------  -------------  ------------- 
 Current liabilities 
 Trade and other payables                     475,595        736,284 
------------------------------  ------  -------------  ------------- 
 
 Total liabilities                          5,951,706      4,625,444 
------------------------------  ------  -------------  ------------- 
 Total equity and liabilities              40,635,227     43,867,259 
==============================  ======  =============  ============= 
 
 

Condensed statement of changes in shareholders' equity

 
                                      Attributable to the owners of the parent 
                        ------------------------------------------------------------------- 
                              Share        Share    Accumulated         Other 
                            capital      premium         losses      reserves         Total 
                                GBP          GBP            GBP           GBP           GBP 
----------------------  -----------  -----------  -------------  ------------  ------------ 
 
 As at 1 January 
  2017                   11,719,343   35,767,344   (14,899,297)     4,467,064    37,054,454 
----------------------  -----------  -----------  -------------  ------------  ------------ 
 Comprehensive 
  income 
 Loss for the 
  period                          -            -    (1,243,129)             -   (1,243,129) 
 Other comprehensive 
  income 
 Impairment of                    -            -              -             -             - 
  available for 
  sale assets 
 Currency translation 
  differences                     -            -              -   (1,796,142)   (1,796,142) 
----------------------  -----------  -----------  -------------  ------------  ------------ 
 Total comprehensive 
  income                          -            -    (1,243,129)   (1,796,142)   (3,039,271) 
----------------------  -----------  -----------  -------------  ------------  ------------ 
 Transactions 
  with owners 
----------------------  -----------  -----------  -------------  ------------  ------------ 
 Share based 
  payments                        -     (19,432)        101,931             -        82,499 
 Issue of shares                  -            -              -             -             - 
 Share issue                      -            -              -             -             - 
  costs 
----------------------  -----------  -----------  -------------  ------------  ------------ 
 Total transactions 
  with owners                     -     (19,432)        101,931             -        82,499 
 As at 30 September 
  2017 (unaudited)       11,719,343   35,747,912   (16,040,495)    2,670,922     34,097,682 
======================  ===========  ===========  =============  ============  ============ 
 
                                      Attributable to the owners of the parent 
                        ------------------------------------------------------------------- 
                              Share        Share    Accumulated         Other 
                            capital      premium         losses      reserves         Total 
                                GBP          GBP            GBP           GBP           GBP 
----------------------  -----------  -----------  -------------  ------------  ------------ 
 
 As at 1 January 
  2018                   13,719,343   40,422,258   (15,887,801)       988,015    39,241,815 
----------------------  -----------  -----------  -------------  ------------  ------------ 
 Comprehensive 
  income 
 Loss for the 
  period                          -            -    (2,103,745)             -   (2,103,745) 
 Other comprehensive 
  income 
 Impairment of                    -            -              -                           - 
  available for 
  sale assets 
 Currency translation             -            -              -    (4,935,406             - 
  differences 
----------------------  -----------  -----------  -------------  ------------  ------------ 
 Total comprehensive 
  income                          -            -    (2,103,745)   (4,935,406)   (7,039,151) 
----------------------  -----------  -----------  -------------  ------------  ------------ 
 Transactions 
  with owners 
----------------------  -----------  -----------  -------------  ------------  ------------ 
 Share based 
  payments                        -            -        633,222             -       633,222 
 Issue of shares            605,875    1,451,724              -             -     2,057,599 
 Share issue 
  costs                           -    (209,964)              -             -     (209,964) 
----------------------  -----------  -----------  -------------  ------------  ------------ 
 Total transactions 
  with owners               605,875    1,241,760        633,222                   2,480,857 
 As at 30 September 
  2018 (unaudited)       14,325,218   41,664,018   (17,358,324)   (3,947,391)    34,683,521 
======================  ===========  ===========  =============  ============  ============ 
 

Condensed Consolidated Statement of Cash Flows

 
                                                              9 months ended              3 months ended 
                                                                30 September                30 September 
-----------------------------------------------------   --------------------------  -------------------------- 
                                                                2018          2017          2018          2017 
-----------------------------------------------------   ------------  ------------  ------------  ------------ 
                                                           Unaudited     Unaudited     Unaudited     Unaudited 
-----------------------------------------------------   ------------  ------------  ------------  ------------ 
                                                                 GBP           GBP           GBP           GBP 
 Cash flows from operating activities 
 Loss before taxation                                    (2,103,745)   (1,243,129)     (803,568)     (307,817) 
 Interest income                                            (31,803)       (9,961)       (9,928)       (2,513) 
 Finance costs                                               215,283       175,304        74,961        58,360 
 Exchange differences                                      (117,313)       271,947      (24,515)        26,395 
 Employee share options charge                               633,222       101,931       338,516        23,121 
 Change in fair value of contingent consideration            265,378     (255,342)        70,904     (102,248) 
 Depreciation                                                      -           283             -            50 
------------------------------------------------------  ------------  ------------  ------------  ------------ 
 Operating loss before changes in working capital        (1,138,978)     (958,967)     (353,630)     (304,652) 
 Decrease/(increase) in trade and other receivables            7,546      (38,274)        50,345      (37,481) 
 (Decrease)/increase in trade and other payables           (298,911)     (233,445)       (1,841)        18,704 
------------------------------------------------------  ------------  ------------  ------------  ------------ 
 Net cash outflow from operating activities              (1,430,343)   (1,230,686)     (305,126)     (323,429) 
======================================================  ============  ============  ============  ============ 
 Cash flows from investing activities 
 Purchase of intangible assets                           (2,049,038)   (3,780,932)     (763,698)   (1,283,008) 
 Proceeds from sale of property, plant and equipment               -             -             -             - 
 Interest received                                            31,803         9,961         9,928         2,513 
------------------------------------------------------  ------------  ------------  ------------  ------------ 
 Net cash used in investing activities                   (2,017,235)   (3,770,971)     (753,770)   (1,280,495) 
------------------------------------------------------  ------------  ------------  ------------  ------------ 
 Cash flows from financing activities 
 Issue of shares                                           2,057,599             -             -             - 
 Share issue costs                                         (209,965)      (19,432)             -             - 
------------------------------------------------------  ------------  ------------  ------------  ------------ 
 Net cash used in financing activities                     1,847,634      (19,432)             -             - 
------------------------------------------------------  ------------  ------------  ------------  ------------ 
 Net decrease in cash and cash equivalents               (1,599,944)   (5,021,089)   (1,058,896)   (1,603,924) 
 Cash and cash equivalents at beginning of period          9,403,825     9,317,781     8,969,672     5,655,064 
 Exchange gain/(loss) on cash and cash equivalents           134,923     (271,947)        28,027      (26,395) 
------------------------------------------------------  ------------  ------------  ------------  ------------ 
 Cash and cash equivalents at end of the period            7,938,804     4,024,745     7,938,804     4,024,745 
======================================================  ============  ============  ============  ============ 
 

Notes to the Financial Statements

1. General information

The principal activity of the Company and its subsidiaries (together 'the Group') is the exploration and development of precious and base metals. There is no seasonality or cyclicality of the Group's operations.

The Company's shares are listed on the Alternative Investment Market of the London Stock Exchange (AIM) and on the Toronto Stock Exchange (TSX). The Company is incorporated and domiciled in the United Kingdom. The address of its registered office is Rex House, 4-12 Regent Street, London SW1Y 4RG.

2. Basis of preparation

The condensed consolidated interim financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards and in accordance with International Accounting Standard 34 Interim Financial Reporting. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2016, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.

The condensed consolidated interim financial statements set out above do not constitute statutory accounts within the meaning of the Companies Act 2006. They have been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the European Union. Statutory financial statements for the year ended 31 December 2017 were approved by the Board of Directors on 26 March 2018 and delivered to the Registrar of Companies. The report of the auditors on those financial statements was unqualified.

The condensed consolidated interim financial statements of the Company have not been audited or reviewed by the Company's auditor, BDO LLP.

Going concern

The Directors, having made appropriate enquiries, consider that adequate resources exist for the Group to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the condensed consolidated interim financial statements for the period ended 30 September 2018.

Risks and uncertainties

The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Group's medium term performance and the factors that mitigate those risks have not substantially changed from those set out in the Group's 2016 Annual Report and Financial Statements, a copy of which is available on the Group's website: www.horizonteminerals.com and on Sedar: www.sedar.com The key financial risks are liquidity risk, foreign exchange risk, credit risk, price risk and interest rate risk.

Critical accounting estimates

The preparation of condensed consolidated interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in note 4 of the Group's 2017 Annual Report and Financial Statements. The nature and amounts of such estimates have not changed significantly during the interim period.

3. Significant accounting policies

The condensed consolidated interim financial statements have been prepared under the historical cost convention as modified by the revaluation of certain of the subsidiaries' assets and liabilities to fair value for consolidation purposes.

The same accounting policies, presentation and methods of computation have been followed in these condensed consolidated interim financial statements as were applied in the preparation of the Group's Financial Statements for the year ended 31 December 2017.

4 Segmental reporting

The Group operates principally in the UK and Brazil, with operations managed on a project by project basis within each geographical area. Activities in the UK are mainly administrative in nature whilst the activities in Brazil relate to exploration and evaluation work. The reports used by the chief operating decision maker are based on these geographical segments.

 
 
   2018                                        UK           Brazil            Total 
                                   9 months ended   9 months ended   9 months ended 
                                     30 September     30 September     30 September 
                                             2018             2018             2018 
                                              GBP              GBP              GBP 
--------------------------------  ---------------  ---------------  --------------- 
 Revenue                                        -                -                - 
--------------------------------  ---------------  ---------------  --------------- 
 Administrative expenses                (855,593)        (283,385)      (1,138,978) 
 Profit on foreign exchange               172,926         (55,613)          117,313 
 (Loss) from operations per 
  reportable segment                    (682,667)        (338,998)      (1,021,665) 
 Inter segment revenues                         -                -                - 
 Depreciation charges                           -                -                - 
 Additions and foreign exchange 
  movements to non-current 
  assets                                        -      (1,703,069)      (1,703,069) 
 Reportable segment assets              7,132,617       33,502,609       40,635,227 
 Reportable segment liabilities         5,346,237          605,469        5,951,706 
 
 
   2017                                        UK           Brazil            Total 
                                   9 months ended   9 months ended   9 months ended 
                                     30 September     30 September     30 September 
                                             2017             2017             2017 
                                              GBP              GBP              GBP 
--------------------------------  ---------------  ---------------  --------------- 
 Revenue                                        -                -                - 
--------------------------------  ---------------  ---------------  --------------- 
 Administrative expenses                (601,315)        (357,935)        (959,250) 
  (Loss) on foreign exchange            (249,816)         (22,131)        (271,947) 
  (Loss) from operations 
   per reportable segment               (851,132)        (380,066)      (1,231,197) 
 Inter segment revenues 
 Depreciation charges                       (283)                -            (283) 
 Additions and foreign exchange 
  movements to non-current 
  assets                                        -        2,045,281        2,045,281 
 Reportable segment assets              4,021,401       34,124,786       38,146,187 
 Reportable segment liabilities         3,643,226          405,279        4,048,505 
 
 
 
 
 
   2018                                       UK          Brazil           Total 
                                        3 months        3 months        3 months 
                                           ended           ended           ended 
                                    30 September    30 September    30 September 
                                            2018            2018            2018 
                                             GBP             GBP             GBP 
--------------------------------  --------------  --------------  -------------- 
 Revenue                                       -               -               - 
--------------------------------  --------------  --------------  -------------- 
 Administrative expenses               (260,493)        (93,137)       (353,630) 
 Profit on foreign exchange               38,856        (14,341)          24,515 
 (Loss) from operations per            (221,637)       (107,478)       (329,115) 
 reportable segment 
--------------------------------  --------------  --------------  -------------- 
 Inter segment revenues                        -               -               - 
 Depreciation charges                          -               -               - 
 Additions and foreign exchange 
  movements to non-current 
  assets                                       -        (74,209)        (74,209) 
 
 
 
 
 
   2017                                         UK          Brazil           Total 
                                          3 months        3 months        3 months 
                                             ended           ended           ended 
                                      30 September    30 September    30 September 
                                              2017            2017            2017 
                                               GBP             GBP             GBP 
----------------------------------  --------------  --------------  -------------- 
 Revenue                                         -               -               - 
----------------------------------  --------------  --------------  -------------- 
 Administrative expenses                 (176,401)       (128,300)       (304,702) 
 (Loss) on foreign exchange               (25,176)         (1,219)        (26,395) 
 (Loss) from operations per              (201,577)       (129,520)       (331,097) 
 reportable segment 
----------------------------------  --------------  --------------  -------------- 
 Inter segment revenues                          -               -               - 
 Depreciation charges                         (50)               -            (50) 
 Additions and foreign exchange 
  movements to non-current assets                -       1,526,005       1,526,005 
 
 

A reconciliation of adjusted loss from operations per reportable segment to loss before tax is provided as follows:

 
                                        9 months        9 months        3 months        3 months 
                                           ended           ended           ended           ended 
                                    30 September    30 September    30 September    30 September 
                                            2018            2017            2018            2017 
                                             GBP             GBP             GBP             GBP 
------------------------------    --------------  --------------  --------------  -------------- 
 Loss from operations per 
  reportable segment                 (1,021,665)     (1,231,197)       (329,115)       (331,097) 
 - Change in fair value 
  of contingent consideration          (265,378)         255,342        (70,904)         102,248 
 - Charge for share options 
  granted                              (633,222)       (101,931)       (338,516)        (23,121) 
 - Impairment of available 
  for sale asset                               -               -               -               - 
 - Finance income                         31,803           9,961           9,928           2,513 
 - Finance costs                       (215,283)       (175,304)        (74,961)        (58,360) 
 Loss for the period from 
  continuing operations              (2,103,745)     (1,243,129)       (803,568)       (307,817) 
================================  ==============  ==============  ==============  ============== 
 
 
 
 

5 Change in Fair Value of Contingent Consideration

Contingent Consideration payable to Xstrata Brasil Mineração Ltda.

The contingent consideration payable to Xstrata Brasil Mineração Ltda has a carrying value of GBP3,950,609 at 30 September 2018 (2017: GBP3,423,333). It comprises two elements: US$1,000,000 due after the date of issuance of a joint feasibility study for the combined Enlarged Project areas and to be satisfied by shares or cash, together with US$5,000,000 consideration in cash as at the date of first commercial production from any of the resource areas within the Enlarged Project area. The key assumptions underlying the treatment of the contingent consideration the US$5,000,000 are as per those applied to the contingent consideration payable to the former owners of Teck Cominco Brasil S.A.

As at 30 September 2018, there was a finance expense of GBP150,967 (2017: GBP167,729) recognised in finance costs within the Statement of Comprehensive Income in respect of this contingent consideration arrangement, as the discount applied to the contingent consideration at the date of acquisition was unwound.

The change in the fair value of contingent consideration payable to Xstrata Brasil Mineração Ltda generated a charge to profit or loss of GBP166,203 for the nine months ended 30 September 2017 (2017: GBP239,914 credit) due to changes in the functional currency in which the liability is payable.

6 Intangible assets

Intangible assets comprise exploration and evaluation costs and goodwill. Exploration and evaluation costs comprise internally generated and acquired assets.

 
 Group                                                       Exploration 
                                                                     and 
                                    Goodwill   Exploration    evaluation         Total 
                                                  licences         costs 
                                         GBP           GBP           GBP           GBP 
---------------------------------  ---------  ------------  ------------  ------------ 
 Cost 
 At 1 January 2018                   251,063     5,165,529    28,891,686    34,308,278 
 Additions                                 -     1,144,621     2,087,756     3,232,377 
 Exchange rate movements            (38,006)     (533,098)   (4,402,347)   (4,973,451) 
 Net book amount at 30 September 
  2018                               213,057     5,777,052    26,577,095    32,567,204 
=================================  =========  ============  ============  ============ 
 

7 Share Capital and Share Premium

 
 Issued and fully                          Ordinary 
  paid                       Number of       shares   Share premium        Total 
                                shares          GBP             GBP          GBP 
----------------------  --------------  -----------  --------------  ----------- 
 At 1 January 2018       1,371,934,300   13,719,343      40,422,258   54,141,601 
 Issued during period       60,587,500      605,875       1,241,760    1,847,635 
 At 30 September 2018    1,432,521,800   14,325,218      41,664,018   55,989,236 
----------------------  --------------  -----------  --------------  ----------- 
 

8 Dividends

No dividend has been declared or paid by the Company during the nine months ended 30 September 2018 (2017: nil).

9 Earnings per share

The calculation of the basic loss per share of 0.147 pence for the 9 months ended 30 September 2018 (30 September 2017 loss per share: 0.106 pence) is based on the loss attributable to the equity holders of the Company of GBP (2,103,745) for the nine month period ended 30 September 2018 (30 September 2017: GBP(1,243,129)) divided by the weighted average number of shares in issue during the period of 1,430,524,410 (weighted average number of shares for the 9 months ended 30 Sept 2017: 1,171,934,300).

The calculation of the basic loss per share of 0.056 pence for the 3 months ended 30 September 2018 (30 September 2017 loss per share: 0.026 pence) is based on the loss attributable to the equity holders of the Company of GBP (803,568) for the three month period ended 30 September 2018 (3 months ended 30 September 2017: GBP 307,817) divided by the weighted average number of shares in issue during the period of 1,432,521,800 (weighted average number of shares for the 3 months ended 30 September 2017: 1,171,934,300).

The basic and diluted loss per share is the same, as the effect of the exercise of share options would be to decrease the loss per share.

Details of share options that could potentially dilute earnings per share in future periods are disclosed in the notes to the Group's Annual Report and Financial Statements for the year ended 31 December 2017 and in note 10 below.

10 Issue of Share Options

On 30 May 2018, the Company awarded 38,150,000 share options to Directors and senior management. All of these share options have an exercise price of 4.80 pence. One third of the options are exercisable from 30 November 2018, one third from 31 May 2018 and one third from 30 November 2019.

On 30 May 2018, the Company awarded 1,500,000 share options to a consultant to the Company under the terms of the prior year's scheme. These options are exercisable immediately.

On 31 March 2017, the Company awarded 41,000,000 share options to Directors and senior management. All of the share options have an exercise price of 3.20 pence. One third of the options are exercisable from 30 September 2017, one third from 31 March 2018 and one third from 30 September 2018.

11 Ultimate controlling party

The Directors believe there to be no ultimate controlling party.

12 Related party transactions

The nature of related party transactions of the Group has not changed from those described in the Group's Annual Report and Financial Statements for the year ended 31 December 2017.

13 Events after the reporting period

There are no events which have occurred after the reporting period which would be material to the financial statements.

Approval of interim financial statements

These Condensed Consolidated Interim Financial Statements were approved by the Board of Directors on 7 November 2018.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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November 12, 2018 02:00 ET (07:00 GMT)

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