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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mining Minerals & Metals Plc | LSE:MMM | London | Ordinary Share | GB00BF7L9148 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 3.90 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Crude Petroleum & Natural Gs | 0 | -159k | -0.0050 | -7.80 | 1.25M |
From Apr 2022 to Apr 2024
TIDMMMM
RNS Number : 2521E
Mining, Minerals & Metals PLC
27 October 2022
27 October 2022
For Immediate Release
Mining, Minerals & Metals plc
Interim Results for the Six Months Ended 31 July 2022
Mining, Minerals & Metals plc (" MMM" or the "Company") is pleased to present its unaudited financial statements for the for the 6 months ended 31 July 2022 ("Financial Statements") as extracted from the Company's 2022 Half Year Report ("Report"). The Report and Financial Statements are now available on the Company website at www.mmmplc.com and will be provided to shareholders who have requested a printed or electronic copy
The Financial Statements are set out below and should be read in conjunction with the Report which contains the notes to the Financial Statements.
Further information
For further information, please visit the Company's website: www.mmmplc.com
- Ends-
Roy Pitchford
Non-Executive Chairman, Mining, Minerals & Metals plc
Telephone +44 (0)20 7317 0644
Email : roy@mmmplc.com
Tavira Financial Limited - Financial Adviser and Broker
Jonathan Evans
Telephone: +44 (0)20 3192 1733
Email: jonathan.evans@tavira.group
Notes to Editors
Mining, Minerals & Metals plc was established as a special purpose acquisition company to undertake an acquisition of one or more businesses (either shares or assets) that has operations involved in natural resources exploitation that it will then look to develop and expand. The directors of MMM have established a network of contacts internationally within the sector and will utilise independent third parties to provide expert advice where necessary.
Forward Looking Statements
Certain statements in this announcement are or may be deemed to be forward looking statements. Forward looking statements are identi ed by their use of terms and phrases such as "believe" "could" "should" "envisage" "estimate" "intend" "may" "plan" "will" or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth results of operations performance future capital and other expenditures (including the amount, nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward looking statements re ect the Directors' current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward looking statements.
Chairman's Statement
I have pleasure in presenting the Financial Statements of MMM.
The Company was formed to undertake the acquisition of a controlling interest in a business (either shares or assets) that has operations in the natural resources sector (an "Acquisition"), reflecting the experience of the Company's board of directors.
Since the Company's IPO on the Main Market of the London Stock Exchange in March 2020, the Company has seen a steady flow of potential Acquisition opportunities and has actively reviewed many projects covering all stages of development from exploration through to producing assets over a range of commodities across multiple jurisdictions.
In October 2021 the Company announced that it had entered into a non-binding term sheet with Africa Resources Holdings, LLC ("ARH") to acquire the entire issued share capital of Narnia Mauritius Gas Holdings Limited ("NMGH"), that will hold a 95%, interest in Inert Gas Industries (Proprietary) Limited ("IGI"), which in turn owns the Lindley Natural Gas Project ("LNGP") exploration licences situated in the Free State Province of South Africa (the "Proposed Transaction").
ARH have indicated that the LNGP exploration licences cover an area of over 20,000 hectares with a portion of the LNGP licence area being previously operated by the Anglo-American Corporation of South Africa Limited for approximately ten years producing both Methane and Helium gas. The Methane gas was flared whilst the Helium gas was sold locally in South Africa. Subject to compliance with all the requirements of the regulatory authorities in South Africa, following completion of the Proposed Transaction, the Company intends to secure production permits to facilitate the production and distribution of Methane, Helium and any other marketable products from LNGP.
As the Proposed Transaction, if completed, would constitute a reverse takeover under the Listing Rules the Company has suspended trading of its shares on the London Stock Exchange pending the publication of a prospectus providing further detail on NMGH, IGI and LNGP and the Company as enlarged by the Proposed Transaction.
The Proposed Transaction is conditional on (i) satisfactory due diligence, (ii) entering into a definitive legal agreement, (iii) raising further funds for the Proposed Transaction, (iv) approval by shareholders at a General Meeting to be convened, (v) obtaining all necessary approvals (if required), and (vi) granting of eligibility for the readmission of the Company to the Official List by the FCA.
The Company has been made aware through the due diligence process that the project licence has not been renewed and that the project vendors are currently appealing the refusal to renew. The Company does not know whether the appeal will succeed or how long it will take to be decided.
Given the above, there can be no certainty that the Proposed Transaction will take place and the Company intends to update the market in the near term as to whether it will proceed or resolve to pursue another course of action.
Roy Pitchford
Chairman
STATEMENT OF COMPREHENSIVE INCOME
for the period ended 31 July 2022
Hot Features
Premium
For six For year
months For six ended 31
ended months January
31 July ended 2022 (audited)
2022 31 July
(unaudited) 2021 (unaudited)
GBP GBP GBP
Note
Revenue - -
Administrative expenses (68,260) (91,720) (172,468)
-------------- -------------------- ---------------
Operating profit (68,260) (91,120) (172,468)
Finance income 48 - -
Finance costs (340) (120) (292)
-------------- -------------------- ---------------
Profit before taxation (68,553) (91,840) (172,760)
Income tax - -
-------------- -------------------- ---------------
Total comprehensive
loss
for the year (68,553) (91,840) (172,760)
-------------- -------------------- ---------------
Earnings per share 7
Basic and diluted (pence
per share) (0.21) (0.29) (0.54)
-------------- -------------------- ---------------
The accompanying notes form an integral part of the financial information.
STATEMENT OF FINANCIAL POSITION
As at 31 July 2022
Note At 31 At 31 At 31
July 2022 July 2021 January
(unaudited) (audited) 2022 (audited)
GBP GBP GBP
ASSETS
Current assets
Cash and cash equivalents 114,174 281,383 200,354
Trade and other receivables 13,076 16,238 8,269
------------- ------------- ----------------
Total assets 127,250 297,621 208,623
------------- ------------- ----------------
EQUITY
Equity Attributable to
Owners of the company
Share capital 8 320,500 320,500 320,500
Share premium 406,167 406,167 406,167
Retained earnings (624,620) (475,147) (556,067)
------------- ------------- ----------------
Total equity 102,047 251,520 170,600
------------- ------------- ----------------
LIABILITIES
Non-current liabilities
Long-term borrowings 10,469 10,469 10,469
------------- ------------- ----------------
Total non-current liabilities 10,469 10,469 10,469
------------- ------------- ----------------
Current liabilities
Trade and other payables 14,734 35,632 27,554
------------- ------------- ----------------
Total current liabilities 14,734 35,632 27,554
------------- ------------- ----------------
Total liabilities 25,203 46,101 38,023
------------- ------------- ----------------
TOTAL EQUITY AND LIABILITIES 127,250 297,621 208,623
------------- ------------- ----------------
The accompanying notes form an integral part of the financial information.
This report was approved by the board and authorised for issue on 27 October 2022 and signed on its behalf by:
Roy Pitchford
Non-Executive Chairman
STATEMENT OF CHANGES IN EQUITY
for the period ended 31 July 2022
Share Share premium Retained Total
capital earnings equity
GBP GBP GBP GBP
Balance at 31 January
2021 (audited) 320,500 406,167 (383,307) 343,360
Shares issued
Total comprehensive
loss for the year - - (91,840) (91,840)
-------- -------- ---------- ---------------
Balance at 31 July
2021 (unaudited) 320,500 406,167 (475,147) 251,520
Balance at 31 January
2021 (audited) 320,500 406,167 (383,307) 343,360
Total comprehensive
loss for the year - - (172,760) (172,760)
-------- -------- ---------- -----------------
Balance at 31 January
2022 (audited) 320,500 406,167 (556,067) 170,600
- - - -
Total comprehensive
loss for the year - - (68,553) (68,553)
-------- -------- ---------- -----------------
Balance at 31 July
2022 (unaudited) 320,500 406,167 (624,620) 102,047
The accompanying notes form an integral part of the financial information.
STATEMENT OF CASHFLOWS
for the period ended 31 July 2022
Six months Six months Year
ended ended ended
31 July 31 July 31 January
2022 (unaudited) 2021 (unaudited) 2022 (audited)
GBP GBP GBP
Loss before tax (68,533) (91,840) (172760)
Adjusted for:
(Increase)/Decrease in
trade and other receivables (4,807) 8,953 16,922
(Decrease)/Increase in
trade creditors (12,820) 618 (7,460)
------------------ ----------------------------- -------------------
Net cash used in operating
activities (86,181) (82,269) (163,298)
Net (decrease)/increase
in cash and cash equivalents (86,181) (82,269) (163,298)
------------------ ----------------------------- -------------------
Cash and cash equivalents
at beginning of the year 200,354 363,652 363,652
Cash and cash equivalents
at end of the year 114,174 281,383 200,354
------------------ ----------------------------- -------------------
The accompanying notes form an integral part of the financial information.
NOTES TO THE FINANCIAL INFORMATION
1. GENERAL INFORMATION
The Company was incorporated on 28 January 2013 in England and Wales as a limited company, limited by shares and with Registered Number 08377465 under the Companies Act 2006. The Company's registered office address is 1 King Street, Office 3.05, London EC2V 8AU. The Company has not yet commenced business. The company re-registered as a public limited company on 22 October 2018.
The Company's objective is to undertake an acquisition of a target company or business in the natural resources sector.
Other than the Directors the company did not have any staff.
2. ACCOUNTING POLICIES
Basis of preparation
The principal accounting policies adopted by the Company in the preparation of the Company Financial Information are set out below.
The financial statements have been prepared in accordance with International Financial Reporting Standards and IFRIC interpretations as endorsed by the EU ("IFRS") and the requirements of the Companies Act applicable to companies reporting under IFRS.
The Company Financial Information has been presented in Pounds Sterling, being the functional currency of the Company.
The preparation of the financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires the Directors to exercise their judgment in the process of applying the Company's accounting policies. The Company's accounting policies as well as the areas involving a higher degree of judgment and complexity, or areas where assumptions and estimates are significant to the Company financial statements are disclosed in the audited annual report for the year ended 31 January 2021 and are available on the Company's website.
In the opinion of the management, the interim unaudited financial information includes all adjustments considered necessary for fair and consistent presentation of this financial information. The interim unaudited financial information should be read in conjunction with the Company's audited financial statements and notes for the year ended 31 January 2022.
Going Concern
These financial statements have been prepared on a going concern basis as the Directors have reasonable expectation that the Company has adequate resources to continue in operational existence. The Company is a start-up company and does not currently have any service offering or customer base, however, it has successfully been admitted to the London Stock Exchange - Main Market where it has already raised GBP726,667 to fund its business plans.
The Directors consider there to be uncertainty over the timing and occurrence of a potential acquisition, however given the proceeds raised to the date of this report and having regard to forecast operating costs there is sufficient headroom to remain in operational existence for a period of at least 12 months from the date the financial statements were approved.
The warrant holders have indicated their intention to exercise their warrants. This would provide the company with circa GBP686 667 before costs of converting the warrants.
3. DIRECTORS' EMOLUMENTS
No amount was paid or become payable to any of the Directors of the Company and there were no staff costs as no staff was employed by the Company during the period ended 31 July 2022 (2021: NIL).
4. FINANCIAL RISK MANAGEMENT
The Company uses a limited number of financial instruments, comprising cash and various items such as trade payables, which arise directly from operations. The Company does not trade in financial instruments.
Financial risk factors
The Company's activities expose it to a variety of financial risks: credit risk and liquidity risk. The Company's overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company's financial performance.
(a) Credit risk
The Company does not have any major concentrations of credit risk related to any individual customer or counterparty.
(b) Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash, the Company ensures it has adequate resource to discharge all its liabilities. The directors have considered the liquidity risk as part of their going concern assessment.
Fair values
Management assessed that the fair values of cash trade payables and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.
5. CAPITAL MANAGEMENT POLICY
The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. The capital structure of the Company consists of equity attributable to equity holders of the Company, comprising issued share capital and reserves.
6. FINANCIAL INSTRUMENTS
The Company's principal financial instruments comprise cash and cash equivalents and other payable. The Company does not use financial instruments for speculative purposes.
The principal financial instruments used by the Company, from which financial instrument risk arises, are as follows:
31 July 31 July 31 January
2022 2021 2022
GBP GBP GBP
Financial assets
Cash and cash equivalents 114,174 281,383 200,354
-------- -------- -----------
Total financial assets 114,174 281,383 200,354
-------- -------- -----------
Financial liabilities measured
at amortised cost
Trade and other payables 14,734 35,652 27,554
-------- -------- -----------
Borrowings 10,469 10,469 10,469
-------- -------- -----------
Total financial liabilities 25,203 46,121 38,023
-------- -------- -----------
There are no financial assets that are either past due or impaired. The financial liabilities are due for payment in 1 to 3 months.
7. EARNINGS PER SHARE
The loss per share has been calculated using the loss for the year and the weighted average number of ordinary shares entitled to dividend rights which were outstanding during the year. There were no potentially dilutive ordinary shares at the year end.
31 July 31 July 31 January
2022 2021 2022
GBP GBP GBP
Loss for the period attributable to equity holders of the Company (68,553) (91,840) (172,760)
Weighted average number of ordinary shares (number of shares) 32,049,999 32,049,999 32,049,999
----------- ----------- -----------
Loss per share (pence per share) (0.21) (0.29) (0.54)
----------- ----------- -----------
8. SHARE CAPITAL
Ordinary shares of GBP0.01 each
Number of Amount
shares GBP
Issued, called up and paid 32,049,999 320,500
32,049,999 320,500
----------- --------
As at 31 July 2022, the Company had 17,166,667 warrants in issue exercisable at GBP0.04 per share and expiring on 6 September 2022. The Board has resolved that these warrants should be extended a year until 6 September 2023.
9. RELATED PARTY TRANSACTIONS
Key management are considered to be the directors and the key management personnel compensation has been disclosed in note 3.
10. POST BALANCE SHEET EVENT
There have been no material post interim balance sheet events.
11. ULTIMATE CONTROLLING PARTY
At 31 July 2022, there was no ultimate controlling party.
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.
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END
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(END) Dow Jones Newswires
October 27, 2022 02:00 ET (06:00 GMT)
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