TIDMGSCU
RNS Number : 4725K
Great Southern Copper PLC
21 December 2022
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO 596/2014 AS IT
FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN
(WITHDRAWAL) ACT 2018, AS AMED, ("MAR") AND IS DISCLOSED IN
ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR.
ON PUBLICATION OF THIS ANNOUNCEMENT, THIS INFORMATION IS CONSIDERED
TO BE IN THE PUBLIC DOMAIN.
21 December 2022
Great Southern Copper plc
("GSC" or the "Company")
Interim Results
Great Southern Copper plc (LSE: GSCU), the company focused on
copper-gold exploration in Chile, announces its results for the six
months ended 30 September 2022.
Highlights
-- Commenced exploration campaign at Especularita, which
targeted porphyry-epithermal style copper-gold ("Cu-Au")
mineralisation
-- Received ground magnetic data that identified multiple
shallow and buried targets for follow-up exploration at the San
Lorenzo project
-- Initiated reconnaissance diamond drilling at San Lorenzo,
which targeted four individual prospect zones
-- Drilling programme at San Lorenzo confirmed the fracture-hosted copper target
-- Strengthened technical team with addition of a Chile-based
chief geologist and two junior geologists
Post Period:
-- On 22 November 2022, the Company announced that early
exploration at Especularita had identified multiple Cu-Au targets
for more detailed prospect-scale exploration
-- On the same date, the Company also confirmed that scout
exploration drilling at San Lorenzo was complete and that
preliminary assay results for the first hole were being assessed
and validated
Sam Garrett, Chief Executive Officer of Great Southern Copper,
said: "We made excellent progress at our San Lorenzo and
Especularita projects, where our exploration campaigns continued to
produce promising results. We look forward to advancing our
copper-gold exploration activities in 2023 and remain confident in
the long-term strong market drivers for copper as an indispensable
metal for the clean energy transition. Alongside our current
exploration activities, we continue to seek opportunities for other
assets to add to our portfolio with the potential to create
additional value for shareholders."
Enquiries:
Great Southern Copper plc
Sam Garrett, Chief Executive Officer +44 (0)20 4582 3500
SI Capital Limited
Nick Emerson +44 (0)14 8341 3500
Gracechurch Group
Harry Chathli, Alexis Gore, Henry
Gamble +44 (0)20 4582 3500
INTERIM MANAGEMENT REPORT 30 SEPTEMBER 2022
Following the Company's admission to listing in December 2021,
raising some GBP3.5m, the Company has since been actively exploring
at both of its Cu-Au projects in Chile, namely San Lorenzo and
Especularita.
Since March this year the Company has enhanced its technical
team with the addition of a Chile-based chief geologist and a
further two junior geologists. The Chile management will continue
to assess the human resources needs of the Company to ensure that
it has the best people in the right locations to complete the
exploration programmes. Our young team is fully engaged and working
well together under the ongoing mentorship of our experienced
senior management.
Since the beginning of this year, GSC has continued to make good
operational progress.
San Lorenzo
In March 2022, the Company conducted an independent review of
its 63.36 km(2) ground magnetic survey, undertaken by
Australian-based geophysics consultants, Exploregeo Pty Limited. As
announced in May 2022, the results of the interpretation suggest
that thirteen near-surface magnetic anomalies may be representative
of small intrusive bodies or zones of higher fracture-vein density.
Significantly, four magnetic features are thought to represent
deeply buried intrusives, with one in particular interpreted to
potentially be the parental pluton to the monzonitic pipes seen at
surface, and as such may be a porphyry copper or an
intrusive-related gold target.
In addition, the Company's first scout diamond drilling
programme commenced at San Lorenzo in July 2022 which targeted four
prospect areas across the San Lorenzo project with up to 3,000m of
diamond drilling. In progress as at the end of September but since
completed, it has four principal aims:
(1) to determine if broad-scale oxidised sheeted fracture-vein
sets observed at surface, have the potential to host copper
sulphide mineralisation at depth;
(2) to assess Cu-Au mineralisation observed at surface
associated with unidirectional solidification textures ("USTs")
type alteration of smaller monzonite stocks, sills and dykes
invading the host granodiorite;
(3) to attempt to determine and identify controls on
mineralisation types; and
(4) to evaluate the effective surface exploration methodologies,
based on drilling results and observations, to ensure they are
suitable for targeting future exploration programmes in the San
Lorenzo district.
The Company reported in September 2022 that the drilling had
been effective in demonstrating that fracture-veinlets in core
samples were hosting pyrite, chalcopyrite, and molybdenite
mineralisation in variable concentrations.
Drilling of the monzonite targets is now also complete and the
Company is preparing the core samples for assaying, following which
further work will be required to evaluate and assess the drill core
and assay results in preparation for potential follow-up drilling
programmes.
Especularita
Reconnaissance exploration work, including ground-based
geological mapping and rock chip sampling, commenced across the
Especularita project during the period to 30 September 2022. The
work is designed to identify and delineate prospect areas suitable
for follow-up detailed exploration programmes and to evaluate
suitable exploration methods and technologies to employ in the
on-going prospect-scale programmes.
To date the work at Especularita has identified significant
potential for the development of high-grade Cu-Au mineralisation
associated with both intermediate sulphidation and breccia-hosted
style deposits, as well as evidence indicative of the alteration
halos associated with porphyry Cu-Au deposits. The results are
consistent with a large mineralising system at Especularita, which
is further encouraging the Company to continue its efforts to
increase its concession footprint in the district.
The Company plans to complete a ground-based magnetics survey
across the Especularita project within the next six months and to
commence regional geochemistry sampling, plus detailed
prospect-scale exploration on at least two prospects, with the aim
of defining drilling targets for 2023.
District-scale Prospectivity
Chile is the world's largest producer and exporter of copper and
a significant producer of lithium ("Li"), gold and molybdenum. As
such, the country attracts significant foreign investment from the
largest global mining companies as well as from junior explorers.
Chile will continue to represent a dominant supplier of raw
materials to the burgeoning battery metals market. As previously
stated, the Company is open to other exploration opportunities and
has been actively involved in discussions about potential targets,
which could lead to a third project. GSC is reviewing new
opportunities to enhance its project portfolio relying on its
in-country experience and wide network of contacts and
relationships. During the period, the Company has conducted
detailed reviews of two projects (Cu and Li), as well as numerous
preliminary reviews of Cu-Au opportunities that meet its strategic
investment criteria. So far, the Company has not encountered an
opportunity, which it believes would fit with its current business
model and strategy and become a third project, but management
continues to seek out such opportunities.
Corporate and Social activity
The Company recognises the importance of obtaining and
maintaining a social licence to operate. During heavy rains and
flooding earlier in the year, it diverted some of its operations to
shoring up local roads and supplying essential provisions for the
benefit of local communities. It has also started to provide
employment where possible, from time to time, for members of those
communities.
Annual Audit
The Company has completed its first audited annual financial
statements and I would like to thank our independent audit firm,
PKF Littlejohn, our accounting partners in the UK, RSM, and in
Chile, Puente Sur Outsourcing, for their efforts in helping us do
so and setting up the relevant processes for future audits.
Market Conditions
As all shareholders and investors will be aware, capital markets
have faced strong headwinds since our admission to listing, being
impacted by falling commodity prices, rising inflation, falling
exchange rates, and political turmoil. The situation now appears to
be stabilising as GSC moves into its second year as a listed
company.
Risks and uncertainties
The Directors do not consider that the Company's principal risks
and uncertainties have changed since the publication of its annual
report and accounts for the financial year ended 31 March 2022 on
25 August 2022, which contains a detailed explanation of the risks
relevant to the Company and is available at:
https://gscplc.com/investors/documents-and-reports
Outlook
GSC looks forward to continuing its exploration activities at
San Lorenzo and Especularita, its copper-gold exploration projects
in Chile. Chile is the world's largest producer and exporter of
copper and the Board remains confident in the long-term market
drivers for copper as an indispensable metal for the clean energy
transition. Alongside the Company's exploration activities, GSC
will continue to seek additional exploration opportunities that
could be added to our portfolio and have the potential to create
additional value for shareholders.
Responsibility Statement
We confirm that to the best of our knowledge:
-- The Interim Financial Statements have been prepared in
accordance with International Accounting Standard 34, 'Interim
Financial Reporting' ('IAS 34'), as endorsed for use in the United
Kingdom;
-- The Interim Report gives a true and fair value of the assets,
liabilities, financial position and loss of the Group;
-- The Interim Report includes a fair review of the information
required by DTR 4.2.7R of the Disclosure and Transparency Rules,
being an indication of important events that have occurred during
the first six months of the financial year and their impact on the
set of interim financial statements; and a description of the
principal risks and uncertainties for the remaining six months of
the year; and
-- The Interim Report includes a fair review of the information
required by DTR 4.2.8R of the Disclosure and Transparency Rules,
being the information required on related party transactions.
The Interim Report was approved by the Board of Directors and
the above responsibility statement was signed on its behalf by
Charles Bond, Chairman
21 December 2022
Forward looking statement
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identified 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 upon 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 reflect the Directors' current
beliefs and assumptions and are based upon information currently
available to the Directors. A number of 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
government 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.
Notes for Editors:
About Great Southern Copper
Great Southern Copper is a mineral exploration company focused
on copper-gold deposits in Chile. The Company has the option to
acquire rights to 100% of two projects that are prospective for
copper-gold deposits in the underexplored coastal belt of Chile, a
globally significant mining jurisdiction and the world's largest
copper producer.
The two projects comprise the San Lorenzo Project, northeast of
the coastal town of La Serena in northern Chile, and the
Especularita Project located approximately 170km to the south of
the San Lorenzo project. The two early-stage Cu-Au projects are
within the same metallogenic belt as major coastal producing
operations including Teck's Andacollo copper and gold mine.
Significant historical small-scale and artisanal workings for both
copper and gold are readily evident in both exploration project
areas.
Great Southern Copper is strategically positioned to support the
global market for copper, a key metal in the clean energy
transition around the world. The Company is progressing its
exploration and evaluation two-year work programme for the
copper-gold projects, targeting principally large tonnage, low to
medium grade porphyry style Cu-Au deposits.
Further information on the Company is available on the Company's
website: https://gscplc.com
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Group Statement of Comprehensive Income
For the period ended 30 September 2022
6 months 6 months Year ended
to September to September
2022 2021
(Unaudited) (Unaudited) 31 March
2022
GBP GBP (Audited)
GBP
Note
Continuing operations
Administrative expenses (480,608) (84,604) (1,037,076)
Operating loss (480,608) (84,604) (1,037,076)
Interest receivable 31 - -
---------------------------------------------- ------- --------------- -------------- ------------
Loss before taxation (480,577) (84,604) (1,037,076)
Taxation - - -
---------------------------------------------- ------- --------------- -------------- ------------
Loss for the year attributable to
the owners of the Company (480,577) (84,604) (1,037,076)
---------------------------------------------- ------- --------------- -------------- ------------
Other comprehensive income
Items that may be reclassified subsequently
to
profit or loss:
Exchange rate differences on translation
of foreign operations 340,974 (50,741) (24,178)
---------------------------------------------- ------- --------------- -------------- ------------
Total comprehensive income attributable
to the owners of the Company (139,603) (135,345) (1,061,254)
============================================== ======= =============== ============== ============
Pence Pence Pence
---------------------------------------------- ------- --------------- -------------- ------------
Earnings per share - basic and diluted 5 (0.226) (0.178) (0.938)
============================================== ======= =============== ============== ============
Group Statement of Financial Position
As at 30 September 2022
As at As at
30 September 31 March
As at 2021
30 September (Unaudited) 2022
2022
Note (Unaudited) GBP (Audited)
GBP GBP
------------------------------- -------- --------------- --------------- ------------
Assets
Non-current assets
Intangible assets 6 2,073,718 1,341,794 1,489,379
Property, plant and equipment 2,178 - -
Total non-current assets 2,075,896 1,341,794 1,489,379
Current assets
Trade and other receivables 314,208 17,461 333,292
Cash and cash equivalents 1,995,912 30,148 2,751,676
------------------------------- -------- --------------- --------------- ------------
Total current assets 2,310,120 47,609 3,084,968
------------------------------- -------- --------------- --------------- ------------
Total assets 4,386,016 1,389,403 4,574,347
------------------------------- -------- --------------- --------------- ------------
Liabilities
Current Liabilities
Trade and other payables (114,880) (298,178) (223,063)
Total liabilities (114,880) (298,178) (223,063)
------------------------------- -------- --------------- --------------- ------------
Net current assets 2,195,240 (250,569) 2,861,905
------------------------------- -------- --------------- --------------- ------------
Net assets 4,271,136 1,091,225 4,351,284
=============================== ======== =============== =============== ============
Equity
Share capital 7 2,128,125 1,261,111 2,124,761
Share premium 3,175,962 - 3,175,962
Share based payment reserve 191,792 - 140,160
Shares to be issued - - 6,196
Foreign currency translation
reserve 316,796 (50,741) (24,178)
Retained earnings (1,541,539) (119,145) (1,071,617)
------------------------------- -------- --------------- --------------- ------------
Total equity attributable
to the owners of the Company 4,271,136 1,091,225 4,351,284
=============================== ======== =============== =============== ============
Group Statement of Changes in Equity
For the period ended 30 September 2022
Share Foreign
Share Share Shares to based currency Retained
capital premium be issued payment translation earnings Total
reserve reserve Equity
GBP GBP GBP GBP GBP GBP
GBP
--------------- ------------ ------------ ------------ ------------- ------------ ------------ -------------
As at 1 April
2021 50,000 - - - - (34,541) 15,459
Loss for the
period - - - - - (84,604) (84,604)
Exchange rate
differences on
translation of
foreign
operations - - - - (50,741) - (50,741)
---------------- ------------ ------------ ------------ ------------- ------------ ------------ -------------
Total
comprehensive
income for the
period - - - - (50,741) (84,604) (135,345)
---------------- ------------ ------------ ------------ ------------- ------------ ------------ -------------
Transactions
with
shareholders:
Issue of share
capital, net
of issue costs 1,211,111 - - - - - 1,211,111
---------------- ------------ ------------ ------------ ------------- ------------ ------------ -------------
As at 30
September 2021 1,261,111 - - - (50,741) (119,145) 1,091,225
================ ============ ============ ============ ============= ============ ============ =============
Loss for the
period - - - - - (952,472) (952,472)
Exchange rate
differences on
translation of
foreign
operations - - - - 26,563 - 26,563
---------------- ------------ ------------ ------------ ------------- ------------ ------------ -------------
Total
comprehensive
income for the
period - - - - 26,563 (952,472) (925,909)
---------------- ------------ ------------ ------------ ------------- ------------ ------------ -------------
Transactions
with
shareholders:
Issue of
share
capital, net
of issue
costs 863,650 3,175,962 - - - - 4,039,612
Shares to be
issued - - 6,196 - - - 6,196
Share based
payments - - - 140,160 - - 140,160
As at 31 March
2022 2,124,761 3,175,962 6,196 140,160 (24,178) (1,071,617) 4,351,284
================ ============ ============ ============ ============= ============ ============ =============
Loss for the
period - - - - - (480,577) (480,577)
Exchange rate
differences on
translation of
foreign
operations - - - - 340,974 - 340,974
---------------- ------------ ------------ ------------ ------------- ------------ ------------ -------------
Total
comprehensive
income for the
period - - - - 340,974 (480,577) (139,603)
---------------- ------------ ------------ ------------ ------------- ------------ ------------ -------------
Transactions
with
shareholders:
Issue of
share
capital, net
of issue
costs 3,364 - (6,196) - - 10,655 7,823
Shares to be
issued - - - 7,328 - - 7,328
Share based
payments - - - 44,304 - - 44,304
As at 30
September 2022 2,128,125 3,175,962 - 191,792 316,796 (1,541,539) 4,271,136
================ ============ ============ ============ ============= ============ ============ =============
Group Statement of Cash Flows
For the period ended 30 September 2022
6 months 6 months Year ended
to 30 September to
2022
(Unaudited) 30 September 31 March
GBP 2021 2022
(Unaudited) (Audited)
GBP GBP
------------------------------- --- --- ------------------ ---------------- -------------
Cash flows from operating
activities
Loss for the period (480,577) (84,604) (1,037,076)
Adjustments for:
Share based payments 51,632 - 83,796
Finance income (31) - -
Depreciation of property, 182 - -
plant and equipment
Working capital adjustments
Decrease/(increase) in
trade and other receivables 23,340 79,950 (155,383)
(Decrease)/increase in
trade and other payables (89,410) 70,345 (24,214)
Net cash (outflow)/inflow
from operations (494,864) 65,691 (1,132,877)
----------------------------------------- ------------------ ---------------- -------------
Cash flows from investing
activities
Purchase of subsidiary
undertaking - (10,450) (10,450)
Net cash acquired with
subsidiary undertaking - 2,735 2,735
Purchase of intangible
assets (297,287) (78,296) (191,753)
Purchase of property, (2,184) - -
plant and equipment
Interest received 31 - -
Net cash used in investing
activities (299,440) (86,011) (199,468)
----------------------------------------- ------------------ ---------------- -------------
Cash flows from financing
activities
Issue of ordinary share
capital, net of issue
costs - - 4,020,976
Net cash generated from
financing activities - - 4,020,976
----------------------------------------- ------------------ ---------------- -------------
Net (decrease)/increase
in cash and cash equivalents (794,304) (20,320) 2,688,631
Exchange gains on cash and
cash equivalents 38,540 468 13,045
Cash and cash equivalents
brought forward 2,751,676 50,000 50,000
Cash and cash equivalents
carried forward 1,995,912 30,148 2,751,676
==================================== === ================== ================ =============
Group Statement of Cash Flows (cont'd)
For the period ended 30 September 2022
Significant non-cash transactions from investing activities are
as follows:
6 months to 30 September 2022 6 months to Year ended
(Unaudited) 30 September 31 March
GBP 2021 2022
(Unaudited) (Audited)
GBP GBP
----------------------------------------------- ---- ---- -------------------------------- --------------- ------------
Equity consideration for business combination - 1,211,111 1,211,111
Broker warrants
Remuneration settled through issue of shares - - 56,364
15,151 - 6,196
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the period ended 30 September 2022
1. GENERAL INFORMATION
Great Southern Copper plc ('the Company') and its subsidiary's
(together 'the Group') principal activity is currently focused upon
the exploration for copper and gold in Chile. Further detail is
covered in the Interim Management Report.
The Company is a public limited company, which is listed on the
London Stock Exchange and incorporated and domiciled in England and
Wales. The address of its registered office is Salisbury House,
London Wall, London, United Kingdom, EC2M 5PS.
2. BASIS OF PREPARATION
These consolidated condensed interim financial statements for
the half-year reporting period ended 30 September 2022 have been
prepared in accordance with International Accounting Standard
('IAS') IAS 34 'Interim Financial Reporting'. as issued by the
International Accounting Standards Board ('IASB') and as adopted
for use in the United Kingdom ('UK'), the Companies Act 2006
applicable to companies reporting under International Financial
Reporting Standards and applicable UK law.
The condensed consolidated interim financial statements
contained in this document do not constitute statutory accounts. In
the opinion of the Directors, the condensed consolidated interim
financial statements for this period fairly present the financial
position, result of operations and cash flows for this period. The
statutory accounts for the year ended 31 March 2022 were prepared
in accordance with UK-adopted International Accounting Standards
('IFRS') and have been delivered to the Registrar of Companies. The
auditor's report on those accounts was unqualified, did not draw
attention to any matters by way of emphasis, and did not contain a
statement under Sections 498(2) or 498(3) of the Companies Act
2006.
Tax charged within the six months ended 30 September 2022 has
been calculated by applying the effective rate of tax which is
expected to apply to the Group for the year ending 31 March 2023 as
required by IAS 34 'Interim Financial Reporting'.
The financial statements have been prepared on the historical
cost basis. The financial statements are prepared in Sterling,
which is the functional currency and presentational currency of the
parent Company. Monetary amounts in these financial statements are
rounded to the nearest GBP.
The Board of Directors approved this Interim Financial Report on
21 December 2022.
STATEMENT OF COMPLIANCE
The condensed consolidated interim financial statements for the
period ended 30 September 2022 have not been audited or reviewed in
accordance with the International Standard on Review Engagements
(UK) 2410 issued by the Auditing Practices Board. The figures were
prepared using applicable accounting policies and practices
consistent with those adopted in the statutory annual financial
statements for the year ended 31 March 2022. There have been no new
accounting policies adopted since 31 March 2022.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of the condensed consolidated interim financial
statements requires directors to make judgements, estimates and
assumptions that affect the application of accounting policies and
the reported amounts of assets and liabilities, income and expense.
Actual results may differ from these judgements and estimates.
In preparing these condensed consolidated interim financial
statements, the significant judgements made by management in
applying the Group's accounting policies and the key sources of
estimation uncertainty were the same as those that applied to the
audited consolidated financial statements for the year ended 31
March 2022.
GOING CONCERN
As at 30 September 2022, the Group's cash at bank amounted to
GBP1,995,912; at the date of approving these condensed financial
statements, the balance amounted to GBP1,185,774.
Taking into account its current resources and its operational
objectives, the Board is satisfied that the cash reserves are
sufficient for its working capital requirements. However, the Board
also considers that the need will arise for further funding in
order that it may continue with its planned exploration
programme.
Accordingly, the Board continues to adopt the going concern
basis for the preparation of these consolidated financial
statements.
3. FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
Risks and uncertainties
The Board continually 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 2022 Annual
Report and Financial Statements, a copy of which is available from
the Group's website: www. gscplc.com
The key financial risks are market risk (including currency
risk), credit risk and liquidity.
4. SEGMENTAL REPORTING
Operating segments are reported in a manner that is consistent
with the internal reporting provided to the chief operating
decision maker. The chief operating decision maker has been
identified as the Board. The Board is responsible for allocating
resources and assessing performance of operating segments.
The Group has two reportable segments, exploration and
corporate, which are the Group's strategic divisions. For each of
the strategic divisions the Board reviews internal management
reports on a regular basis.
The Group's reportable segments are:
Exploration: the exploration segment is presented as an
aggregate of all Chile licences held. Expenditure on exploration
activities for each licence is used to measure agreed upon
expenditure targets for each licence to ensure the licence clauses
are met.
Corporate: the corporate segment includes the holding company
costs in respect of managing the group.
Segment result:
6 months to 30 September 2022 6 months to
(Unaudited) 30 September Year ended
GBP 2021 31 March
(Unaudited) 2022
GBP (Audited)
GBP
--------------------- --- ------------------------------- --------------- -------------
Exploration - Chile (322,158) (40,760) (657,227)
Corporate - UK (158,419) (43,844) (379,849)
Loss before tax (480,577) (84,604) (1,037,076)
========================== =============================== =============== =============
Taxation - - -
Loss after tax (480,577) (84,604) (1,037,076)
========================== =============================== =============== =============
Segment assets and liabilities:
Non-current assets 6 months to 30 September 2022 6 months to Year ended
(Unaudited) 30 September 31 March
GBP 2021 2022
(Unaudited) (Audited)
GBP GBP
--------------------- --- -------------------------------- ---------------- -------------
Exploration - Chile 2,075,896 1,341,794 1,489,379
Corporate - UK - - -
Total 2,075,896 1,341,794 1,489,379
========================== ================================ ================ =============
Total assets 6 months to 30 September 2022 6 months to
(Unaudited) 30 September Year ended
GBP 2021 31 March
(Unaudited) 2022
GBP (Audited)
GBP
===================== === ================================ ================ =============
Exploration - Chile 2,287,550 1,378,752 1,987,140
Corporate - UK 2,098,466 10,651 2,587,207
========================== ================================ ================ =============
Total 4,386,016 1,389,403 4,574,347
========================== ================================ ================ =============
Total liabilities 6 months to 30 September 2022 6 months to
(Unaudited) 30 September Year ended
GBP 2021 31 March
(Unaudited) 2022
GBP (Audited)
GBP
===================== === ================================ ================ =============
Exploration - Chile (18,340) (248,692) (27,300)
Corporate - UK (96,540) (49,486) (195,763)
========================== ================================ ================ =============
Total (114,880) (298,178) (223,063)
========================== ================================ ================ =============
5. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the net
income for the period attributable to ordinary equity holders by
the weighted average number of ordinary shares outstanding during
the period.
Diluted earnings per share amounts are calculated by dividing
the profit attributable to owners of the parent by the weighted
average number of ordinary shares in issue during the financial
year, adjusted for the effects of potentially dilutive options. The
dilutive effect is calculated on the full exercise of all
potentially dilutive ordinary share options granted by the Group,
including performance-based options which the Group considers to
have been earned.
The calculations of earnings per share are based upon the
following:
6 months to 30 September 2022 6 months to Year ended
(Unaudited) 30 September 31 March
GBP 2021 2022
(Unaudited) (Audited)
GBP GBP
---------------------------------------------- --- -------------------------------- ---------------- -------------
Loss for the period (480,577) (84,604) (1,037,076)
--------------------------------------------------- -------------------------------- ---------------- -------------
Number Number Number
---------------------------------------------- --- -------------------------------- ---------------- -------------
Weighted average number of shares in issue 212,593,736 47,476,620 110,584,402
Weighted average number of shares - basic and
diluted 212,593,736 47,476,620 110,584,402
--------------------------------------------------- -------------------------------- ---------------- -------------
Pence Pence Pence
---------------------------------------------- --- -------------------------------- ---------------- -------------
Earnings per share - basic and diluted (0.226) (0.178) (0.938)
=================================================== ================================ ================ =============
Basic and diluted earnings per share are identical for the group
as the effect of the exercise of the share options in existence
would be to decrease the loss per share.
6. INTANGIBLE ASSETS
Exploration
Group assets
Cost GBP
---------------------------
As at 1 April 2021 -
Business combinations 1,229,076
Additions 82,589
Exchange difference 30,129
As at 30 September 2021 1,341,794
Additions 109,164
Exchange difference 38,421
As at 31 March 2022 1,489,379
Additions 297,287
Exchange difference 287,052
--------------------------- ------- --------------
As at 30 September 2022 2,073,718
=========================== ======= ==============
Carrying Amount:
As at 30 September 2022 2,073,718
As at 31 March 2022 1,489,379
=========================== ============
As at 30 September 2021 1,341,794
=========================== ============
Exploration projects in Chile are at an early stage of
development and there are no JORC (Joint Ore Reserves Committee) or
non-JORC compliant resource estimates available to enable value in
use calculations to be prepared.
The directors have undertaken an assessment of the following
areas and circumstances which could indicate the existence of
impairment:
-- The Group's right to explore in an area has expired, or will
expire in the near future without renewal.
-- No further exploration or evaluation is planned or budgeted for.
-- A decision has been taken by the Board to discontinue
exploration and evaluation in an area due to the absence or
expected absence of a commercial level of reserves.
-- Sufficient data exists to indicate that the book value may
not be fully recovered from future development and production.
Following their assessment, the Directors concluded that no
impairment charge was necessary.
7. SHARE CAPITAL
NUMBER OF SHARES IN ISSUE
30 September 2022
(Unaudited)
Issued and fully paid: Number GBP
---------------------------- ------------ ----------
Ordinary shares of GBP0.01 212,812,465 2,128,125
Total shares 212,812,465 2,128,125
============================ ============ ==========
31 March 2022
(Audited)
Issued and fully paid: Number GBP
---------------------------- ------------ ----------
Ordinary shares of GBP0.01 212,476,100 2,124,761
Total shares 212,476,100 2,124,761
============================ ============ ==========
30 September 2021
(Unaudited)
Issued and fully paid: Number GBP
---------------------------- ------------ ----------
Ordinary shares of GBP0.01 126,111,100 1,261,111
Total shares 126,111,100 1,261,111
============================ ============ ==========
On 29 July 2022 151,055 ordinary shares were issued at a value
of GBP0.041 per share, resulting in additional share capital of
GBP1,511. On the same day a further 185,310 shares were issued at a
value of GBP0.0422 per share, resulting in additional share capital
of GBP1,853. These shares were issued in lieu of remuneration in
respect of one of the directors and as a result of no cash being
received in relation to these shares, no share premium is
recognised; with the difference between nominal and market value of
the shares being recognised in retained earnings.
8. RELATED PARTY TRANSACTIONS
As at 30 September 2022 there is a balance owing to a major
shareholder of GBP21,668 (31 March 2022 - GBP21,668).
As at 30 September 2022 there is a balance owing from SI Capital
Limited to the Company of GBP75,000 (31 March 2022 - GBP75,000). SI
Capital Limited are a related party through common key management
personnel.
During the period payments in respect of the services of the
Chief Executive were made through Metal Ventures Inc totalling
GBP67,807 (31 March 2022 - GBP69,984), with GBP13,121 outstanding
at year end (31 March 2022 - GBP16,209).
9. CONTINGENCIES AND COMMITMENTS
The option agreements held by the Company in relation to the San
Lorenzo and Especularita projects give the Company the
discretionary right to acquire the relevant concessions, provided
the quotas of US$117,080 and the fees of US$3,010,000 due by March
2024 specified in such agreements have been paid in full. There are
no royalty, third party payments, or other obligations in favour of
third parties regarding the option payments or the concessions to
which they relate.
10. POST BALANCE SHEET EVENTS
No events have occurred in the interval between the balance
sheet date and the date of signing these accounts which are
required to be disclosed.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR KFLBLLLLEFBQ
(END) Dow Jones Newswires
December 21, 2022 04:59 ET (09:59 GMT)
Great Southern Copper (LSE:GSCU)
Historical Stock Chart
From Apr 2024 to May 2024
Great Southern Copper (LSE:GSCU)
Historical Stock Chart
From May 2023 to May 2024