TIDMUMR
RNS Number : 7191W
Unicorn Mineral Resources plc
14 December 2023
Unicorn Mineral Resources Plc
Interim Results for period ending 30 September 2023
14 December 2023
Unicorn Mineral Resources Plc
("Unicorn" or the "Company")
Interim Results for the Period Ended 30 September 2023
Unicorn Mineral Resources Plc (LSE:UMR), a mineral exploration
and development company based in Ireland exploring for Zinc, Lead,
Copper and Silver, with its main focus at present being the
"Limerick basin" in Ireland, is pleased to announce its unaudited
interim results for the six months ended 30 September 2023.
Operating Highlights
-- A total of 1,537.2m of diamond drilling was completed in the
first half with the results confirming the presence of Waulsortian
Reef hosted, Pallas Green style, Black Matrix (BMB) / Polymictic
(PMB) breccias that are mineralised with low to medium grade zinc
lead sulphides and oxides.
-- The drilling also confirmed that the region is structurally
complex and that oxidation of the basal Waulsortian Reef and the
breccia hosted sulphide mineralisation is developing from the north
and is more extensive than previously thought.
-- The next phase of the exploration programme will be designed
to develop and refine targeting for the next phase of drilling.
Financial Highlights
-- The loss for the period ended 30 September 2023 ("Period")
amounted to EUR236,847 (H1 2022: EUR139,737)
-- The loss for the Period consisted mainly of the professional
fees, insurance, London Stock Exchange fees and salaries.
-- EUR437,269 in cash and cash equivalents at Period end (H1 2022: EUR76,236)
-- EUR359,974 carrying value of intangible assets at Period end (H2 2022: EUR158,483)
-- Loss per share for the Period was EUR0.86 (H1 2022: EUR0.76)
Post Period Highlights
-- Following the drilling at Kilmallock further surveys have
commenced in the area using the information gained from the summer
drilling program. This will be of assistance in prioritising the
placement of drill targets in H1 2024.
-- Following the resignation on 19 September of the CEO, Richard
O'Shea, the Company has been working towards the appointment of a
new Executive Director and the raising of additional finance in
order to continue the exploration programme and also to consider
complimentary overseas opportunities.
Patrick Doherty, Chairman of Unicorn Mineral Resources Plc,
commented:
"Following our successful IPO at the end of 2022, the six months
to 30 September 2023 did not live up to the expectations of the
Board and its shareholders. Whilst the results of the drilling
programme were positive and indicated that we are on the right
track, the system is more complex than anticipated with further
work needing to be done to identify where the ore body may lie.
Following the AGM, Richard O'Shea announced that he was stepping
down. Richard was the driving force behind the IPO and without his
efforts we would not be here today. We expect to be announcing
shortly a new executive director coupled with the raising of some
additional capital to continue the exploration programme and also
to consider complimentary overseas opportunities."
For additional information please contact:
Unicorn Mineral Resources plc Tel +353 86 259 5123
John O'Connor, CFO
Novum Securities Tel +44 7399 9400
David Coffman / George Duxberry
Colin Rowbury
HALF-YEAR REPORT
The Directors are pleased to present an update on the Company's
activities over the six-month period ended 30 September 2023.
Unicorn Mineral Resources Plc (LSE:UMR) is a company listed on
the Main Market of the London Stock Exchange incorporated in
Ireland under the Companies Acts 2014 (registered number 482509).
The Company is domiciled in Ireland and its registered address is
39 Castleyard, 20/21 St Patrick's Road, Dalkey, Co Dublin.
Historically the company has explored for zinc, lead, copper and
silver. The principal activity of Unicorn Mineral Resources Plc
during the period was exploration for zinc and associated minerals
on its projects in Ireland.
During the Period the Company reviewed several mineral property
exploration opportunities but did not expand its properties.
The main exploration focus for the period was a 1,537m, seven
hole drilling programme at the Company's properties in Kilmallock
that commenced in May 2023 and the results were announced on 27
September 2023, with the highlights being as follows:
Ø The exploration drilling programme consisted of seven holes
for a total of 1,532.7m of coring, designed to extend the
mineralised body, assess ground conditions, and define the
geological / structural setting.
Ø This phase of drilling has confirmed the presence of
prospective basal Waulsortian Reef hosted, Pallas Green style,
Black Matrix (BMB) / Polymictic (PMB) breccias that are mineralised
with low to medium grade zinc lead sulphides and oxides, UMK-004
intersected 2.8m grading 4.25% Zn / 0.47% Pb / 3.6g/t Ag.
Ø The drilling at the Bulgaden Target UMK-003 => 008
confirmed that the region is structurally complex with NNW
striking, enechelon, ramp-relay normal faults with a throw of
between 60 - 80m to the east. It also established that oxidation of
the basal Waulsortian Reef and the breccia hosted sulphide
mineralisation is developing from the north and is more extensive
than previously thought.
Ø Drilling at the shallow Ballycullane deposit (UMK-002A) was
affected by recovery issues in a technically challenging drilling
environment. However, material recovered (including sludge samples)
contained unexpectedly high grade Silver assay results, 8.0m at a
grade of 59.69g/t Ag, with a peak value of 85g/t Ag.
Ø Previous drilling on the Kilmallock Property has intersected
significant, high-grade zinc, lead, and silver mineralisation at a
number of zones, including one 3.8m intercept with 14.66% zinc,
4.8% lead and 133.79 g/t silver at a depth of 325m, leading Unicorn
continues to believe that a major, undiscovered, mineralising
system is located in this region.
Financial Results & Review
The loss for the Period was EUR236,847 (H1 2022: EUR139,737).
The result for the period consisted mainly of EUR145,282 (H1 2022:
EURnil) of salary costs, along with EUR59,831 (H1 2022: EUR129,000)
of professional and other costs associated with the quotation on
the London Stock Exchange, and EUR31,735 (H1 2022: EUR10,737) in
administrative expenses. At the end of the Period, there was
EUR437,269 in cash in hand to be used in the short term to cover
listing and administrative costs, and other costs incidental to
development of mineral projects.
During the Period, the Company continued to review and develop
its mineral projects in Ireland.
During the Period, the Company did not issue any new shares or
options.
The Board monitors the activities and performance of the Company
on a regular basis.
Financial Position
The Company's Statement of Financial Position as at 30 September
2023 and comparatives at 30 September 2022 and 31 March 2023 are
summarised below:
6 months 6 months Year ended
to 30 September to 30 September 31 March
2023 (unaudited) 2022 (unaudited) 2023 (audited)
EUR EUR EUR
Current assets 469,962 110,947 598,149
Non-current assets 359,974 158,483 167,879
Total assets 829,936 269,430 766,028
Current liabilities 642,424 261,821 340,332
Total liabilities 642,424 261,821 340,332
Net (liabilities)/assets 187,512 7,609 425,696
PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the
Company's strategy are subject to a number of risks. The key
business risks affecting the Company are set out below.
Risks are formally reviewed by the Board, and appropriate
processes are put in place to monitor and mitigate them. If more
than one event occurs, it is possible that the overall effect of
such events would compound the possible adverse effects on the
Company.
Exploration Risk
There is no assurance that the Company's exploration and
development activities will be successful, and statistically few
properties that are explored are ultimately developed into
profitable producing mines. The risk is mitigated by conservatively
managing exploration funds such that subsequent exploration
expenditures are not committed until results from previous stages
have been evaluated.
Exploration and development activities may be delayed or
adversely affected by factors outside the Company's control, in
particular: climatic conditions, existence of commercial deposits
of zinc and other minerals, unknown geological conditions;
remoteness of locations; actions of governments or other regulatory
authorities (relating to, inter alia, the grant, maintenance or
renewal of any required authorisations, environmental regulations
or changes in law).
Licence risk
The Company's exploration activities are dependent upon the
grant of appropriate licences, concessions, leases, permits and
regulatory consents which may be withdrawn or made subject to
limitations or performance criteria. Under its licences and certain
other contractual agreements to which the Company is or may in the
future become party, the Company is or may become subject to
payment and other obligations. In particular, the Company may be
required to expend the funds necessary to meet the minimum work
commitments attaching to its licences. Failure to meet these work
commitments will render the licences in question liable to be
revoked. Further, if any contractual obligations are not complied
with when due, in addition to any other remedies which may be
available to other parties, this could result in dilution or
forfeiture of interests held by the Company. The Company may not
have or be able to obtain financing for all such obligations as
they arise.
Estimates of mineral reserves and mineral resources
Estimates of mineral reserves and mineral resources for
exploration and development projects are, to a large extent, based
on the interpretation of geological data obtained from drill holes
and other sampling techniques and feasibility studies which derive
estimates of costs based upon anticipated tonnage and
mineralization grades to be mined, extracted and processed, the
configuration of the areas of mineralization, expected recovery
rates, estimated operating costs, anticipated climatic conditions
and other factors. Mineral resource estimates are estimates only
and no assurance can be given that any particular grade, stripping
ratio or grade of minerals will in fact be realised or that an
identified reserve or resource will ever qualify as a commercially
mineable (or viable) deposit which can be legally and economically
exploited. As a result of these uncertainties, there can be no
assurance that any potential mineral resources programmes will
result in profitable commercial mining operations.
Commodity Price Risk
The demand for, and price of zinc and other minerals is
dependent on global and local supply and demand, actions of
governments or cartels and general global economic and political
developments.
Economic Risk
The business and exploration environment is subject to
volatility and geopolitical issues. Recent higher levels of
inflation may impact on the purchase price of materials and
services to the Company, and of the availability of these materials
and services.
Reliance on third parties
The Company is reliant on third party service providers for
drilling and geological reporting. There can be no assurance that
such parties will be able to provide these services in the time
scale and at the cost anticipated by the Company. In the event that
the identified parties are unable to provide these services,
alternative third parties will be sourced and engaged, however this
may have an impact on timing and anticipated costs to enable the
Company to execute its strategy.
Access to land to carry out exploration activity is at the gift
of the landowner. The licence does provide legal rights of access
but these are not normally exercised. It is critical that the
Company maintains good relationships with relevant landowners to
ensure access to land to carry out work.
Key Personnel
The Company has a small management team, and the loss of a key
individual could have an adverse effect on the future of the
Company's business. The Company's future success will also depend
in large part upon its ability to attract and retain highly skilled
personnel. There can be no assurance that the Company will be
successful in attracting and retaining such personnel. The Company
seeks to create a workplace that attracts, retains, and engages its
workforce. Efforts are also made to attract new talent and skilled
people.
Environmental Risk
There may also be unforeseen environmental liabilities resulting
from both the future and/or historic exploration or mining
activities, which may be costly to remedy. In addition, potential
environmental liabilities as a result of unfulfilled environmental
obligations by the previous owners may impact the Company.
Environmental management systems are in place to mitigate
environmental hazard risks. The Company uses advisors with
specialist knowledge in mining and related environmental management
for reducing the impacts of environmental risk.
Climate Change Risk
Climate change and associated legislation or regulatory actions
to reduce its impact may affect the Company's suppliers and
business model, and consequently may affect its operations and
growth. This impact could be amplified by the perception that the
Company is undertaking activities that are harmful to the
environment.
Uninsured risk
The Company, as a participant in exploration and development
programmes, may become subject to liability for hazards that cannot
be insured against or third-party claims that exceed the insurance
cover. The Company may also be disrupted by a variety of risks and
hazards that are beyond control, including geological, geotechnical
and seismic factors, environmental hazards, industrial accidents,
occupational and health hazards and weather conditions or other
acts of God.
Financial Risk
The Company's funding source is in Sterling and the majority of
it's expenditure is in Euro. The Company's operations are thus
exposed to a small degree of currency risk, which the Company
manages on a regular basis. The Company does not use derivative
financial instruments to manage the currency risk and, as such, no
hedge accounting is applied.
Exchange Rate
The Company is exposed to the financial risk related to the
fluctuation of foreign exchange rates against the Company's
reporting currency, Euros. The Company expects to continue to raise
funds in London and Europe in sterling. The Company conducts its
business in the Republic of Ireland and its expenditures are
denominated in Euros. The Company has not hedged its exposure to
currency fluctuations.
Financing Risk
The development of the Company's properties will depend on the
its ability to obtain financing through the raising of equity
capital, joint venture of projects, debt financing, farm outs or
other means. There is no assurance that the Company will be
successful in obtaining the required financing. If the Company is
unable to obtain additional financing as needed, some interests may
be relinquished, and/or the scope of the operations reduced.
This report was approved by the Board on 13 December 2023 and
signed on its behalf.
On Behalf of the Board:
Patrick Doherty
Chairman, Unicorn Mineral Resources Plc
RESPONSIBILITY STATEMENT
FOR THE PERIODED 30 SEPTEMBER 2023
Responsibility Statement
We confirm that to the best of our knowledge:
-- the Half Year Report has been prepared in accordance with I
FRS as adopted by the European Union, as applied in accordance with
the provisions of the Companies Act 2014. ; and
-- gives a true and fair view of the assets, liabilities,
financial position and loss of the Company; and
-- the Half Year 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 Half Year 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 Half Year Report was approved by the Board of Directors and
the above responsibility statement was signed on its behalf by:
Patrick Doherty
Chairman, Unicorn Mineral Resources Plc
UNICORN MINERAL RESOURCES
PLC
STATEMENT OF FINANCIAL POSITION
------------------------------------------------------------------
As at September 30, 2023
------------------------------------- ----------------------------- -----------------------------------
2023 2022
EUR EUR
------------------------------------- ----------------------------- -----------------------------------
Assets
Current Assets
Cash and cash equivalents (Note
9) 437,269 76,236
Accounts receivable (Note 3) 32,693 34,711
------------------------------------- ----------------------------- -----------------------------------
Total Current Assets 469,962 110,947
Non-Current Assets
Intangible assets (Note 4) 359,974 158,483
------------------------------------- ----------------------------- -----------------------------------
Total Assets 829,936 269,430
------------------------------------- ----------------------------- -----------------------------------
Liabilities and Equity
Current Liabilities
Warrants & Options 270,416 -
Accounts payable (Note 5) 372,008 261,821
Total Current Liabilities 642,424 261,821
Total Liabilities 642,424 261,821
------------------------------------- ----------------------------- -----------------------------------
Equity
Share capital (Note 6) 277,557 184,557
Share Premium Reserve 2,045,647 1,166,601
Share Based Payments Reserve 196,278 -
Other Reserves (466,694) -
Deficit (1,865,276) (1,343,549)
------------------------------------- ----------------------------- -----------------------------------
Total Equity 187,512 7,609
------------------------------------- ----------------------------- -----------------------------------
Total Liabilities and Equity EUR 829,936 EUR 269,430
------------------------------------- ----------------------------- -----------------------------------
Nature and continuance of operations
(Note 1)
Subsequent event (Note 10)
On behalf of the Board:
Patrick Doherty John O'Connor
Chairman Director
The accompanying notes are an integral part of these financial
statements.
UNICORN MINERAL RESOURCES PLC
STATEMENT OF LOSS AND COMPREHENSIVE LOSS
For the 6 months ended September 30, 2023
2023 2022
------------------------------------------ ------------------ -----------------
Operating expenses
Impairment of exploration assets (Note EUR - EUR -
4)
Administrative expenses (Note 11) EUR 236,847 EUR 139,737
Loss and comprehensive loss for the
6 months EUR (236,847) EUR (139,737)
------------------------------------------ ------------------ -----------------
Loss attributable to:
Shareholders EUR (236,847) EUR (139,737)
EUR (236,847) EUR (139,737)
------------------------------------------ ------------------ -----------------
The accompanying notes are an integral part of these financial
statements.
UNICORN MINERAL RESOURCES PLC
STATEMENT OF CHANGES IN EQUITY
For the 6 months ended September 30, 2023 and 2022
Share Capital
Shares Amount Reserves Deficit Total Equity
------------------------------- ------------- ----------- ---------------- --------------- ----------------------
Balance, March 31, 2022 18,455,664 EUR 184,557 EUR 1,166,601 EUR (1,203,812) EUR 147,346
Loss for the 6 months - - - EUR (139,737) EUR (139,737)
Net proceeds of equity - - - - -
ordinary share issue
------------------------------- ------------- ----------- ---------------- --------------- ----------------------
Balance, September 30,
2022 18,455,664 EUR 184,557 EUR 1,166,601 EUR (1,343,549) EUR 7,609
Loss for the 6 months - - - EUR (284,844) EUR (284,844)
Share based payment movements EUR (269,079) EUR (269,079)
Net proceeds of equity
ordinary share issue 9,300,000 EUR 93,000 EUR 879,010 - EUR 972,010
------------------------------- ------------- ----------- ---------------- --------------- ----------------------
Balance, March 31, 2023 27,755,664 EUR 277,557 EUR 1,776,532 EUR (1,628,393) EUR 425,696
Loss for the 6 months - - - EUR (236,847) EUR (236,847)
Share based payment movements - - EUR (1,337) EUR (1,337)
Net proceeds of equity
ordinary share issue - - EUR 36 EUR (36) EUR-
------------------------------- ------------- ----------- ---------------- --------------- ----------------------
Balance, September 30,
2023 27,755,664 EUR 277,557 EUR 1,775,231 EUR (1,865,276) EUR 187,512
------------------------------- ------------- ----------- ---------------- --------------- ----------------------
The accompanying notes are an integral part of these financial
statements.
UNICORN MINERAL RESOURCES PLC
STATEMENT OF CASH FLOWS
--------------------------------------------
For the 6 months ended September 30,
2023
------------------------------------------ ----------------------- -------------------
2023 2022
EUR EUR
------------------------------------------ ----------------------- -------------------
CASH FLOWS FROM OPERATING ACTIVITIES
Loss for the 6 months (236,847) (139,737)
-
Impairment of exploration assets -
------------------------------------------ ----------------------- -------------------
Total Loss for the 6 months (236,847) (139,737)
Changes in non-cash working capital
items: Accounts receivable 32,722 (16,906)
Accounts payable 300,756 142,973
Warrants & Options 1,337 -
------------------------------------------ ----------------------- -------------------
Net cash used in operating activities 97,968 (13,670)
------------------------------------------ ----------------------- -------------------
CASH FLOWS FROM INVESTING ACTIVITIES
Payments to acquire intangible assets (192,096) (62,971)
Impairment of intangible asset - -
------------------------------------------ ----------------------- -------------------
Net cash incurred by investing activities (192,096) (62,971)
------------------------------------------ ----------------------- -------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of equity share capital - 30,661
Other Reserves (48,440) -
Share Based Payment Reserve 47,103 -
Net cash provided by financing activities (1,337) 30,661
------------------------------------------ ----------------------- -------------------
Change in cash (95,465) (45,980)
Cash, beginning of the 6 months 532,734 122,216
------------------------------------------ ----------------------- -------------------
Cash, end of the 6 months EUR 437,269 EUR 76,236
------------------------------------------ ----------------------- -------------------
The accompanying notes are an integral part of these financial
statements.
1. NATURE AND CONTINUANCE OF OPERATIONS
Unicorn Mineral Resources PLC is a public limited Company
incorporated in the Republic of Ireland. 39 Castleyard, 20/21 St
Patrick's Road, Dalkey, Co Dublin is the registered office, which
is also the principal place of business of the Company. The
principal activity of the Company during the period was the
exploration for minerals and precious metals. The financial
statements have been presented in Euro (EUR) which is also the
functional currency of the Company.
These financial statements are prepared on a going concern basis
which assumes that the Company will be able to realise its assets
and discharge its liabilities in the normal course of business for
the foreseeable future. The Company has incurred ongoing losses
since inception and has no source of recurring revenue. The success
of the Company is dependent upon the ability of the Company to
obtain necessary financing to continue their exploration and
development activities, the confirmation of economically
recoverable reserves, and upon establishing future profitable
production, or realisation of proceeds on disposal. These financial
statements do not give effect to the adjustments that would be
necessary to the carrying value and classification of assets and
liabilities should the Company be unable to continue as a going
concern.
2. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies set out below have been applied
consistently to all periods presented in these Financial
Statements.
2.1 Going concern
The preparation of financial statements requires an assessment
on the validity of the going concern assumption. The validity of
the going concern concept is dependent on the Company having
available adequate financial resources to continue operations in
2024, and thereafter finance being available for the continuing
working capital requirements of the Company and finance for the
development of the Company's projects becoming available. Based on
the assumptions that the Company has adequate financial resources
to continue operation and confidence that finance will become
available, the Directors believe that the going concern basis is
appropriate for these accounts. Should the going concern basis not
be appropriate, adjustments would have to be made to reduce the
value of the company's assets, in particular the intangible assets,
to their realisable values.
2.2 Taxation
Income tax expense represents the sum of the tax currently
payable and deferred tax.
Current tax payable is based on the taxable profit for the year.
Taxable profit differs from the loss as reported in the statement
of comprehensive income because it excludes items of income or
expense that are taxable or deductible in other years and it
further excludes items that are never taxable or deductible. The
Company's liability for current tax is calculated using tax rates
that have been enacted or substantively enacted by the statement of
financial position date.
Deferred tax is the tax expected to be payable or recoverable on
differences between the carrying amounts of assets and liabilities
in the financial statements and the corresponding tax bases used in
the computation of taxable profit and is accounted for using the
statement of financial position liability method. Deferred tax
liabilities are generally recognised for all taxable temporary
differences and deferred tax assets are recognised for all
deductible temporary differences, carry forward of unused tax
assets and unused tax losses to the extent that it is probable that
taxable profits will be available against which deductible
temporary differences and the carry forward of unused tax credits
and unused tax losses can be utilised. Such assets and liabilities
are not recognised if the temporary difference arises from the
initial recognition of goodwill or from the initial recognition
(other than in a business combination) of other assets and
liabilities in a transaction that affects neither the taxable
profit nor the accounting profit.
Unrecognised deferred tax assets are reassessed at each
statement of financial position date and are recognised to the
extent that it has become probable that future taxable profits will
allow the deferred tax asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to
apply in the period when the liability is settled or the asset is
realised, based on tax rates (and tax laws) that have been enacted
or substantively enacted at the statement of financial position
date. Deferred tax is charged or credited in the statement of
comprehensive income, except when it relates to items charged or
credited directly to equity, in which case the deferred tax is also
dealt with in equity.
Deferred tax assets and liabilities are offset when there is a
legally enforceable right to set off current tax assets against
current tax liabilities and when they relate to income taxes levied
by the same taxation authority and the Company intends to settle
its current tax assets and liabilities on a net basis.
2.3 Intangible assets
Exploration and evaluation assets
Exploration expenditure relates to the initial search for
mineral deposits with economic potential in Ireland.
Evaluation expenditure arises from a detailed assessment of
deposits that have been identified as having economic
potential.
The costs of exploration properties and cost of licences to
explore for or use minerals, which include the cost of acquiring
prospective properties and exploration rights and costs incurred in
exploration and evaluation activities, are capitalised as
intangible assets as part of exploration and evaluation assets.
Exploration costs are capitalised as an intangible asset until
technical feasibility and commercial viability of extraction of
reserves are demonstrable, when the capitalised exploration costs
are reclassed to property, plant and equipment. Exploration costs
include an allocation of administration and salary costs (including
share based payments) as determined by management.
Prior to reclassification to property, plant and equipment,
exploration and evaluation assets are assessed for impairment and
any impairment loss recognised immediately in the statement of
comprehensive income
Intangible assets with finite useful lives that are acquired
separately are carried at cost less accumulated amortisation and
accumulated impairment losses. Amortisation is recognised on a
straight-line basis over their estimated useful lives. The
estimated useful life and amortisation method are reviewed at the
end of each reporting period, with the effect of any changes in
estimate being accounted for on a prospective basis. Intangible
assets with indefinite useful lives that are acquired separately
are carried at cost less accumulated impairment losses.
Impairment of intangible assets other than goodwill
Exploration and evaluation assets are assessed for impairment on
a licence by licence basis when facts and circumstances suggest
that the carrying amount may exceed its recoverable amount. The
company reviews for impairment on an ongoing basis and specifically
if any of the following occurs:
(a) the period for which the Company has a right to explore
under the specific licences has expired or is expected to
expire;
b) further expenditure on exploration and evaluation in the
specific area is neither budgeted or planned;
c) the exploration and evaluation has not led to the discovery of economic reserves;
d) sufficient data exists to indicate that although a
development in the specific area is likely to proceed, the carrying
amount of the exploration and evaluation asset is unlikely to be
recovered in full from successful development or by sale.
2.4 Financial Instruments
Financial assets and financial liabilities are recognised in the
Company's statement of financial position when the Company becomes
a party to the contractual provisions of the instrument. Financial
assets and financial liabilities are initially measured at
transaction price. Transaction costs that are directly attributable
to the acquisition or issue of financial assets and financial
liabilities (other than financial assets and financial liabilities
at fair value) are added to or deducted from the fair value of the
financial assets or financial liabilities, as appropriate, on
initial recognition. Transaction costs directly attributable to the
acquisition of financial assets or financial liabilities are
recognised immediately at fair value through other comprehensive
income ("FVOCI").
The Company includes in this category cash and other
receivables. Due to the nature of the financial assets being
short-term in nature, the carrying value approximates fair
value.
Impairment of financial assets
The Company only holds receivables at amortised cost, with no
significant financing component and which have maturities of less
than 12 months and as such, has implemented the simplified approach
for expected credit losses (ECL) model under IFRS 9 to account for
all receivables.
Therefore, the Company does not track changes in credit risk,
but instead, recognizes a loss allowance based on lifetime ECLs at
each reporting date.
A financial asset is derecognised only when the contractual
rights to cash flows from the financial asset expires, or when it
transfers the financial asset and substantially all the associated
risks and rewards of ownership to another entity. Gains and losses
on derecognition are generally recognised in the profit or
loss.
Financial liabilities measured subsequently at amortised
cost
Financial liabilities that are not:
(i) contingent consideration of an acquirer in a business combination,
(ii) held for trading, or
(iii) designated as at FVOCI,
are measured subsequently at amortised cost using the effective
interest method. The Company includes in this category trade and
other payables.
The effective interest method is a method of calculating the
amortised cost of a financial liability and of allocating interest
expense over the relevant period. The effective interest rate is
the rate that exactly discounts estimated future cash payments
(including all fees and points paid or received that form an
integral part of the effective interest rate, transaction costs and
other premiums or discounts) through the expected life of the
financial liability, or (where appropriate) a shorter period, to
the amortised cost of a financial liability.
Equity instruments
Equity instruments issued by the Company are recorded at the
proceeds received, net of direct issue costs.
Warrants and Options
Warrants and options issued are classified separately as equity
or as a liability at FVOCI in accordance with the substance of the
contractual arrangement. Warrants or options classified as
liabilities at FVOCI are stated at fair value, with any gains and
losses arising on remeasurement recognised in the statement of
other comprehensive income.
3. ACCOUNTS RECEIVABLE
September 30 2023 2022
-------------------- ---------- ----------
Prepaid Insurance EUR 4,213 EUR -
- -
-------------------- ---------- ----------
Taxation EUR 28,480 EUR 34,711
-------------------- ---------- ----------
Accounts receivable EUR 32,693 EUR 34,711
-------------------- ---------- ----------
4. INTANGIBLE FIXED ASSETS
All of the Company's exploration and evaluation assets are
located in Ireland.
Exploration and Impairment of Total acquisition
evaluation assets exploration costs
acquired assets
Acquisition Costs
----------------------------- ------------------ ------------- -----------------
Cumulative to 31 March
2022 EUR 755,325 EUR 659,813 EUR 95,512
Change during 6 months
to 30 September 2022 EUR 62,971 - EUR 62,971
----------------------------- ------------------ ------------- -----------------
Cumulative to 30 September
2022 EUR 818,296 EUR 659,813 EUR 158,483
----------------------------- ------------------ ------------- -----------------
Cumulative to 31 March
2023 EUR 827,691 EUR 659,813 EUR 167,878
Change during 6 months
to 30 September 2023 EUR 192,096 - EUR 192,096
----------------------------- ------------------ ------------- -----------------
Cumulative to 30 September
2023 EUR 1,019,787 EUR 659,813 EUR 359,974
----------------------------- ------------------ ------------- -----------------
Exploration and evaluation assets relate to expenditure incurred
in the development of mineral exploration opportunities.
The realisation of intangible assets amounting to EUR359,974 at
the financial 6 months end, 30 September 2023, is dependent on the
further successful development and ultimate production of the
mineral reserves and availability of adequate finance to bring the
reserves to economic maturity and profitability. The directors have
considered the proposed work programmes for the underlying mineral
reserves. They are satisfied that there are no indicators of
impairment.
5. ACCOUNTS PAYABLE
September 30 2023 2022
---------------------- ----------- -----------
Accounts payable EUR 186,587 EUR 139,787
Accrued liabilities EUR 185,421 EUR 122,034
---------------------- ----------- -----------
Accounts payable EUR 372,008 EUR 261,821
---------------------- ----------- -----------
6. SHARE CAPITAL
Authorised : 100,000,000 ordinary shares at EUR0.01 each.
Issued: 27,755,664 ordinary shares (2022: 18,455,664 ordinary
shares).
7. CAPITAL MANAGEMENT
The Company's objective when managing capital is to safeguard
the entity's ability to continue as a going concern. The Company
monitors its adjusted capital which comprises all components of
equity. The Company manages its capital structure and makes
adjustments to it in the light of changes in economic conditions
and the risk characteristics of the underlying assets. To maintain
or adjust the capital structure, the Company may issue common
shares through private placements. The Company is not exposed to
any externally imposed capital requirements. No changes were made
to the Company's capital management practices during the 6
months.
8. RELATED PARTY BALANCES AND TRANSACTIONS
The Company incurred costs of EUR27,823 (excl. VAT) (H1 2022:
EUR54,460) from BRG (Geotechnics) Limited ("BRG") during the 6
months. David Blaney who is a director of Unicorn was also a
director for part of the period covered by these accounts, and
owned 50% of BRG. BRG was owed EUR2,748 (H1 2022: EUR66,985) at the
periods end. The directors are satisfied that the amounts charged
by BRG to the Company were on an arm's length basis.
9. CASH AND CASH EQUIVALENTS
September 30 2023 2022
-------------------------- ----------- ----------
Cash and bank balances EUR 437,269 EUR 76,236
Cash and cash equivalents EUR 437,269 EUR 76,236
-------------------------- ----------- ----------
10. SUBSEQUENT EVENTS
As at the date of these interim financial statements, there are
no subsequent events of notice.
11. ADMINISTRATIVE EXPENSES
2023 2022
------------------------------------ ------------- ------------
EUR EUR
Administrative expenses
AGM & Meetings 5,933 140
Audit & Accounting 4,818 -
Bank charges 177 217
Computer bureau costs 125 815
Corporate Broker Fees 29,297 -
Flotation Costs - 124,612
Funding costs - 288
Insurance 12,810 284
Listing costs - 4,388
LSEG fees 27,707 -
Office expense 870 1,572
Marketing Costs 1,091 -
Printing, postage and stationery 447 260
Professional Fee 350 -
Registrar's Fees 2,827 -
Salary Cost 145,282
Telephone 982 1,020
Motor and travel expenses 3,252 6,567
General expenses 879 (426)
Administrative expenses EUR 236,847 EUR 139,737
------------------------------------ ------------- ------------
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END
IR LXLLFXLLEFBL
(END) Dow Jones Newswires
December 14, 2023 02:00 ET (07:00 GMT)
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