TIDMHAMA
RNS Number : 9023A
Hamak Gold Limited
28 September 2022
28 September 2022
Hamak Gold Limited
("Hamak Gold" or the "Company")
Interim Results
Hamak Gold Limited (LSE: HAMA) is pleased to announce its
results for the six-month period ending 30 June 2022.
Highlights
-- Admission to trading on Standard List of LSE achieved on 1 March 2022
-- Raised GBP 955,000 (before costs) on admission
-- Experienced Board and Management team appointed at IPO
-- Focussed strategy of gold exploration across seven highly prospective licences in Liberia
-- Fast track exploration has led to significant discovery of
gold mineralisation in the Gozohn and Nimba licences, including
rock chip samples of 37 grammes per tonnes ("g/t") Au and 46g/t Au
at Nimba
-- 3,729 soil samples collected and assayed
-- 110 channel samples collected and assayed
-- 35 rock chip samples collected and assayed
-- 29 stream samples collected and assayed
-- Nimba soil sampling results are significant and suggestive of a bulk tonnage gold target
Highlights Post Period
-- Results for 53 Nimba Block-1 channel sampling results
received, which support the soil sample anomalies and identified a
wide a gold mineralization zone of 55m at 0.63 g/t Au, including
14m at 1.98 g/t Au, and 11m at 0.99g/t Au including 3m at 3.14g/t
Au
-- Within these wide anomalous zones are 2m spaced channel
samples returning 8.56 g/t Au, 3.38 g/t Au and 1.33 g/t Au and also
1m spaced channel samples returning 5.17 g/t Au and 3.26 g/t Au
-- 706 soil samples collected as extensions to Nimba Block-1,
assays received and demonstrate continuation of strong gold in soil
anomalies to the south and south west of the block
-- 518 metres ("m") of trench dug over two Nimba soil anomalies
and 613 channel samples collected, results received and show
anomalous gold values in the trenches that are currently being
evaluated
-- Total samples collected from both Nimba and Gozohn licences
is 5,630 demonstrating fast track exploration that has identified
multiple high interest gold anomalies that require further work,
including geophysical surveys and drilling
Karl Smithson, Executive Director of Hamak Gold commented:
"Since the IPO of Hamak Gold in March, our excellent geological
teams have moved very quickly to identify a number of gold
mineralization targets in the Nimba and Gozohn licences. At Nimba
in particular, soil and channel sampling results have revealed
significant surface and bedrock gold mineralization over a wide
area which are suggestive of a bulk tonnage gold target. The next
step will comprise geophysical surveys and drilling to confirm the
depth extensions and widths of this gold mineralization.
"We also continue to assess a number of regional gold
exploration opportunities as we consider Hamak Gold to be company
that can not only can achieve organic growth through its own
exploration results but can also be a catalyst for project
consolidation."
For further information you are invited to view the company's
website at www.hamakgold.com or please contact:
Hamak Gold Limited
Amara Kamara +231 (0) 77 005 0005
Karl Smithson +44 (0) 77 837 07971
Peterhouse Capital Limited (Broker)
Lucy Williams +44 (0) 20 7469 0930
Guy Miller
Yellow Jersey PR
Tom Randell +44 (0) 20 3004 9512
Annabelle Wills + 44 (0) 7775 194357
About Hamak Gold Limited
Hamak Gold Limited (LSE: HAMA) is a UK listed company focussed
on gold exploration of a portfolio of licences in highly
prospective areas of Liberia and having a growth strategy that
considers other exploration and development opportunities in the
wider West Africa region.
INTERIM MANAGEMENT REPORT
Initial Public Offering (IPO)
The Company achieved its IPO on the 1 March 2022 when its shares
were admitted to trading on the Standard List of the London Stock
Exchange. GBP955,000 was raised at a price of GBP0.10 per share,
and at Admission the initial issued share capital was 20,833,000
shares, giving a market capitalisation of GBP2.08 million. In order
to provide an attractive valuation entry point for IPO investors,
and to share the risk with initial investors, the founding
directors Amara Kamara and Karl Smithson elected to defer
16,350,000 and 1,590,000 founder shares respectively, to be awarded
in three equal tranches subject to three operational milestones,
being;
1. The collection and assay of 2,000 samples from the Gozohn licence
2. The collection and assay of 2,000 samples from the Nimba licence
3. Positive results from trenching of either the Nimba and
Gozohn positive geochemical targets which create identifiable drill
targets
These milestones have been met, as reported in the operating
review.
Board and Management
At the IPO the Board consisted of five persons being Amara
Kamara (Executive Chairman), Karl Smithson (Executive Director),
Niall Young, Walter McCarthy and Julius Baiden (all non-Executive
Directors). On the 21(st) April 2022 Martin Lampshire was appointed
as a non-Executive Director), further strengthening the Board. The
Board has extensive experience in the Liberian operating
environment, exploration, mining, accounting, capital markets and
finance.
The exploration programmes are led by Rowan Carr, as Chief
Operating Officer, who has 35 years' experience in exploration and
mining in Africa, the last 15 years in West Africa including
Liberia. Rowan leads a team of four geologists who have been
dedicated to the focussed exploration programmes in the Nimba and
Gozohn licences.
Operating Review
The Company's strategic exploration focus is on the discovery of
orogenic gold, Archean and Paleoproterozoic greenstone hosted gold
and shear zone hosted gold type mineralization in underexplored,
yet highly prospective areas of Liberia. However, the Company will
also look at regional opportunities in the wider West Africa region
in known gold producing terranes. This may include joint ventures,
acquisitions, or option agreements to enter into new projects that
can bring significant value to Hamak Gold shareholders.
Licence Holdings
At IPO Hamak Gold held two exploration licences, covering a
combined area of 1,752 square kilometres ("km") (Nimba and Gozohn)
and also has an option over a further five exploration licences
covering an area of 3,213 square kilometres (Lofa, Fasama, Cestos,
Sinoe and River Gee). The licences were carefully selected for
their geological prospectively for gold including structural
features, active artisanal gold mining and proximity to producing
gold mines.
Since the IPO the Hamak Gold geological teams have focussed
their efforts on detailed exploration work in the Nimba and Gozohn
licences, both of which have yielded significant results that have
identified bedrock gold mineralization. The results of exploration
work conducted so far have been published and may be found on the
Company's website.
Nimba Licence
The Nimba Licence (MEL7001518) covers an area of 985.60 square
km and is located approximately 120 km to the north-east of the
Gozohn licence and also some 25km west of the 3-million-ounce
("Moz") Ity Gold Mine in neighbouring Cote D'Ivoire.
An application for a two-year extension to the Nimba licence, as
permitted in the Liberian 2000 Mining Code, was submitted to the
Ministry of Mines and Energy and has been approved.
Based on site visits in 2021 and the Competent Person's Report,
which was included in the Company's Prospectus, certain priority
areas were identified within the Nimba licence for soil sampling
programmes. These areas were mainly associated with active
artisanal gold mine and favourable greenstone belt geology.
Three soil sampling blocks have been completed across the
priority areas, totalling 2,881 samples, of which 2,175 were
collected during the report period and 706 post period. All assay
results are available.
Results from Block-1 to the south of the Nimba licence returned
significant gold in soil anomalies over three extensive areas that
remain open-ended. These anomalies are also supported by excellent
rock chip sample results with two samples returning grades of 37g/t
Au and 46g/t Au, proving the presence of bedrock gold at a locality
called Ziyatoyah.
Initial channel sampling across an exposed metadolerite outcrop,
from which the positive rock chip samples were obtained, returned
wide areas of bedrock gold mineralization (see highlights) and
provides focussed targets for drilling to determine the width and
depth extensions of the mineralization. Post period two trenches
covering a joint length of 518m were excavated and 613 channel
samples collected. Results demonstrate anomalous gold values in the
samples which are currently being assessed.
Elsewhere in the Nimba licence, 29 stream sediment samples have
been collected from an area in the centre of the Nimba licences
from streams draining a prominent greenstone ridge called Mount
Blah; results so far (both from fire assay and multi-element
analysis) are significant based on the density of sampling and the
artisanal gold mining activity in the area.
Overall a total of 3,622 samples have been collected and assayed
from the Nimba licence during the report and post report periods to
date.
Gozohn Licence
The Gozohn licence (MEL 7002318) covers an area of 766 square km
and is located some 30 km to the south of the high-grade Kokoya
Gold mine operated by MNG Gold. The licence is host to a number of
structurally controlled greenstone belts similar to those at
Kokoya, with strongly deformed amphibolite, quartzite, schist and
banded ironstone formations which generally occur as topographic
highs.
Based on the 2021 site visits, the Competent Person's Report,
results to date and our strategy of quickly assessing licence
areas, an application for extension of the northern part of the
licence, covering 129.60 square km has been made, which is pending
approval by the Ministry of Mines.
A total of 1,554 soil samples were collected during the report
period, comprising 853 samples from Block-1 (Mt. Koklun) and 701
samples from Block-2. Post period a further 373 soil samples were
collected as in-fill samples on the western limb of Mt. Koklun, and
results were received indicating anomalous gold values which
complement the original sampling results, with an extensive gold in
soil anomaly over 1.5km long being identified. Various rock chip
and channel samples across anomalous soil values have also been
collected with anomalous values of up to 2.56g/t Au which are
interpreted as being related to gold in quartz veins that permeate
the greenstone belt geology.
The gold and multi-element analytical results for the 701
samples of Block-2 returned weak gold anomalies over the centre of
the block; however, given the highly encouraging results from
Gozohn Block-1 and Nimba Block-1, this area has since been
relinquished as the Company focusses its efforts on priority
targets.
Overall a total of 2,008 samples have been collected from the
Gozohn licence during the report and post report periods to
date.
Outlook
Since its IPO, the Company has moved very quickly in assessing
the gold potential of both the Nimba and Gozohn licences, having
collected and assayed a total 5,630 samples to date.
Based on results to date, it is clear that the Nimba licence,
commencing with Block 1, should be prioritised for a geophysical
survey and drilling campaign in the coming dry season. Drill
targets have already been identified from the Ziatoyah channel
sampling results and it is hoped that the ongoing trenching and
channel sampling programme over the peak gold-in-soil anomalies of
Block 1 will identify additional targets to be drilled. The
objective of the drilling programme will be to confirm the presence
and extension of the surface gold mineralisation at depth as well
as the lateral extent of this mineralisation.
Responsibility Statement
The Directors confirm that to the best of their knowledge:
(a) the condensed set of financial statements has been prepared
in accordance with IAS 34 'Interim Financial Reporting';
(b) the interim management report includes a fair review of the
information required by DTR 4.2.7R (indication of important events
during the first six months and description of principal risks and
uncertainties for the remaining six months of the year; and
(c) the interim management report includes a fair review of the
information required by DTR 4.2.8R (disclosure of related parties'
transactions and changes therein).
Karl Smithson
Executive Director
28 September 2022
Hamak Gold Ltd
INTERIM RESULTS
30 June 2022
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2022
6 months
ended
30 June
Note 2022 Unaudited
Continuing operations $
----------------------------------- ------- ----------------
Revenue -
General and administrative
expenses 1,488,719
Operating Loss 1,488,719
------------------------------------ ------- ----------------
Loss Before income tax 1,488,719
------------------------------------ ------- ----------------
Income tax -
Loss for the period 1,488,719
------------------------------------ ------- ----------------
Total comprehensive loss
for the period attributable
to equity holders of the parent 1,488,719
------------------------------------ ------- ----------------
Loss per share from continuing
operations in cents per share:
Basic and diluted 6 (0.10)
------------------------------------ ------- ----------------
Condensed Consolidated Statement of Financial Position
For the six months ended 30 June 2022
6 months
ended Year ended
30 June 31 December
Note 2022 Unaudited 2021
Audited
$ $
------------------------------- ------- ---------------- --------------
Non-current assets
Property, plant and equipment 7 23,584 -
Intangible assets 8 1,691,312 -
-------------------------------- ------- ---------------- --------------
Total non-current assets 1,714,896 -
------------------------------- ------- ---------------- --------------
Current assets
Trade and other receivables 97,539 1,400
Cash and cash equivalents 9 258,688 500
-------------------------------- ------- ---------------- --------------
Total current assets 356,227 -
------------------------------- ------- ---------------- --------------
Total assets 2,071,123 1,900
-------------------------------- ------- ---------------- --------------
Equity and Liabilities
Equity attributable to owners
of the parent
Share capital 11 2,733,863 -
Share based payment reserve 1,181,357 -
Accumulated deficit (1,844,097) (355,378)
-------------------------------- ------- ---------------- --------------
Total equity 2,071,123 (355,378)
-------------------------------- ------- ---------------- --------------
Current liabilities
Trade and other payables - 285,207
Unsecured convertible loan 10 - 70,000
Overdraft - 2,071
-------------------------------- ------- ---------------- --------------
Total current liabilities - 357,278
-------------------------------- ------- ---------------- --------------
Total equity and liabilities 2,071,123 1,900
-------------------------------- ------- ---------------- --------------
Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 June 2022
Share Share Accumulated Total equity
capital based payment deficit
$ $ $ $
----------------------------- ---------- ---------------- -------------- -----------------
Balance at 31 December 2021 - - (355,378) (355,378)
----------------------------- ---------- ---------------- -------------- -----------------
Loss for the period - - (1,488,719) (1,488,719)
Issue of shares 2,733,863 - 2,733,863
Vesting Shares vested 1,181,357 - 1,181,357
Balance at 30 June 2021 2,733,863 1,181,357 (1,844,097) 2,071,123
----------------------------- ---------- ---------------- -------------- -----------------
Unaudited Consolidated Statement of Cash Flows
For the six months ended 30 June 2022
6 months ended
30 June 2022
Unaudited
$
-------------------------------------------- ---------------
Cash flows from operating activities
Operating loss (1,488,719)
Adjusted for:
Share based payment charge 1,181,357
Directors' fees paid in shares 39,954
Depreciation 2,424
Unrealised foreign exchange movements 5,724
Net cash flow before changes in working
capital (259,229)
----------------------------------------------- ---------------
Changes in working capital
Decrease in trade and other payables (285,207)
Net cash flow used in operating activities (544,436)
----------------------------------------------- ---------------
Cash flow from investing activities
Purchase of property, plant and equipment (26,009)
Exploration expenditure (335,852)
Net cash flow from investing activities (361,861)
----------------------------------------------- ---------------
Net cash flow before financing activities (906,297)
Cash flow from financing activities
Issued capital 1,166,556
Net cash flow from financing activities 1,166,556
----------------------------------------------- ---------------
Net increase in cash and cash equivalents
in the period 260,258
Cash and cash equivalents at beginning of
the period (1,570)
----------------------------------------------- ---------------
Cash and cash equivalents at end of the
period 258,688
----------------------------------------------- ---------------
Notes to the condensed consolidated interim financial
information
1. GENERAL INFORMATION
The Company was incorporated on 6 May 2021 and was incorporated
under the BVI Business Companies Act, 2004 (as amended) of the
British Virgin Islands with Company number 2062435. The Company is
limited by shares. The Company's registered office is Pasea Estate,
P.O. Box 958, Road Town, Tortola, VG1110, BVI.
Hamak Gold Limited Liberia was incorporated on the 27 May 2021
as a business corporation under Business Corporation Act of Liberia
with business registration number 052672058. Hamak Gold Company
Liberia is limited by its common stock. Hamak Gold Limited
Liberia's registered office is at Carey & Randall Streets
Intersection, Monrovia, Montserrado County, Liberia, West
Africa.
2. BASIS OF PREPARATION
The consolidated interim financial statements for the six months
ended 30 June 2022 have been prepared in accordance with the
requirements of IAS 34 "Interim Financial Statements". The interim
financial statements should be read in conjunction with the annual
financial statements for the year ended 31 December 2021, which
have been prepared in accordance with International Financial
Reporting Standards (IFRS) in conformity with the requirements of
the Companies Act 2006.
The interim financial statements of Hamak Gold Ltd are unaudited
financial statements for the six months ended 30 June 2022. The
unaudited financial statements do not constitute statutory
accounts, as defined under section 244 of the Companies Act 2006.
The financial statements have been prepared under the historical
cost convention. The consolidated financial statement are presented
in United States Dollars ($), which is the Group's functional and
presentation currency.
Comparatives
The Company was incorporated on 6 May 2021 and its sole wholly
owned subsidiary, Hamak Gold Limited Liberia ("Hamak Liberia") was
incorporated on 27 May 2021. During the period from incorporation
to 30 June 2021 there were no transactions in the Group, thus there
are no comparatives presented for the statement of comprehensive
income and statement of cashflow. The comparative presented for the
statement of financial position and statement of changes in equity
are as at 31 December 2021.
Going concern
On 1 March 2022 the Group obtained a Standard Listing on the LSE
raising gross proceeds of GBP955,000 at GBP0.10 per share and
concurrently acquired two exploration licences and held options
over a further five exploration licences in the Republic of
Liberia. The net proceeds received by the Group post transaction
costs were used primarily to continue and advance the exploration
activities on licenses as detailed in the work program of the
prospectus during the reporting period and post period..
The Company's financial forecasts are primarily dependent on the
Group raising additional funds during the going concern period
which indicates that a material uncertainty exists that may cast
significant doubt on the group's ability to continue as a going
concern. However, the Directors believe that the Company will have
the ability to raise additional funds in addition to its cash
balance in order to meet planned expenditure for at least 12 months
from the date of approval of these condensed consolidated financial
statements and therefore the consolidated financial statement have
been prepared on a going concern basis.
3. SIGNIFICANT ACCOUNTING POLICIES
In preparing these condensed consolidated financial statements,
the Group's accounting policies were consistent with those applied
to the Group's consolidated financial statements for the year ended
31 December 2021.
Financial instruments
Financial assets
The Company classifies its financial assets in the following
measurement categories:
-- those to be measured subsequently at fair value through profit or loss; and
-- those to be measured at amortised cost.
The classification depends on the business model for managing
the financial assets and the contracted terms of the cash flows.
Financial assets are classified as at amortised cost only if both
of the following criteria are met:
-- the asset is held within a business model whose objective is
to collect contracted cash flows; and
-- the contractual terms give rise to cash flows that are solely
payments of principal and interest.
Financial assets, including trade and other receivables and cash
and bank balances, are initially recognised at transaction price,
unless the arrangement constitutes a financing transaction, where
the transaction is measured at the present value of the future
receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the
effective interest method.
At the end of each reporting period, financial assets measured
at amortised cost are assessed for objective evidence of
impairment. If an asset is impaired, the impairment loss is the
difference between the carrying amount and the present value of the
estimated cash flows discounted at the asset's original effective
interest rate. The impairment loss is recognised in the
consolidated income statement.
If there is a decrease in the impairment loss arising from an
event occurring after the impairment was recognised the impairment
is reversed. The reversal is such that the current carrying amount
does not exceed what the carrying amount would have been had the
impairment not previously been recognised. The impairment reversal
is recognised in the consolidated income statement.
Financial assets are derecognised when (a) the contractual
rights to the cash flows from the asset expire or are settled, or
(b) substantially all the risks and rewards of the ownership of the
asset are transferred to another party or (c) despite having
retained some significant risks and rewards of ownership, control
of the asset has been transferred to another party who has the
practical ability to unilaterally sell the asset to an unrelated
third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, being trade and other payables, are
initially recognised at transaction price, unless the arrangement
constitutes a financing transaction, where the debt instrument is
measured at the present value of the future receipts discounted at
a market rate of interest.
Trade payables are obligations to pay for goods or services that
have been acquired in the ordinary course of business from
suppliers. Accounts payable are classified as current liabilities
if payment is due within one year or less. If not, they are
presented as non-current liabilities. Trade payables are recognised
initially at transaction price and subsequently measured at
amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is
extinguished, that is when the contractual obligation is
discharged, cancelled or expires. The Company does not hold or
issue derivative financial instruments.
Investment in subsidiaries
Investments in subsidiaries are initially measured as cost and
reviewed for impairment at each reporting period. An investor
controls an investee when the investor is exposed, or has rights,
to variable returns from its involvement with the investee and has
the ability to affect those returns through its power over the
investee. The financial statements of subsidiaries are included in
the consolidated financial statements from the date that control is
obtained up to the date that control ceases.
Intra-group balances and any unrealised gains, losses, income or
expenses arising from intra-group transactions are eliminated in
preparing the consolidated financial statements.
Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated at the foreign
exchange rate ruling at the date of the transaction. Monetary
assets and liabilities denominated in foreign currencies at the
date of the consolidated statement of financial position are
translated at the foreign exchange rate ruling at that date.
Foreign exchange differences arising on translation are recognised
in profit or loss.
Non-monetary assets and liabilities that are measured in terms
of historical cost in a foreign currency are translated using the
exchange rate at the date of the transaction. Non-monetary assets
and liabilities denominated in foreign currencies that are stated
at fair value are translated at foreign exchange rates ruling at
the dates the fair value was determined.
Loss per share
The Group presents basic and diluted loss per share ("LPS") data
for its ordinary shares. Basic LPS is calculated by dividing the
profit or loss attributable to shareholders of the Company by the
weighted average number of ordinary shares outstanding during the
period. Diluted LPS is determined by adjusting the profit or loss
attributable to shareholders and the weighted average number of
ordinary shares outstanding for the effects of all potentially
dilutive ordinary shares, which could comprise warrants, share
options and the conversion of loan notes into shares.
Intangible assets
Deferred exploration and evaluation costs
These comprise costs directly incurred in exploration and
evaluation as well as the cost of mineral licences. Costs which are
capitalised include costs of licence acquisition, technical
services and studies, exploration drilling and testing and
appropriate technical and administrative expenses but do not
include general administrative expenses or costs incurred prior to
having obtained the legal rights to explore an area, which are
expensed directly to the income statement account as they occur.
They are capitalised as intangible assets pending the determination
of the feasibility of the project. When the decision is taken to
develop a mine the related intangible assets are transferred to
property, plant and equipment and the exploration and evaluation
costs are amortised over the estimated life of the project. Where a
project is abandoned or is determined not economically viable, the
related costs are written off.
The recoverability of deferred exploration and evaluation costs
is dependent upon a number of factors common to the natural
resource sector. These include the extent to which the Company can
establish mineral reserves on its properties, the ability of the
Company to obtain necessary financing to complete the development
of such reserves and future profitable production or proceeds from
the disposition thereof.
Impairment of non-financial assets
The carrying amounts of the Group's assets are reviewed at the
date of each consolidated statement of financial position to
determine whether there is any indication of impairment. If any
such indication exists, the asset's recoverable amount is
estimated. Impairment is measured by comparing the carrying values
of the asset with its recoverable amount. The recoverable amount of
the asset is the higher of the assets' fair value less costs to
sell and its value-in-use, which is measured by reference to
discounted future cash flow.
An impairment loss is recognised in the income statement
immediately.
When there is a change in the estimates used to determine the
recoverable amount, a subsequent increase in the recoverable amount
of an asset is treated as a reversal of the previous impairment
loss and is recognised to the extent of the carrying amount of the
asset that would have been determined (net of amortisation and
depreciation) had no impairment loss been recognised. The reversal
is recognised in the income statement immediately, unless the asset
is carried at its revalued amount, in which case the reversal of
the impairment loss is treated as a revaluation increase.
Share capital
Ordinary shares are classified as equity. Incremental costs
directly attributable to the issue of new shares or options are
shown in equity as a deduction against share premium, net of tax,
from the proceeds.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, demand
deposits, and other short-term highly liquid investments that are
readily convertible to a known amount of cash and are subject to an
insignificant risk of changes in value. The carrying amount of
these assets approximates their fair value.
4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of condensed interim financial statements
requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities at the end of the
reporting period. Estimates and judgements are continually
evaluated based on historical experience and other factors,
including expectations of future events that are believed to be
reasonable under the circumstances. In the future, actual
experience may differ from these estimates and assumptions.
The judgements, estimates and assumptions applied in the
condensed interim financial statements, including the key sources
of estimation uncertainty, were the same as those applied in the
Group's last annual financial statements for the year ended 31
December 2021.
5. BUSINESS AND GEOGRAPHICAL REPORTING
The Group's chief operating decision maker is considered to be
the executive directors (the 'Executive Board'). The Executive
Board evaluates the financial performance of the Group. During the
period the Group had one activity only. The whole of the value of
the Group's net assets was attributable to mineral exploration.
6. LOSS PER SHARE
Basic earnings per share is calculated by dividing the loss
attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the period.
6 months
ended 30
June 2022
$
---------------------------------------------- --------------
Loss from continuing operations attributable
to equity holders of the company (1,488,719)
----------------------------------------------- --------------
Weighted average number of ordinary shares
in issue 14,251,342
----------------------------------------------- --------------
Basic and fully diluted loss per share from
continuing operations in cents (0.10)
----------------------------------------------- --------------
7. PROPERTY, PLANT AND EQUIPMENT
Plant and
Equipment Total
$ $
--------------------- ----------- --------
Cost
At 31 December 2021 - -
Additions 26,009 26,009
At 30 June 2022 26,009 26,009
--------------------- ----------- --------
Depreciation
At 31 December 2021 - -
Additions (2,425) (2,425)
At 30 June 2022 (2,425) (2,425)
--------------------- ----------- --------
Net book value
--------------------- ----------- --------
At 30 June 2022 23,584 23,584
--------------------- ----------- --------
At 31 December 2021 - -
--------------------- ----------- --------
8. INTANGIBLE ASSETS
Mineral
Properties Licences Total
$ $ $
--------------------- ------------ ----------- ----------
Cost
At 31 December 2021 - -
Additions 335,852 1,355,460 1,691,312
--------------------- ------------ ----------- ----------
At 30 June 2022 355,852 1,355,460 1,691,312
--------------------- ------------ ----------- ----------
Amortisation
At 31 December 2021 - - -
Amortisation - - -
--------------------- ------------ ----------- ----------
At 30 June 2022 - - -
--------------------- ------------ ----------- ----------
Net book value
--------------------- ------------ ----------- ----------
At 30 June 2022 335,852 1,355,460 1,691,312
--------------------- ------------ ----------- ----------
At 31 December 2021 - - -
--------------------- ------------ ----------- ----------
On 1 March 2022, the Group acquired two mineral exploration
licences (MELs), being Nimba and Gozohn and an option to acquire
five other MELs in consideration for $1,355,460. See note 11 for
further details.
9. CASH AND CASH EQUIVALENT
6 months ended Year ended
30 June 2022 31 December
Unaudited 2021
Audited
$ $
---------------- --------------- -------------
Cash at bank 258,688 500
258,688 500
---------------- --------------- -------------
10. UNSECURED CONVERTIBLE LOAN
6 months ended Year ended
30 June 2022 31 December
Unaudited 2021
Audited
$ $
------------------------ ---------------- -------------
Malcom Burne - 28,000
Gledhill Fund - 28,000
Nicholas Karl Smithson - 14,000
------------------------- --------------- -------------
- 70,000
----------------------------------------- -------------
The unsecured convertible loan was automatically converted into
666,667 Ordinary Shares on 1 March 2022. See note 11 for further
details.
11. SHARE CAPITAL
No. Ordinary Share
shares Capital Total
$ $
------------------------------ --------------- ---------- ----------
Total as at 31 December 2021 50,000 - -
Issue of shares 20,783,000 2,733,863 2,733,863
Total as at 30 June 2022 20,833,000 2,733,863 2,733,863
------------------------------ --------------- ---------- ----------
On incorporation on 6 May 2021, the Company issued 50,000
ordinary shares of at no par value.
On 23 February 2022
Hamak Mining, as transferor, a Liberian incorporated private
company wholly-owned by Amara Kamara, entered into a Licence
Transfer and Option Agreement in respect of seven mining
exploration licences (MELs) across Liberia covering an area of
4,965 km(2) with the Company's wholly-owned subsidiary, Hamak Gold
Liberia, as transferee. Two MELs, being Nimba and Gozohn were
transferred from Hamak Mining to Hamak Gold Liberia. The
consideration paid was $1,355,460 (GBP1,000,000) by way of issuing
9,283,333 Ordinary Shares in the Company to Amara Kamara and
Nicholas Karl Smithson.
On 1 March 2022
9,550,000 new Ordinary Shares were issued to certain investors
pursuant to a placing (the "Placing") at a price of 10 pence per
Placing Share (the "Placing Price").
666,667 new Ordinary Shares were issued on conversion of $66,590
(GBP50,000) in aggregate principal amount of unlisted zero coupon
convertible unsecured loan notes, which were automatically
converted into Ordinary Shares on Admission at a discount of 25% to
the Placing Price (the "Conversion Shares");
300,000 new Ordinary Shares were awarded to the non-executive
directors of the Company, at the Placing Price equivalent to
$39,954 ($13,318 (GBP10,000) each), in lieu of fees payable to each
of them in connection with the production of the Prospectus and
admission to the London Stock Exchange.
983,000 new Ordinary Shares were awarded to Peterhouse Capital
Limited in lieu of fees payable to it in connection with the
Placing at the Placing Price equivalent to $130,915
(GBP98,300).
12. RELATED PARTY TRANSACTIONS
During the period certain directors were awarded Ordinary Shares
in the Company. Further details can be found in note 11, Share
Capital.
13. EVENTS AFTER THE REPORTING DATE
On 12 July 2022, the Company announced that it had issued
465,472 new ordinary shares to directors in respect of fees earned
for the quarter ended 30 June 2022.
In addition, the Company has granted 2,129,847 Performance
Rights in accordance with its Unapproved Share Performance Rights
Plan to directors and to senior management. Each Performance Right
entitles the holder to acquire one ordinary share. The Performance
Rights vest in accordance with the conditions as set out in the
Company's Prospectus.
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END
IR SESFMWEESELU
(END) Dow Jones Newswires
September 28, 2022 02:00 ET (06:00 GMT)
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