TIDMKAT
RNS Number : 1643C
Katoro Gold PLC
09 June 2023
Katoro Gold Plc
(Incorporated in England and Wales)
(Registration Number: 9306219)
Share code on the AIM: KAT
ISIN: GB00BSNBL022
('Katoro' or 'the Company')
Condensed Consolidated Annual Financial Results for the year
ended 31 December 2022
Dated: 9 June 2023
Katoro Gold PLC ("K atoro" or t he "Co m pa n y") ( AIM: K AT),
the gold and nickel exploration and development company is pleased
to release its audited results for the year ended 31 December 2022.
A condensed set of financial statements accompanies this
announcement below, while the Company's full Annual Report and
Financial results can be found on the Company's website
www.katorogold.com . The Company's Annual Report is in the process
of being prepared for dispatch to shareholders. Details of the date
and venue for this year's AGM, will be announced on posting of the
Annual Financial results.
Overview
-- The diamond drilling programme at Haneti, executed by an
excellent drill contractor in a blistering 17 days, eventually
completed 900.04 metres across three drill holes as planned and
with depths of 430.24m, 245.78m and 224.02m respectively, by the
first week in February 2022. The results could enable us to focus
on specific target areas in future endeavours.
-- The Company entered into a Joint Venture Agreement with Lake
Victoria Gold ('LVG') for the development of the Company's Imweru
Gold Project ('Project'). Under the Agreement, LVG will earn up to
80% in the Project, with the balance of 20% being held by Katoro as
a carried interest, with the JV reimbursing Katoro for previous
expenditures in the amount of EUR792,000 on or before 31 December
2023 (see Note 8 of the Accounts for full details).
-- During the latter part of the year the Company evaluated
several new projects with the aim of diversifying its portfolio
geographically.
-- Post period end:
o The Company announced the successful conclusion of a next
fundraise through which an amount of GBP150,000 (gross) was raised
at 0.1 pence per share which will be utilized for ongoing working
capital and to conclude the project assessment process.
o The Company proceeded to appoint Beaumont Cornish Limited as
its new NOMAD. This appointment was made in accordance with Rule 1
of the AIM Rules for Companies.
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014.
For further information please visit www.katorogold.com or
contact:
Louis Coetzee louisc@katorogold.com Katoro Gold plc Executive Chairman
James Biddle +44 207 628 3396 Beaumont Cornish Nominated Advisor
Roland Cornish Ltd
------------------------------ -------------------- -------------------
Nick Emmerson +44 (0) 1483 413 500 SI Capital Ltd Broker
Sam Lomanto
------------------------------ -------------------- -------------------
Zainab Slemang zainab@lifacommunications.com Lifa Communications Investor and
van Rijmenant Media Relations
Consultant
------------------------------ -------------------- -------------------
Chairman's Report
I am pleased to present Katoro Gold's Annual Financial
Statements for the financial year ending on 31 December 2022. This
past year has been dedicated to consolidating our efforts at Katoro
as we pursue the development of strategic projects in the precious
minerals' exploration arena. Simultaneously, we have remained
agile, adjusting our strategies to meet the evolving demands of the
industry and associated markets.
Exploration and Development
Throughout 2022, we continued to advance our exploration and
development activities in Tanzania given prevailing funding
constraints. On the Haneti Project, we successfully completed our
diamond drill program into host rock and analysed geophysical fresh
rock data from drill samples gathered at depth as announced in a
Company RNS dated 31 May 2022. This allowed us to refine our
approach by enhancement of the geological modelling and focus on
specific target areas for future endeavours. As the Haneti Project
holds substantial promise in terms of its size and scope and with
the completion of the first Haneti program, we can now resume
discussions with potential project partners to delve into the
findings in greater depth, although noting that due to this funding
uncertainty as at 31 December 2022, management has applied a
provision for impairment against the carrying value of the
intangible asset to the value of GBP209,500.
Furthermore, we have forged a Joint Venture Agreement (JVA) in
collaboration with Lake Victoria Gold (LVG) to advance the Imweru
Gold Project. Under the Agreement, Lake Victoria Gold Limited
became the 80% shareholder of Kibo Gold Limited, Cypriot subsidiary
of Katoro Gold plc, on the date of the Agreement with Katoro Gold
plc owning the remaining 20%. Prior to the implementation of the
above "Joint Venture Agreement", Katoro Gold plc held 200 ordinary
shares in the equity of Kibo Gold Limited, constituting 100% of the
issued share capital in the company. LVG is actively progressing
the adjacent Imwelo Gold Project, which is in an advanced stage of
development. The strategic integration of these two projects is
expected to enhance their overall fundability, accelerating their
joint progress and maximizing the potential for successful
exploitation of the combined gold mining venture.
During the latter part of the year, Katoro Gold conducted a
thorough evaluation of several new projects with the aim of
diversifying its portfolio geographically. Our objective was
twofold: to mitigate country-specific risks and enhance our
existing portfolio. We sought to achieve this by investigating the
strategic acquisition of opportunities that offer significant value
and align with our overarching goal of establishing ourselves as a
prominent African-focused company specializing in strategic
exploration and development of precious minerals.
Corporate and Post Year-End Developments
The Company successfully secured supplementary funding during
the first quarter of 2023 to drive our strategic objectives and
fulfil general working capital requirements.
Following the termination of the Nominated Advisor (NOMAD)
agreement with RFC Ambrian Ltd, as stated in the 22 December 2022
RNS, the Company proceeded to appoint Beaumont Cornish Limited as
its new NOMAD. This appointment was made in accordance with Rule 1
of the AIM Rules for Companies, as announced in a Company RNS on 10
January 2023.
On 3 April 2023, the Company announced the successful conclusion
of a next fundraise through which an amount of GBP150,000 (gross)
was raised at 0.1 pence per share, through a placing by SI Capital.
The placing comprised of GBP130,000 raised by SI Capital and the
directors subscribed for a further GBP20,000. Proceeds from said
placing will be utilized for ongoing working capital and to
conclude the project assessment process and consolidation referred
to earlier in this report.
Future Outlook
Looking ahead, I have great confidence in the future prospects
of Katoro Gold, as do the Board of Directors. We firmly believe
that our current efforts to consolidate and enhance the Katoro
exploration portfolio will unlock significant value for
shareholders, and we look forward to revealing more in this regard
in the immediate future.
Finally, I would like to express my gratitude to our
shareholders, employees, and stakeholders for their continued
support and dedication to Katoro Gold through what can only be
described as a very difficult and challenging year, during which
progress was not always up to expectation. We are however
well-positioned for 2023 and confident that it will be a year in
which there will be significant progress and value creation.
This report was approved on 8 June 2023 by:
Louis Coetzee
Executive Chairman
Strategic Report
The Board of Directors present their strategic report together
with the audited annual financial statements for the year ended 31
December 2022 of Katoro Gold PLC (the "Company") and its
subsidiaries (collectively the "Group").
Principal activities
The principal activity of the Group is gold and nickel focussed
exploration activities in Tanzania and South Africa.
Review of business in the year
The Group is in its early stage of development and details of
the operational activities of the Group are included in the
Chairman's report.
Financial activities
Description 31 December 2022 31 December
2021
GBP GBP
Administrative expenses (664,682) (689,396)
Share based payment transactions - (195,241)
Foreign exchange (losses)/gains (407) 15,471
Impairments (224,966) -
Loss on disposal of subsidiary (75,922)
Share in loss in associate (4,408)
Exploration expenditure (285,374) (284,463)
Other income - 1,029
Finance income 5,260 10,121
Taxation (61) -
Loss for the period (1,250,560) (1,142,479)
The marginal increase in the loss year-on-year, as disclosed in
the table above and in the statement of comprehensive income, is
mainly owing to the following causes:
-- Decrease in administrative expenses due to decrease in
operational activities during the current period;
-- The decrease in administrative expenses should however be
read together with the increase in "Share of loss in associate"
since the Kibo Gold expenditure was accounted for as a subsidiary
in 2021, but from March 2022 Kibo Gold is accounted for as an
associate.
-- No share-based payment transactions took place in the current financial year.
-- There was an impairment of the Haneti assets, mainly because
the next phase of the Haneti drill programme is not formalised, and
the related funding has not been raised.
No shares were issued during the year ending December 2022.
Therefore, the marginal decrease in loss per share is due to the
reasons stated above in the analysis of the year-on-year loss for
the period.
Key performance indicators
Management does not consider there to be any key financial KPI's
at this stage, other than the loss per share for the period, which
is included in the statement of comprehensive income. As and when
operational activities increase management will reconsider the key
financial KPI's and update the necessary disclosures accordingly.
Non-financial KPI's comprise the measure of advancement with
respect to the various key exploration projects over the medium to
long term.
Principal Risks and Uncertainties
The realisation of exploration and evaluation assets is
dependent on the discovery and successful development of economic
mineral reserves and is subject to a number of significant
potential risks summarised as follows, and described further
below:
-- financial instrument & foreign exchange risk;
-- strategic risk;
-- funding risk;
-- commercial risk;
-- operational risk;
-- speculative nature of mineral exploration and development;
-- political stability; and
-- foreign investment risks including increases in taxes,
royalties and renegotiation of contracts..
Financial instrument and foreign exchange risk
The Company and Group are exposed to risks arising from
financial instruments held and foreign exchange transactions
entered into throughout the period. These are discussed in Note 19
to the Annual Financial Statements.
Strategic risk
Significant and increasing competition exists for mineral
acquisition opportunities throughout the world. As a result of this
competition, the Group may be unable to acquire rights to exploit
additional attractive mining properties on terms it considers
acceptable. Accordingly, there can be no assurance that the Group
will acquire any interest in additional operations that would yield
reserves or result in commercial mining operations. The Company
expects to undertake sufficient due diligence where warranted to
help ensure opportunities are subjected to proper evaluation.
Funding risk
In the past the Group has raised funds via equity contributions
from new and existing shareholders, thereby ensuring the Group
remains a going concern until such time that revenues are earned
through the sale or development and mining of a mineral deposit.
There can be no assurance that such funds will continue to be
available on reasonable terms, or at all in future. The Directors
regularly review cash flow requirements to ensure the Group can
meet financial obligations as and when they fall due.
For further related disclosure refer to the going concern
evaluation in the Directors' report. It includes the evaluation of
the going concern assumption due to the funding risk. The section
discloses the information that has been taken into account, how the
risks were evaluated and mitigated.
Commercial risk
The mining industry is competitive and there is no assurance
that, even if commercial quantities of minerals are discovered, a
profitable market will exist for the sale of such minerals. There
can be no assurance that the quality of the minerals will be such
that the Group properties can be mined at a profit. Factors beyond
the control of the Group may affect the marketability of any
minerals discovered. Mineral prices are subject to volatile price
changes from a variety of factors including international economic
and political trends, expectations of inflation, global and
regional demand, currency exchange fluctuations, interest rates and
global or regional consumption patterns, speculative activities and
increased production due to improved mining and production methods.
Ultimately, the Group expects that prior to a development decision,
a project would be the subject of a feasibility analysis to ensure
there exists an appropriate level of confidence in its economic
viability.
Operational risk
Mining operations are subject to hazards normally encountered in
exploration, development and production. These include unexpected
geological formations, rock falls, flooding, dam wall failure and
other incidents or conditions which could result in damage to plant
or equipment or the environment and which could impact any future
production throughout. Although it is intended to take adequate
precautions to minimise risk, there is a possibility of a material
adverse impact on the Group's operations and its financial results.
The Company will develop and maintain policies appropriate to the
stage of development of its various projects.
Staffing and Key Personnel Risks
Recruiting and retaining qualified personnel is critical to the
Group's success. The number of persons skilled in the acquisition,
exploration and development of mining properties is limited and
competition for such persons is intense. While the Company has good
relations with its employees, these relations may be impacted by
changes in the scheme of labour relations which may be introduced
by the relevant governmental authorities. Adverse changes in such
legislation may have a material adverse effect on the Group's
business, results of operations and financial condition. Staff are
encouraged to discuss with management matters of interest to the
employees and subjects affecting day-to-day operations of the
Group.
Speculative Nature of Mineral Exploration and Development
In addition to the above there can be no assurance that the
current exploration programmes will result in profitable mining
operations.
The recoverability of the carrying value of exploration and
evaluation assets is dependent on the successful discovery of
economically recoverable reserves, the achievement of profitable
operations, and the ability of the Group to raise additional
financing, if necessary, or alternatively upon the Company's
ability to dispose of its interests on an advantageous basis.
Changes in market conditions could require material write downs of
the carrying value of the Group's assets.
Development of the Group's mineral exploration properties is,
amongst others, contingent upon obtaining satisfactory exploration
results and securing additional adequate funding. Mineral
exploration and development involves substantial expenses and a
high degree of risk, which even a combination of experience,
knowledge and careful evaluation may not be able to adequately
mitigate. The degree of risk reduces substantially when a Group's
properties move from the exploration phase to the development
phase.
The discovery of mineral deposits is dependent upon a number of
factors including the technical skill of the exploration personnel
involved. The commercial viability of a mineral deposit, once
discovered, is also dependent upon a number of factors, including
the size, grade and proximity to infrastructure, metal prices and
government regulations, including regulations relating to
royalties, allowable production, importing and exporting of
minerals, and environmental protection. In addition, several years
can elapse from the initial phase of drilling until commercial
operations are commenced.
Political Stability
The Company is conducting its activities in Tanzania and South
Africa. The Directors believe that the Governments of Tanzania and
South Africa support the development of natural resources by
foreign investors and the Directors actively monitor the situation
on an ongoing basis. However, there is no assurance that future
political and economic conditions in Tanzania and South Africa will
not result in the respective governments adopting different
policies regarding foreign development and ownership of mineral
resources. Any changes in policy affecting ownership of assets,
taxation, rates of exchange, environmental protection, labour
relations, repatriation of income and return of capital, may affect
the Company's ability to develop the projects.
Uninsurable Risks
The Group may become subject to liability for accidents,
pollution and other hazards against which it cannot insure or
against which it may elect not to insure because of prohibitive
premium costs or for other reasons, such as amounts which exceed
policy limits.
Foreign investment risks including increases in taxes, royalties
and renegotiation of contracts
The Group is subject to risk arising from the ever-changing
economic environment in which its subsidiaries operate, mainly
driven by the changing regulatory environment governing corporate
taxation, transfer pricing and other investment related operational
activities. The Group continues to re-assess its investment
decisions in order to limit exposure to the ever-changing
regulatory environment in which it operates.
Section 172 Report
Section 172(1)(a) to (f) of the Companies Act 2006 requires each
director to act in the way he or she considers would be most likely
to promote the success of the Company for the benefit of its
members as a whole, with regard to the following matters:
a. The likely consequences of any decision in the long-term
Katoro is a mining exploration and development Company. By their
natures mining exploration and development projects are complex,
capital intensive, last many years and involve a varied group of
stakeholders. As such it is extremely important that the board
considers all decisions made by the Company in the context of their
long-term impact on the Company. Consequences of such decisions
include (but are not limited to) the impact on all stakeholders
(with particular care towards local communities), impact on
environmental issues in and around project areas and the financial
impact on the Company and its ability to function effectively.
Katoro Gold is meticulous in its planning, as is required for
permitting processes in the mining exploration and development
sector. As such, the Company prepares detailed planning documents
before initiating any major work programme. Such planning documents
assess a variety of factors from community and environmental issues
to technical geological and project funding matters. Where
appropriate the Company provides copies of these reports on its
website ( www.katorogold.com ) or releases excerpts via the London
Stock Exchange's Regulatory News Service.
b. The interests of the company's employees
The health and safety of Katoro Gold's employees is of paramount
concern to the board. It is imperative that Katoro Gold provides a
safe and secure working environment for all staff. The Company
conducts regular Health & Safety reviews and ensures that any
operational plans are subject to rigorous scrutiny in their
creation and constant monitoring during their implementation.
The Company is a responsible employer in respect to the approach
it takes towards employee and contractor pay, benefits and other
terms of engagement as it develops. These are constantly
reviewed.
While the Board is all male at the date of this report, it is
committed to fair and equal gender opportunity and fostering
diversity, subject to ensuring appointees are appropriately
qualified and experienced for their roles. The Group acknowledges
that as it expands its operations, it will be to its benefit to
align the composition of its Boards and profile of its management
and staff to reflect balance in the ethnicity and gender of its
personnel.
Analyses of gender of Group personnel during reporting
period:
Male Female Other
Board 5 0 0
-------------------- -------------------- --------------------
Management 1 4 0
-------------------- -------------------- --------------------
Employees No direct employees No direct employees No direct employees
-------------------- -------------------- --------------------
c. The need to foster the company's business relationships with suppliers, customers and others
Mining exploration and development projects involve a diverse
and varied group of stakeholders. These include (but is not limited
to) the Company's employees, government officials, local
communities, financial backers, shareholders and other suppliers.
The Company adopts a transparent and open stance in its dealings
with all stakeholders to help build trust. Mining exploration and
development projects can only succeed with the full support of all
involved.
The board has oversight of the procurement and contract
management processes in place and receives regular updates on any
matters of significance, as well as approving the awarding of large
contracts. The board ensures the Company fully adheres to the
Bribery Act 2010 2010 by means of Anti-Corruption & Bribery and
Whistle-Blowing policies that is implemented.
d. The impact of the company's operations on the community and environment
Mining exploration and development projects can have a
significant impact on local communities and the environment. The
board constantly reviews the impact of its operations on local
communities and the environments. Where required, the Company
completes detailed surveying work (such as Environmental Impact
Assessments) and, where necessary, applies for relevant permits.
Such processes require diligence and concentrated effort.
The board ensures it maintains positive relations with local
communities, by engaging in local programmes and providing secure
employment opportunities.
e. The desirability of the company maintaining a reputation for
high standards of business conduct
As a listed company, Katoro Gold's reputation for the high
standards of its business conduct is paramount. The board makes
every effort to ensure it maintains these.
The Company is subject to the disclosure requirements of the AIM
Rules for Companies and Financial Conduct Authority's Disclosure
Transparency Rules. These comprehensive set of rules enforce a
strict discipline upon the Company in terms of the manner,
timeliness, subjectivity and content of its public disclosures.
Katoro Gold is also required to complete an annual audit. This
is a rigorous analysis of the Company's operations and review of
the Company's policies. The results of this are published each year
in the Company's Annual Report.
Katoro Gold also publishes on its website an "AIM 26 Disclosure"
( https://katorogold.com/investors/aim-rule-26 ), which details
much of the manner in which the Company is run.
Katoro Gold is committed to corporate governance and adheres to
the QCA Corporate Governance Code. The Company's corporate
governance statement can be found here
https://katorogold.com/wp-content/uploads/2018/10/QCA-Statement.pdf
.
f. The need to act fairly as between members of the company
As a listed Company, Katoro Gold is committed to treating its
shareholders fairly and delivering shareholder value.
Katoro Gold is registered in England and Wales and is subject to
the Companies Act 2006. The Company is also subject to the UK City
Code on Takeovers and Mergers. The Company's articles of
association, which help define some of the actions between the
Company and its shareholders, can be found here
https://katorogold.com/investors/corporate-documents
This report was approved by the Board on 25 May 2022 and signed
on its behalf by:
Louis Coetzee
Executive Chairman
Condensed Consolidated Financial Results for the year ended 31
December 2022
Condensed Consolidated Statement of Comprehensive Income
31 December 31 December
2022 2021
----------- -----------
Audited Audited
----
Note GBP GBP
----
Administrative expenses (664,682) (689,396)
Share based payment transactions - (195,241)
Foreign exchange (losses) / gains (407) 15,471
5 &
Impairments 8 (224,966) -
Share of loss in associate (4,408)
Loss on disposal of subsidiary 7 (75,922)
Exploration expenditure (285,374) (284,463)
----------- -----------
Operating loss (1,255,759) (1,153,629)
Other income - 1,029
Finance income 5,260 10,121
----------- -----------
Loss on ordinary activities before tax (1,250,499) (1,142,479)
Taxation (61) -
----------- -----------
Loss for the period (1,250,560) (1,142,479)
Other comprehensive loss:
Items that may be classified subsequently to
profit or loss:
Exchange differences on translation of foreign
operations 97,226 (2,162)
Other comprehensive loss for the period net
of tax 97,226 (2,162)
Total comprehensive loss for the period (1,153,334) (1,144,641)
----------- -----------
Loss for the period (1,250,560) (1,142,479)
----------- -----------
Attributable to the owners of the parent (1,054,079) (1,062,598)
Attributable to non-controlling interest (196,481) (79,881)
----------- -----------
Total comprehensive loss for the period (1,153,334) (1,144,641)
----------- -----------
Attributable to the owners of the parent (994,101) (1,080,669)
Attributable to non-controlling interest (159,233) (63,972)
----------- -----------
Loss per Share
Basic loss per share (pence) 4 (0.23) (0.27)
Diluted loss per share (pence) 4 (0.23) (0.27)
Condensed Consolidated Statement of Financial Position
31 December 31 December
2022 2021
----------- -----------
Audited Audited
----------- -----------
GBP GBP
----------- -----------
Assets
Non-Current Assets
Exploration and evaluation assets 5 - 209,500
Total Non-Current Assets - 209,500
----------- -------------
Current Assets
Other receivables 16,340 48,702
Cash and cash equivalents 49,596 827,956
Total Current Assets 65,936 876,658
----------- -------------
Total Assets 65,936 1,086,158
=========== =============
Equity and Liabilities
Equity
Called up share capital 9 4,604,125 4,604,125
Share premium account 9 2,962,582 2,962,582
Merger Reserve 9 1,271,715 1,271,715
Capital Contribution 9 10,528 10,528
Warrant and share based payment reserve 9 828,223 946,153
Translation Reserve (296,937) (356,915)
Retained earnings reserve (9,318,504) (8,382,355)
----------- -------------
Equity attributable to owners of the parent 61,732 1,055,833
Non-controlling interest (292,640) (133,407)
----------- -------------
Total Equity (230,908) 922,426
----------- -------------
Liabilities `
Current Liabilities
Trade and other payables 106,615 88,452
Other financial liabilities 190,229 75,280
Total Current Liabilities 296,844 163,732
=========== =============
Total Equity and Liabilities 65,936 1,086,158
Condensed Consolidated Statement of Changes in Equity
Share Share Merger Capital Warrant Foreign Retained Non-controlling Total
capital premium reserve contribution and share currency deficit interest equity
based translation
payment reserve
reserve
-------------- --------- --------- --------- ------------ --------- ----------- ----------- --------------- -----------
GBP GBP GBP GBP GBP GBP GBP GBP
-------------- --------- --------- --------- ------------ --------- ----------- ----------- --------------- -----------
Balance as at
1 January
2022 4,604,125 2,962,582 1,271,715 10,528 946,153 (356,915) (8,382,355) (133,407) 922,426
--------- --------- --------- ------------ --------- ----------- ----------- --------------- -----------
Loss for the
year - - - - - -, (1,054,079) (196,481) (1,250,560)
Other
comprehensive
loss - - - - - 59,978 - 37,248 97,226
Expiry of
share
warrants and
options - - - - (117,930) - 117,930 - -
Balance as at
31 December
2022 4,604,125 2,962,582 1,271,715 10,528 828,223 (296,937) (9,318,504) (292,640) (230,908)
========= ========= ========= ============ ========= =========== =========== =============== ===========
Balance as at
1 January
2021 3,286,982 2,472,725 1,271,715 10,528 750,912 (338,844) (7,262,707) (69,435) 121,876
========= ========= ========= ============ ========= =========== =========== =============== ===========
Loss for the
year - - - - - - (1,062,598) (79,881) (1,142,479)
Other
comprehensive
loss - - - - - (18,071) - 15,909 (2,162)
Issue of share
capital 1,317,143 489,857 - - - - - - 1,807,000
Costs relating
to share
issue - - - - - - (57,050) - (57,050)
Issue of share
warrants and
options - - - - 195,241 - - - 195,241
Balance as at
31 December
2021 4,604,125 2,962,582 1,271,715 10,528 946,153 (356,915) (8,382,355) (133,407) 922,426
Note
========= ========= ========= ============ ========= =========== =========== =============== ===========
Condensed Consolidated Statement of Cash Flow
31 December 31 December
2022 2021
----------- -----------
Audited Audited
-----
Notes GBP GBP
-----
Cash flows from operating activities
Loss for the period before taxation (1,250,499) (1,142,479)
Adjustments for:
Foreign exchange loss / (gain) 407 (23,253)
Share based payment transactions - 195,241
Share of loss in associate 8 4,408 -
Impairments of intangible assets 5 209,500 -
Impairment of associates 8 15,466 -
Loss on disposal of subsidiary 7 75,922
Impairments of other financial assets - 142,106
Other non-cash items 961 -
Decrease/(Increase) in other receivables 32,362 (2,297)
(Decrease)/Increase in trade and other payables 18,163 (85,198)
----------- -----------
Net cash flows from operating activities (893,310) (915,880)
----------- -----------
Cash flows from investing activities
Advances to other financial assets - (125,866)
----------- -----------
Net cash proceeds from investing activities - (125,866)
----------- -----------
Cash flows from financing activities
Issue of shares (net of share issue cost) - 1,732,950
Proceeds from other financial liabilities 114,950 38,975
----------- -----------
Net cash proceeds from financing activities 114,950 1,771,925
----------- -----------
Net (decrease) / increase in cash (778,360) 730,179
Cash and cash equivalents at the start of the
financial period 827,956 97,777
----------- -----------
Cash and cash equivalents at the end of the
financial period 49,596 827,956
=========== ===========
During the financial year the group recognised an investment in
an associate Kibo Gold Limited at its retained equity value upon
dilution of its interest from 100% to the remaining 20% pursuant an
agreement with Lake Victoria Gold following the cancellation of the
Reef Miner Limited disposal in a previous reporting period. The
investment was impaired to GBPNil on the same day to reflect the
value of the Kibo Gold investment previously held. The retained
interest and impairment value was GBP180,301. Refer note 7 and
8.
The shares in LVG originally received as part payment for the
Reef Miner disposal were cancelled at its fair value previously
held of GBPNil. Refer note 6.
Condensed Consolidated financial results for the year ended 31
December 2022
Note 1 General Information
Katoro Gold PLC ("Katoro" or the "Company") is a Company
incorporated in England & Wales as a public limited Company.
The Group financial statements consolidate those of the Company and
its subsidiaries (together referred to as the "Group"). The
Company's registered office is located at 60 Gracechurch Street,
London EC3V 0HR.
The principal activities of the Group are related to the
evaluation and exploration studies within a licenced portfolio area
with a view to generating commercially viable mineral
resources.
The individual financial statements of the Company ("Company
financial statements") have been prepared in accordance with the
Companies Act 2006 which permits a Company that publishes its
Company and Group financial statements together, to take advantage
of the exemption in Section 408 of the Companies Act 2006, from
presenting to its members its Company Income Statement and related
notes that form part of the approved Company financial
statements.
Note 2 Going Concern
In the past the Group has raised funds via equity contributions
from new and existing shareholders, thereby ensuring the Group
remains a going concern until such time that revenues are earned
through the sale or development and mining of a mineral deposit.
There can be no assurance that such funds will continue to be
available on reasonable terms, or at all in future. The Directors
regularly review cash flow requirements to ensure the Group can
meet financial obligations as and when they fall due.
In performing the going concern assessment, the Board considered
various factors, including the availability of cash and cash
equivalents, data relating to working capital requirements for the
foreseeable future, available information about the future,
possible outcomes of planned events, and the responses to such
events and conditions that would be available to the Board.
The Group currently generates no revenue and had a net liability
position of GBP230,908 as at 31 December 2022 (31 December 2021:
net assets of GBP922,426). As at year end, the Group had liquid
assets in the form of cash and cash equivalent and other financial
asset balances receivable of GBP49,596 (2021: GBP827,956 and
GBP48,702).
The Directors have evaluated the Group's liquidity risk and
liquidity requirements to confirm whether the Group has adequate
cash resources to continue as a going concern for the foreseeable
future. Considering the net current liability position, the
Directors have reviewed the cash flow forecasts, based on the
existing budget and evaluated to prior year actuals. The forecast
includes estimates and assumptions regarding future costs and the
timing of these. The financial forecast does not include
non-committed expenditure.
The cash flow forecast indicates a cash shortfall will arise on
the short term. The Group has limited funds available post year end
following from the continued exploration activities undertaken
throughout the Group, therefore further capital raising will be
required to advance the underlying projects of the Group beyond the
foreseeable future and continue operations.
The Directors though continue to review the Group's options to
secure additional funding for its general working capital
requirements, alongside its ongoing review of potential acquisition
targets and corporate development needs.
The Group and Company will require additional finance in order
to progress work on its current assets and bring them to commercial
development and cash generation. Such development is dependent on
successful explorations and technical reports and then on securing
further funding. The Directors are confident in this light that
such funding will be available, although there is no guarantee as
to the terms of such funding or that such funding will be
available. As a result, the Directors continue to monitor and
manage the Company's cash and overheads carefully in the best
interests of its shareholders.
Various sources of funding will be considered, most notably:
-- Capital Placings
-- Credit Loan Notes
-- Exercise of outstanding Warrants
-- A letter of support can be obtained from Kibo Energy Plc
Furthermore, Katoro has a strong proven track record of being
able to source funding on an ongoing basis, even in very difficult
market conditions, and it expects to be able to continue doing so.
Katoro is in the process of finalising a significant transaction
with regards to a new acquisition and have an advanced terms sheet
that is being finalised for execution.
Katoro also enjoys strong support, with specific reference to
funding, from its corporate broker, SI Capital Ltd, which also has
a proven track record of being able to facilitate ongoing
funding.
As noted in earlier in the post balance sheet events section, a
general meeting was held on 15 March 2023 where the nominal value
of shares was reduced from 0.01 to 0.001 which effectively reduced
the value of the issued share capital (based on the 460 412 593
issued shares).
The Directors continue to monitor and manage the Company's cash
and overheads carefully in the best interests of its
shareholders.
Whilst the Directors continue to consider it appropriate to
prepare the financial statements on a going concern basis the above
constitutes a material uncertainty that shareholders should be
aware of.
Note 3 Audited results
These condensed consolidated financial results have been
extracted from the audited financial statements but are not in
itself audited.
Note 4 Basic and dilutive loss per share
The basic loss and weighted average number of ordinary shares
used for calculation purposes comprise the following:
Basic Loss per share 31 December 31 December
2022 (GBP) 2021 (GBP)
Loss for the period attributable
to equity holders of the parent (977,974) (1,062,598)
Weighted average number of ordinary
shares for the purposes of basic
loss per share 460,412,593 460,412,593
Basic loss per ordinary share (pence) (0.23) (0.27)
The Company had warrants in issue as at 31 December 2022 and
2021 though the inclusion of such warrants in the weighted average
number of shares as possible dilutive instruments in issue during
2022 and 2021 would be anti-dilutive and therefore they have not
been included for the purpose of calculating the loss per
share.
A transaction took place after year-end, effective 11 April 2023
whereby 19,000,000 ordinary shares were issued, which results in an
increase in the number of issued shares to 658,412,593. In
addition, 209,085,100 warrants were issued on the same date.
The Company performed a share capital subdivision subsequent to
year end, whereby each existing ordinary share was split into one
ordinary share of GBP0.001 and one deferred share of GBP0.009. The
issued ordinary shares did not change as a result of this
transaction and there was no effect on the weighted average number
of ordinary shares. Refer note 11.
Note 5 Exploration and evaluation assets
Exploration and evaluation assets consist solely of separately
identifiable prospecting assets held by Kibo Nickel and its
subsidiaries.
The following reconciliation serves to summarise the composition
of intangible prospecting assets as at period end:
Reconciliation of exploration
and evaluation assets
Haneti
( GBP)
Carrying value as at 1 January
2020 209,500
----------
Acquisition of prospecting licences -
Impairment of licences -
Carrying value as at 1 January
2021 209,500
----------
Acquisition of prospecting licences -
Impairment of licences (209,500)
Carrying value as at 31 December -
2022
----------
Haneti comprises tenements (prospecting licences, offers and
applications) prospective for nickel, platinum-Group-elements and
gold. It covers an area of approximately 5,000 sq. km in central
Tanzania and forms a near contiguous project block. The project
area straddles the Dodoma, Kondoa and Manyoni districts all within
the Dodoma (Administrative) Region. The main prospective belt of
rocks within the project, the Haneti-Itiso Ultramafic Complex
(HIUC), is centred on the small town of Haneti, located 88
kilometres north of Tanzania's capital city Dodoma . The HIUC
sporadically crops out over a strike length of 80 kilometres with
most outcrop exposure occurring 15 kilometres east of Haneti
village where artisanal mining of the semi-precious mineral
chrysoprase (nickel-stained chalcedonic quartz) is being carried
out at a few localities.
Historical geophysical and geochemical sampling programmes
completed prior to the 2022 drilling campaign were successful in
identifying at least three high-priority drilling targets at
Haneti. As no fresh rock samples had ever been obtained from the
Project, the decision was made to drill these targets. The main
programme goal was to extract fresh rocks to obtain a better
understanding of the subsurface geology as well as to intersect
Ni-Cu sulphide mineralisation.
The 2022 diamond core drilling programme was completed
successfully with a total of 900m drilled. This included three
drill holes which were targeting previously outlined
mafic-ultramafic Ni- Cu-PGE sulphide targets at the Mihanza and
Mwaka Hill prospects (on PL no. 11797/2022). The three holes
completed are outlined and summarised below:
-- Mwaka Hill Prospect: Hole MWDD01 was drilled to 245.8m down
hole depth at an inclination of -63deg and MWDD02 to 224.0m at a
-64deg inclination. The two holes intersected significant
thicknesses of altered ultramafic rocks (serpentinite) and mafic
rocks (gabbro). Hole MWDD01 gave the highest Ni intersection of
2.00 m @ 0.45% Ni from 81.5m downhole. In MWDD02 two wider
intersections were encountered with 4.0m @ 0.38% Ni from 151.4m and
4.0m @ 0.35% Ni from 159.4m. All elevated Ni results were found
exclusively within serpentinite.
-- Mihanza Hill Prospect: Hole MHDD01 at the was drilled to
430.2m at a -64deg inclination. The hole intersected similar rock
types as at the Mwaka Hill prospect but contained no significant Ni
intersections but did contain anomalous PGE, Au and Cu results
including: 2.0m of 0.08g/t platinum (Pt) + palladium (Pd) from
241.3m; 2.0m of 0.21g/t Au from 392.4m; and 2.0m @ 0.11 % Cu from
236.2m.
The drilling field work phase was followed by laboratory
analyses, performed at SGS's laboratory located in Mwanza, Tanzania
with samples also then transferred to SGS South Africa to mitigate
certain operational difficulties at SGS Tanzania. This re-routing
of samples and the additional work required in respect of the
lithium prospectivity added some additional time to the return of
completed findings to the operational team.
As at the time publishing this report, the Company had
successfully completed the diamond drilling programme. The results
were analysed and will allow for a refined approach during the next
phase of the project, with focus on specified areas. This plan has
not yet been developed in sufficient detail, and accordingly
further funding has not yet been obtained. Due to this uncertainty
as at 31 December 2022, management has applied a provision for
impairment against the carrying value of the intangible asset to
the value of GBP209,500.
Note 6 Investments
Group (GBP)
2022 2021
------ --------
Lake Victoria Gold Limited (LVG) - 37,661
Fair value adjustments - (37,661)
------ --------
- -
------ --------
Movements in other investments
comprise of:
Opening balance as at 1 January - -
2022
Shares in LVG received for Reef
Miner Limited sale - 37,661
Fair value adjustment - (37,661)
Disposal of shares in LVG upon
cancellation of Reef Miner Limited
sale at fair value GBPNil -
------ --------
Closing balance as at 31 December - -
2022
------ --------
The investment represents 700,000 ordinary shares in Lake
Victoria Gold Limited, incorporated in Australia. The shares were
issued on 15 October 2019 to Katoro Gold PLC in recognition of the
Company granting the extension to receipt of the first tranche of
monies due under the term sheet. The investment in Lake Victoria
Gold has been fully impaired due to the early-stage exploration
nature of the underlying investee entity.
During the year the investment in Lake Victoria Gold Limited was
cancelled as a result of the cancellation of the Reef Miners
Limited disposal. Refer to note 8.
Note 7 Other financial assets
Group (GBP)
2022 2021
----------- -----------
Other financial assets comprise:
Lake Victoria Gold receivable 656,283 657,061
Blyvoor Joint Venture receivable 1,287,686 1,223,495
1,943,969 1,880,556
----------- -----------
Impairment of other financial
assets receivable
Lake Victoria Gold receivable (656,283) (657,061)
Blyvoor Joint Venture receivable (1,287,686) (1,223,495)
----------- -----------
(1,943,969) (1,880,556)
----------- -----------
Movements in other financial assets
comprise of:
Opening balance as at 1 January
2022 1,880,556 1,801,158
Additions 7,560 118,831
Cancellation of Reef Miner Disposal (656,283)
Disposal of Kibo Gold 656,283
Foreign currency translation 55,853 (39,433)
----------- -----------
Closing balance as at 31 December
2022 1,943,969 1,880,556
----------- -----------
Movements in impairments of other
financial assets receivable consist
of:
Opening balance as at 1 January
2022 (1,880,556) (1,801,158)
Impairments (7,560) (118,831)
Cancellation of Reef Miner disposal 656,283
Disposal of Kibo Gold (656,283)
Foreign currency translation (55,853) 39,433
----------- -----------
Closing balance as at 31 December
2022 (1,943,969) (1,880,556)
----------- -----------
Lake Victoria Gold Receivable
Lake Victoria Gold Receivable
Following various administrative difficulties in transferring
ownership of Reef Miners Limited from Kibo Gold Limited to Lake
Victoria Gold Limited, both parties concluded on 07 March 2022 to
cancel the previous Sale of Share Agreement by mutual consent.
As per the cancellation agreement, the Reef Transaction was
cancelled by mutual agreement between the parties, with neither
party having any claim against another party following specifically
from the cancellation agreement.
On the same day Katoro Gold plc and Lake Victoria Gold Limited
entered into a "Joint Venture Agreement". Under the terms and
conditions of the "Joint Venture Agreement", Lake Victoria Gold
Limited became the 80% shareholder of Kibo Gold Limited, Cypriot
subsidiary of Katoro Gold plc, on the date of the Agreement with
Katoro Gold plc owning the remaining 20%.
Prior to the implementation of the above "Joint Venture
Agreement", Katoro Gold plc held 200 ordinary shares in the equity
of Kibo Gold Limited, constituting 100% of the issued share capital
in the company.
On the effective date, Lake Victoria Gold Limited subscribed for
800 new shares in Kibo Gold Limited, equal to 80% of the total
issued share capital of the company on conclusion of the "Joint
Venture Agreement", for the subscription amount of EUR88,000.
Katoro Gold plc indemnifies Lake Victoria Gold Limited against
any claims resulting from the cancellation of the Sale of Share
Agreement. The position of ownership of Reef Mining Limited was
completely returned to Katoro Gold plc, and no contingent amounts
are due and payable by Lake Victoria Gold Limited in this
regard.
As per the "Joint Venture Agreement", the Conditions Precedent
for the conclusion of the Share Issue have been met on the 7th of
March 2022 and that the "effective date" of transfer of ownership
of 80% of the shareholding is on the 7th of March 2022, as the
issued shares to Lake Victoria Gold Limited rank Pari-Passu with
the issued shares.
The "Joint Venture Agreement" furthermore details the following
requirements:
-- Lake Victoria Gold Limited will contribute capital to Kibo
Gold plc in the form of a shareholder's loan amounting to
EUR792,000;
-- Lake Victoria Gold Limited will be obliged to declare a
preference dividend to Katoro Gold Plc in the amount of EUR792,000
which is payable in any number of instalments by the earlier of 31
December 2023 and the date it ceases to be a shareholder in the
company; and
-- In the event that the preference dividend has not been
declared and paid by Kibo Gold Limited to Katoro Gold plc by 31
December 2023, the outstanding balance owing will be paid by Lake
Victoria Gold Limited to Katoro Gold plc directly.
The investment in Kibo Gold plc was as of 7 March 2022
recognised as an associate to reflect the terms of the "Joint
Venture Agreement".
The receivable in Lake Victoria Gold has been fully impaired at
31 December 2022 due to the credit risk of LVG, which is as a
result of previous payments not being received as they became
due.
The resulting loss on disposal was recognised during the period
ended 31 December 2022:
Group
(GBP)
Assets disposed (144)
Liabilities disposed 13,980
---------
Net liability disposed 13,836
Foreign currency translation reserve
reclassified through profit or loss (89,758)
Retained investment in equity - associate
(20%) 182,301
---------
Net liabilities after disposal 106,379
Proceeds from disposal of Kibo Gold
Group 656,283
---------
Profit on disposal of Kibo Gold Group 762,662
Impairment of Receivable from LVG (656,283)
Impairment of retained equity interest (182,301)
---------
Net loss on disposal for group at 31
December 2022 (75,922)
---------
Blyvoor Joint Operations
On 30 January 2020, the Group entered into a Joint Venture
Agreement with Blyvoor Gold Mines (Pty) Ltd, whereby Katoro Gold
plc and Blyvoor Gold Mines (Pty) Ltd would become 50/50
participants in an unincorporated Joint Venture.
In accordance with the requirements of the Joint Venture
Agreement, the Katoro Group was to provide a ZAR15.0 million loan
(approximately GBP790,000) to the JV ('the Katoro Loan Facility'),
which will fund ongoing development work on the Project.
As at year end, the Group has advanced funding in the amount of
GBP1,287,686 (2021: GBP1,223,495) of which 100% relate to
expenditure allocated to the Joint Venture operations, carried by
the Katoro Gold plc Group. The funding advanced during the year
amounted to GBP7,560 and the remainder of the balance of GBP56,631
relates to change in translation rate during the year.
The Katoro Loan Facility would have formed part of the
development capital project financing that Katoro was required to
procure in accordance with its obligations contained in the
Acquisition Agreement, provided that:
-- the balance of the Katoro Loan Facility then outstanding
shall be subordinated to third party creditors participating in the
development capital project financing.
-- the Katoro Loan Facility will bear interest at the 12-month
London Inter Bank Offered Rate, or its successor; and
-- the Katoro Loan Facility will be repayable within 12 months after:
- the last third-party creditor participating in the project
financing shall have been paid; or
- any earlier date on which the Parties may agree.
As at reporting period end, the counterparty to the Acquisition
Agreement had failed to deliver all the required documentation to
satisfy the last condition precedent, therefore the Group is
considering its position and options in this matter.
Note 8 Investments in associates
Investment in associates consists of equity investments where
the Group has an equity interest between 20% and 50% and does not
exercise control over the investee.
The following reconciliation serves to summarise the composition
of investments in associates as at year end.
Kibo Gold
Limited
(GBP)
Investments at Cost
----------
At 1 January 2021 -
----------
Disposal of interest in subsidiary -
At 31 December 2021 -
----------
Remaining equity interest following
loss of control over investee 180,301
Additional contributions to the
investee 19,783
Share of losses for the year (4,408)
Share in other comprehensive loss
for the year (91)
Impairment loss recognised as
part of remaining equity interest 7 (180,301)
Impairment loss attributable to
associate (15,466)
At 31 December 2022 -
----------
During the financial year the Group entered into an agreement
with Lake Victoria Gold Limited whereby LVG purchased Kibo Gold
Limited for a total consideration of GBP729,203 of which GBP656,283
is due by LVG to Katoro Gold Plc. This was pursuant the
restructuring of an agreement with LVG relating to the previous
reported disposal of Reef Miners Limited.
The original disposal agreement of Reef Miners was cancelled and
LVG purchased an 80% equity interest in Reef Miners' parent Kibo
Gold by way of a share issue of Kibo Gold. The share issue resulted
in a dilution of interest for Katoro Gold Plc in Kibo Gold and the
subsequent loss of control.
On the date that control in Kibo Gold was lost, Katoro Gold
raised a residual interest in Kibo Gold to the value of GBP180,301
which was impaired on the same day to reflect the position of the
investment in Kibo Gold previously held. Refer note 7.
Note 9 Share Capital and other equity reserves
The called-up and fully paid share capital of the Company is as
follows:
2022 2021
Allotted, issued and fully paid
shares
460,412,593 (2021: 460,412,593) Ordinary GBP4,604,125 GBP4,604,125
shares of GBP0.01 each
GBP4,604,125 GBP4,604,125
A reconciliation of share capital is set out below:
Ordinary
Number Share Capital Share Premium
of Shares (GBP) (GBP)
Balance at 31 December 2020 328,698,308 3,286,982 2,472,725
------------ --------------- --------------
Shares issued during the
period 131,714,285 1,317,143 489,857
Balance at 31 December 2021 460,412,593 4,604,125 2,962,582
------------ --------------- --------------
Balance at 31 December 2021 460,412,593 4,604,125 2,962,582
------------ --------------- --------------
All ordinary shares issued have the right to vote, right to
receive dividends, a copy of the annual report, and the right to
transfer ownership of their shares. There have been no shares
issued during the year.
During the year, 28,408,333 warrants with a reserve value of
GBP117,930 expired was reclassified to retained earnings. There
were no changes to the options issued and its related reserve
during the year. No changes occurred in the Merger and Capital
Contributions reserves.
Note 10 Board of Directors
There were no changes to the board of directors during the
period, or any other committee's composition.
Note 11 Subsequent events
At the general meeting held on 15 March 2023 a resolution was
passed whereby the share capital was subdivided. Before the
subdivision the Company had 460,412,593 ordinary shares of GBP0.01
each after the subdivision the Company had 460,412,593 New Ordinary
Shares of GBP0.001 each. The Board believes that the proposed
subdivision of share capital will provide the Company with more
flexibility regarding its future funding options and improve
trading liquidity in a very challenging market.
In April 2023 the Company has raised GBP150,000 (gross) at 0.1
pence per share, through a placing by SI Capital of GBP130,000 and
Directors' subscription of GBP20,000, both of which will be used to
fund the Company's ongoing working capital requirements (the
'Fundraise').
The Company has also issued GBP59 085 of new ordinary shares at
0.1 pence per share in settlement of accrued director fees
outstanding. Each Financing Share has an attaching warrant to
subscribe for a further new Ordinary Share at an exercise price of
0.2 pence per warrant, with a life to expiry of 3 years from the
Financing Shares admission.
Note 12 Commitments and contingencies
The Group does not have identifiable material contingencies or
commitments as at the reporting date.
Note 13 Segment report
IFRS 8 requires an entity to report financial and descriptive
information about its reportable segments, which are operating
segments or aggregations of operating segments that meet specific
criteria. Operating segments are components of an entity about
which separate financial information is available that is evaluated
regularly by the Chief Operating decision maker. The Chief
Executive Officer is the Chief Operating decision maker of the
Group.
Management currently identifies two divisions as operating
segments - Mining (Sub-holding Company and operating entities) and
Corporate (Ultimate Holding Company). These operating segments are
monitored, and strategic decisions are made based upon them
together with other non-financial data collated from exploration
activities. Principal activities for these operating segments are
as follows:
2022 Group Mining and 31 December
Exploration Corporate 2022 (GBP)
Group Group Group
Administrative
cost (261,794) (627,854) (889,648)
Exploration expenditure (285,374) - (285,374)
Foreign exchange
loss (407) - (407)
Finance income 5,260 - 5,260
Loss on disposal
of subsidiary - (75,922) (75,922)
Share in loss
in associates (4,408) - (4,408)
Loss before
tax (546,723) (703,776) (1,250,499)
------------- ---------- ------------
2021 Group Mining and 31 December
Exploration Corporate 2021 (GBP)
Group Group Group
Administrative
cost (272,733) (611,904) (884,637)
Exploration expenditure (284,463) - (284,463)
Foreign exchange
loss 15,471 - 15,471
Other income 1,029 - 1,029
Finance income 10,121 - 10,121
Loss after tax (530,575) (611,904) (1,142,479)
------------- ---------- ------------
2022 Group Mining and 31 December
Exploration Corporate 2022 (GBP)
Group Group Group
------------- ---------- ------------
Assets
Segment assets 6,103 59,833 65,936
Liabilities
Segment liabilities 219,190 77,652 296,842
2021 Group Mining and 31 December
Exploration Corporate 2021 (GBP)
Group Group Group
------------- ---------- ------------
Assets
Segment assets 297,194 788,964 1,086,158
Liabilities
Segment liabilities 99,983 63,749 163,732
Geographical segments
The Group operates in four principal geographical areas - United
Kingdom, Cyprus, South Africa and Tanzania.
United South Total
Kingdom Africa 31 December
Tanzania Cyprus 2022
(GBP) (GBP) (GBP) (GBP) (GBP)
Major Operational
indicators
Carrying value
of segmented
assets 4,732 1,941 57,784 1,479 65,936
Loss before
tax (300,438) (212,725) (729,695) (7,641) (1,250,499)
---------- ---------- ---------- -------- -------------
United South Total
Kingdom Africa 31 December
Tanzania Cyprus 2021
(GBP) (GBP) (GBP) (GBP) (GBP)
Major Operational
indicators
Carrying value
of segmented
assets 234,899 528 788,964 61,767 1,086,158
Loss after tax (136,879) (125,757) (726,061) (153,782) (1,142,479)
Directors, officers and professional advisers
Board of Directors Louis Coetzee (Executive Chairman)
Louis Scheepers (Non-Executive Director)
Myles Campion (Non-Executive Director)
Paul Dudley (Non-Executive Director)
Lukas Maree (Non-Executive Director)
Company Secretary: Ben Harber
Shakespeare Martineau LLP
6(th) Floor
60 Gracechurch Street
London
EC3V OHR
Auditors: Crowe U.K. LLP
55 Ludgate Hill
London
EC4M 7JW
Broker: SI Capital Limited
46 Bridge Street
Godalming
GU7 1HL
Nominated adviser: Beaumont Cornish Limited
3 Hardman Street
Manchester
M3 3HF
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END
FR FLFIRRAITIIV
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