TIDMGSCU
RNS Number : 9843X
Great Southern Copper PLC
28 December 2023
CERTAIN INFORMATION CONTAINED IN THIS ANNOUNCEMENT WOULD HAVE
BEEN DEEMED INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
MARKET ABUSE REGULATION (EU) NO 596/2014 ("MAR") WHICH HAS BEEN
INCORPORATED INTO UK LAW BY THE EUROPEAN UNION (WITHDRAWAL) ACT
2018 UNTIL THE RELEASE OF THIS ANNOUNCEMENT.
28 December 2023
Great Southern Copper plc
("GSC" or the "Company")
Interim Results
Great Southern Copper plc (LSE: GSCU), the company focused on
copper-gold and lithium exploration in Chile, announces its results
for the six months ended 30 September 2023.
Highlights:
Especularita
-- Received results from mapping and sampling activity at
various prospect locations across the Especularita project.
-- Assay results for rock chip samples at Victoria returned
grades up to 6.9% Cu and 1.85g/t Au
-- Assay results for rock chip samples at Teresita returned
grades up to 5.97% Cu and 13.9g/t Au
-- Stream sediment sampling survey was completed at Especularita
which set the stage for a regional follow-up mapping and sampling
campaign designed to identify new prospects
-- Post period on 10 October 2023, announced the results of the
drone-magnetics survey at Especularita, which identified high grade
Cu-Au prospects, Abundante and Teresita as magnetic anomalies and
began plans to drill at these prospects
-- Post period on 18 October 2023, received results from its
exploration programme at the Aurelia prospect at Especularita,
delivering another high-grade copper target into the pipeline, with
assay grades up to 6.76% Cu
San Lorenzo
-- Received the results of reconnaissance sampling at the newly
acquired Suyay prospect with results up to 4.13g/t Au and 1.75% Cu.
Results are indicative of potential porphyry-type
mineralisation
Monti-Lithium project
-- Expanded into lithium exploration by acquiring an option over
the Monti Lithium Project in Chile, with a total concession
application area of 235km(2) , exercisable for a total of US$2.26m
(mainly payable 2026)
-- Post period on 31 October 2023, expanded the total concession
application area of the Monti Lithium project to 33,100 ha,
strategically targeting areas which the Group believes have the
potential lithium-rich brine fluid-flow into the Salar de Atacama
basin, enhanced by large-scale geological structures
Corporate
-- Completed a GBP1m funding before expenses in May 2023 through
a placing and subscription and convertible loan facility
-- Announced the appointment of Martin Page as CFO and as a member of the Board
-- Post period on 23 November 2023, completed a fundraising
through a placing and subscription, to raise a total of GBP905,000
before expenses
Sam Garrett, Chief Executive Officer of Great Southern Copper,
said: "It has been very positive first half of the year as we
continue to make strong progress across our prospects and in
particular at Especularita where our exploration campaigns have
delivered encouraging results and helped to delineate promising
prospects for further exploration. In addition to these projects,
during the period we also took our first foray into lithium with
the acquisition of an option over the Monti-lithium project, a
highly prospective project in a tier one jurisdiction within the
world's second largest lithium producing country, Chile. As the
green energy transition continues to progress, we expect to
continue to see accelerating demand for critical minerals such as
copper and lithium and we believe this provides the ideal economic
context as we continue to advance our projects."
Enquiries:
Great Southern Copper plc
Sam Garrett, Chief Executive Officer +44 (0)20 4582 3500
SI Capital Limited
Nick Emerson +44 (0)14 8341 3500
Gracechurch Group
Harry Chathli, Alexis Gore, Henry
Gamble +44 (0)20 4582 3500
Notes for Editors:
About Great Southern Copper
Great Southern Copper PLC is a UK-listed mineral exploration
company focused on the discovery of copper-gold and lithium
deposits in Chile. The Company has the option to acquire rights to
100% of two projects in the under-explored coastal belt of Chile
that are prospective for large scale copper-gold deposits. In
addition, the Company has the option to acquire rights to 100% of a
lithium project located in the Salar de Atacama district of Chile.
Chile is a globally significant mining jurisdiction being the
world's largest copper producer and the second-largest producer of
lithium.
The two, early-stage Cu-Au projects comprise the San Lorenzo and
Especularita Projects, both located in the coastal metallogenic
belt of Chile which hosts significant copper mines and deposits,
including Teck's Carmen de Andacollo copper mine, and boasts
excellent access to infrastructure such as roads, power and ports.
Significant historical small-scale and artisanal workings for both
copper and gold are readily evident in both exploration project
areas.
The Company's Monti Lithium project is strategically located in
the pre-Andean region of Salar de Atacama which is Chile's premier
lithium-producing region with well-established lithium mining
operations and infrastructure.
Great Southern Copper is strategically positioned to support the
global market for copper and lithium - both critical battery metals
in the clean energy transition around the world. The Company is
actively engaged in exploration and evaluation work programmes
targeting both large tonnage, low to medium grade Cu-Au and Li
deposits as well as high-grade Cu-Au deposits.
Further information on the Company is available on the Company's
website: https://gscplc.com
INTERIM MANAGEMENT REPORT 30 SEPTEMBER 2023
During the six months to 30 September 2023, Great Southern
Copper has made excellent progress across both its Especularita and
San Lorenzo projects, where exploration work has shown highly
promising results and has laid out highly prospective targets for
further drilling. The Company also added the Monti-Lithium project
to the Company portfolio, which the Company views as a natural
complement to its existing copper-gold projects. Additionally, the
Company completed a successful fundraise, as well as an additional
one post period, which raised a total of c$1.9m before expenses in
order to fund the Company's exploration efforts.
Great Southern Copper's projects are all located in Chile, a
tier one mining jurisdiction. The Especularita and San Lorenzo
projects specifically are located within Chile's underexplored
coastal metallogenic belt, alongside other major deposits including
Teck's Carmen de Andacollo copper mine and Pucobre's El Espino
project. The Company's newly acquired Monti Lithium Project is
similarly well located within the Salar de Atacama, Chile's premier
lithium producing region.
Chile is the world's largest producer and exporter of copper, as
well as the second largest producer of lithium. With a long history
of mining and metal processing, the country boasts one of strongest
economies in South America. Not only does it enjoy a strong mining
culture, but the country also benefits from an experienced and
educated mining workforce, first-class infrastructure and a robust
legal framework, which includes provisions for foreign companies to
own 100% of mining assets.
Especularita
Reconnaisance work at Especularita has been ongoing throughout
the period, including mapping and sampling, magnetics surveys and
stream sediment sampling. The work has aimed to delineate
high-grade copper-gold targets related to both
porphyry-epithermal-skarn and IRGS type mineral systems.
The Company undertook and completed magnetics surveys at
Especularita over the last six months. This identified high grade
Cu-Au prospects, Abundante and Teresita, as magetic anomalies. It
also identified mutliple NE-trending targets within the Teresita
magnetic anomaly corridor, as well as bullseye anomalies that
potentially represent breccia-pipe or pencil-porphyry type Cu
deposits. In addition, rock chip samples returned high grade Cu-Au
grades up to 3.39% Cu at Abundante and 13.7g/t Au and 7.22% Cu at
Teresita.
In September 2023, the Company received results of its recently
completed stream sediment sampling survey which commenced in
February 2023 and was designed to provide broad-scale gold, base
metal, and trace element geochemistry across the Especularita
project area. The results from the survey defined multi-element
zonation patterns within and surrounding the extensive area of
lithocap alteration and has identified targets for follow-up
prospect-scale Cu-Au exploration.
The Company is now planning to conduct Scout RC drilling at both
the Teresita (IRGS quartz-carbonate vein-breccia system) and
Abundante (breccia-pipe system) prospects. In addition, the Company
will conduct detailed work on the Colorada lithocap designed to
define prospects for later drill-testing.
San Lorenzo
During the period, the Company received the results of
reconnaissance sampling at the newly acquired Suyay prospect,
within the San Lorenzo project area, with results up to 4.13g/t Au
and 1.75% Cu. The anomalous geochemistry combined with our early
understanding of the geology and controls on mineralisation now
suggests that there is potential at Suyay for a high-level
gold-rich porphyry or intrusive-related system.
The Company is now planning to advance its exploration and
target definition work for large scale porphyry and IOCG type
deposits at the San Lorenzo Project. The Company has identified a
number of large radiometric anomalies potentially representative of
porphyry-type silica-clay-sericite alteration which it intends to
target in the next period with regional mapping and sampling
programmes.
Monti Lithium
The Group secured rights to 100% ownership of the Monti Lithium
Project located in the Salar de Atacama, Chile's premier lithium
producing region. The Salar de Atacama is a tier 1 lithium
production region with estimated pre-mine resources greater than
6.0 Mt LiCO(3) . Lithium is hosted in subterranean brine solutions
which are pumped to the surface, where the lithium is extracted via
evaporation processes producing a lithium carbonate (LiCO(3) )
concentrate product.
The Monti Project comprises 81 concession applications for a
total combined concession area of 235 km(2) (23,500 ha). The
initial US$10,000 payment to vendors was completed with further
annual cash and share payments over 3 years for a total
consideration value of US$2.26m (GBP1.8m).
Post-period, the Company expanded the total concession
application area of the Monti Lithium project to 331 km2 (33,100
ha), strategically targeting areas where the Company believes the
fluid-flow of Li-rich brines into the Salar de Atacama basin is
enhanced by large-scale structures.
Over the coming months, GSC will conduct due diligence on the
project and prepare plans for its exploration programmes. Work will
include reconnaissance field trips to undertake surface sampling
and mapping programmes.
Corporate
During the period, GSC appointed Martin Page as CFO and a member
of the Board of Directors. Martin is an experienced CFO,
predominantly in the natural resources sector, with exposure to all
elements of the value cycle including exploration and operating
assets. He brings with him extensive experience of capital and debt
markets, statutory and management reporting requirements and
detailed tax and treasury planning. Most recently he held the
position of CFO at Trident Royalties plc, an AIM quoted junior
mining royalty company, where he presided over an increase in the
company's market cap from c.$40 million to c.$200m.
GSC completed fundraises during the period, raising a total of
GBP1,002,000, through a placing and subscription and convertible
loan facility, in order to finance on-going exploration programmes.
The Company raised GBP501,000 through an oversubscribed conditional
placing and subscription with existing and new investors, with all
directors of the Company participating in the placing. An
additional GBP501,000 was then raised through a convertible loan
facility dated 15 May 2023, with Foreign Dimensions Pty Ltd, the
Company's main shareholder and the trustee of the Colin and Imelda
Bourke Family Trust, the beneficiaries of which are members of the
Bourke family.
Post period the Company then raised an additional GBP905,000
through a conditional placing and subscription. The fundraising was
supported by existing, institutional and new investors, together
with the Company directors and key senior geologists. The funds
arising from this will be used to advance the exploration and
target definition efforts at Especularita and San Lorenzo, as well
as commencing exploration at the newly acquired Monti Lithium
Project.
Risks and uncertainties
The Directors do not consider that the Company's principal risks
and uncertainties have changed since the publication of its annual
report and accounts for the financial year ended 31 March 2023 on
31 July 2023, which contains a detailed explanation of the risks
relevant to the Company and is available at:
https://gscplc.com/investors/documents-and-reports
Outlook
These six months have been an exciting period of activity for
Great Southern Copper. The Company continues to see strong
exploration progress across its prospects and looks forward to
continuing to develop our pipeline of drill ready targets at
Especularita and San Lorenzo, as well as in beginning exploration
at the newly acquired, highly prospective Monti-Lithium
Project.
The long-term market drivers for both copper and lithium remain
robust, and the Board believes Chile, which is the largest producer
of copper and second largest of lithium, is the ideal place to take
advantage of the strong demand environment. This is further
supported by Chile's recent commitments to ramp up national
production over the next year to help meet global demand.
With three compelling projects located in a tier 1 jurisdiction,
and the Company well funded to advance its exploration campaigns,
the Board looks forward to 2024 with confidence and is excited to
unlock what it believes to be substantial potential within the
portfolio.
Responsibility Statement
We confirm that to the best of our knowledge:
-- The Interim Financial Statements have been prepared in
accordance with International Accounting Standard 34, 'Interim
Financial Reporting' ('IAS 34'), as endorsed for use in the United
Kingdom;
-- The Interim Report gives a true and fair value of the assets,
liabilities, financial position and loss of the Group;
-- The Interim Report includes a fair review of the information
required by DTR 4.2.7R of the Disclosure and Transparency Rules,
being an indication of important events that have occurred during
the first six months of the financial year and their impact on the
set of interim financial statements; and a description of the
principal risks and uncertainties for the remaining six months of
the year; and
-- The Interim Report includes a fair review of the information
required by DTR 4.2.8R of the Disclosure and Transparency Rules,
being the information required on related party transactions.
The Interim Report was approved by the Board of Directors and
the above responsibility statement was signed on its behalf by
Charles Bond, Chairman
28 December 2023
Forward looking statement
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identified by their use of terms and phrases such as "believe",
"could", "should", "envisage", "estimate", "intend", "may", "plan",
"will", or the negative of those, variations or comparable
expressions, including references to assumptions. These forward
looking statements are not based upon historical facts but rather
on the Directors' current expectations and assumptions regarding
the Company's future growth, results of operations, performance,
future capital and other expenditures (including the amount, nature
and sources of funding thereof), competitive advantages, business
prospects and opportunities.
Such forward looking statements reflect the Directors' current
beliefs and assumptions and are based upon information currently
available to the Directors. A number of factors could cause actual
results to differ materially from the results discussed in the
forward looking statements, including risks associated with
vulnerability to general economic and business conditions,
competition, environmental and other regulatory changes, actions by
government authorities, the availability of capital markets,
reliance on key personnel, uninsured and underinsured losses and
other factors, many of which are beyond the control of the Company.
Although any forward looking statements contained in this
announcement are based upon what the Directors believe to be
reasonable assumptions, the Company cannot assure investors that
actual results will be consistent with such forward looking
statements.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Group Statement of Comprehensive Income
For the 6 months ended 30 September 2023
6 months 6 months
to September to September
2023 2022
(Unaudited) (Unaudited)
GBP000 GBP000
Note
Continuing operations
Administrative expenses (602) (481)
Operating loss (602) (481)
---------------------------------------------- ------- --------------- --------------
Loss before taxation (602) (481)
Taxation - -
---------------------------------------------- ------- --------------- --------------
Loss for the year attributable to the owners
of the Company (602) (481)
---------------------------------------------- ------- --------------- --------------
Other comprehensive income
Items that may be reclassified subsequently
to
profit or loss:
Exchange rate differences on translation
of foreign operations (7) 341
---------------------------------------------- ------- --------------- --------------
Total comprehensive income attributable
to the owners of the Company (609) (140)
============================================== ======= =============== ==============
Pence Pence
---------------------------------------------- ------- --------------- --------------
Earnings per share - basic and diluted 5 (0.247) (0.226)
============================================== ======= =============== ==============
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Group Statement of Comprehensive Income
As at 30 September 2023
As at
As at 31 March
30 September 2023
2023
Note (Unaudited) (Audited)
GBP000 GBP000
-------------------------------------- -------- --------------- ------------
Assets
Non-current assets
Intangible assets 6 2,895 2,479
Property, plant and equipment 1 2
Total non-current assets 2,896 2,481
Current assets
Trade and other receivables 206 190
Cash and cash equivalents 343 654
-------------------------------------- -------- --------------- ------------
Total current assets 549 844
-------------------------------------- -------- --------------- ------------
Total assets 3,445 3,325
-------------------------------------- -------- --------------- ------------
Liabilities
Current Liabilities
Trade and other payables (357) (125)
Total liabilities (357) (125)
-------------------------------------- -------- --------------- ------------
Net current assets 192 719
-------------------------------------- -------- --------------- ------------
Net assets 3,088 3,200
====================================== ======== =============== ============
Equity
Share capital 7 2,551 2,133
Share premium 3,235 3,176
Share based payment reserve 256 236
Foreign currency translation reserve (2) 5
Retained earnings (2,952) (2,350)
-------------------------------------- -------- --------------- ------------
Total equity attributable to the
owners of the Company 3,088 3,200
====================================== ======== =============== ============
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Group Statement of Changes in Equity
For the 6 months ended 30 September 2023
Share Foreign currency
Share Share based translation
capital premium payment reserve reserve Retained
GBP000 GBP000 earnings Total Equity
GBP000 GBP000 GBP000 GBP000
----------------- ---------- ---------- ----------------- ----------------- ----------------- ---------------
As at 1 April
2022 2,128 3,176 140 (24) (1,072) 4,348
Loss for the
period - - - - (481) (481)
Exchange rate
differences on
translation of
foreign
operations - - - 341 - 341
------------------ ---------- ---------- ----------------- ----------------- ----------------- ---------------
Total
comprehensive
income for the
period - - - 341 (481) (140)
------------------ ---------- ---------- ----------------- ----------------- ----------------- ---------------
Transactions
with
shareholders:
Share based
payments - - 52 - - 52
------------------ ---------- ---------- ----------------- ----------------- ----------------- ---------------
As at 30
September 2022 2,128 3,176 192 317 (1,542) 4,271
================== ========== ========== ================= ================= ================= ===============
As at 1 April
2023 2,133 3,176 236 5 (2,350) 3,200
------------------ ---------- ---------- ----------------- ----------------- ----------------- ---------------
Loss for the
period - - - - (602) (602)
Exchange rate
differences on
translation of
foreign
operations - - - (7) - (7)
------------------ ---------- ---------- ----------------- ----------------- ----------------- ---------------
Total
comprehensive
income for the
period - - - (7) (602) (609)
------------------ ---------- ---------- ----------------- ----------------- ----------------- ---------------
Transactions
with
shareholders:
Issue of share
capital 418 83 - - - 501
Shares issue
costs - (24) - - - (24)
Share based
payments - - 20 - - 20
As at 30
September 2023 2,551 3,235 256 (2) (2,952) 3,088
================== ========== ========== ================= ================= ================= ===============
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Group Statement of Cash Flows
For the 6 months ended 30 September 2023
6 months 6 months
to 30 September to
2023 30 September
(Unaudited) 2022
GBP000 (Unaudited)
GBP000
----------------------------------------------- ------------------ ---------------
Cash flows from operating activities
Loss for the period (602) (481)
Adjustments for:
Share based payments 20 52
Depreciation of property, plant 1 -
and equipment
Working capital adjustments
(Increase)/decrease in trade
and other receivables (40) 23
Increase/(decrease) in trade
and other payables 152 (89)
Net cash outflow from operations (469) (495)
----------------------------------------------- ------------------ ---------------
Cash flows from investing activities
Purchase of intangible assets (416) (297)
Purchase of property, plant and
equipment - (2)
Net cash used in investing activities (416) (299)
----------------------------------------------- ------------------ ---------------
Cash flows from financing activities
Issue of ordinary share capital 481 -
Amounts received from convertible 100 -
loan
Net cash generated from financing 581 -
activities
----------------------------------------------- ------------------ ---------------
Net decrease in cash and cash
equivalents (304) (794)
Exchange gains on cash and cash equivalents (7) 38
Cash and cash equivalents at the beginning
of the period 654 2,752
Cash and cash equivalents at the end
of the period 343 1,996
================================================ ================== ===============
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the 6 months ended 30 September 2023
1. GENERAL INFORMATION
Great Southern Copper plc ('the Company') and its subsidiary's
(together 'the Group') principal activity is currently focused upon
the exploration for copper, gold and lithium in Chile. Further
detail is covered in the Interim Management Report.
The Company is a public limited company, which is listed on the
London Stock Exchange and incorporated and domiciled in England and
Wales. The address of its registered office is Salisbury House,
London Wall, London, United Kingdom, EC2M 5PS.
2. BASIS OF PREPARATION
These consolidated condensed interim financial statements for
the half-year reporting period ended 30 September 2023 have been
prepared in accordance with International Accounting Standard
('IAS') IAS 34 'Interim Financial Reporting'. as issued by the
International Accounting Standards Board ('IASB') and as adopted
for use in the United Kingdom ('UK'), the Companies Act 2006
applicable to companies reporting under International Financial
Reporting Standards and applicable UK law.
The condensed consolidated interim financial statements
contained in this document do not constitute statutory accounts. In
the opinion of the Directors, the condensed consolidated interim
financial statements for this period fairly present the financial
position, result of operations and cash flows for this period. The
statutory accounts for the year ended 31 March 2023 were prepared
in accordance with UK-adopted International Accounting Standards
('IFRS') and have been delivered to the Registrar of Companies. The
auditor's report on those accounts was unqualified, but did draw
attention to a material uncertainty with regard to going concern
that was in existence at the time of the approval of those
accounts. It did not contain a statement under Sections 498(2) or
498(3) of the Companies Act 2006.
Tax charged within the six months ended 30 September 2023 has
been calculated by applying the effective rate of tax which is
expected to apply to the Group for the year ending 31 March 2024 as
required by IAS 34 'Interim Financial Reporting'.
The financial statements have been prepared on the historical
cost basis. The financial statements are prepared in Sterling,
which is the functional currency and presentational currency of the
parent Company. Monetary amounts in these financial statements are
rounded to the nearest GBP000 unless otherwise stated.
The Board of Directors approved this Interim Financial Report on
28 December 2023.
STATEMENT OF COMPLIANCE
The condensed consolidated interim financial statements for the
period ended 30 September 2023 have not been audited or reviewed in
accordance with the International Standard on Review Engagements
(UK) 2410 issued by the Auditing Practices Board. The figures were
prepared using applicable accounting policies and practices
consistent with those adopted in the statutory annual financial
statements for the year ended 31 March 2023. There have been no new
accounting policies adopted since 31 March 2023.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the 6 months ended 30 September 2023
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of the condensed consolidated interim financial
statements requires directors to make judgements, estimates and
assumptions that affect the application of accounting policies and
the reported amounts of assets and liabilities, income and expense.
Actual results may differ from these judgements and estimates.
In preparing these condensed consolidated interim financial
statements, the significant judgements made by management in
applying the Group's accounting policies and the key sources of
estimation uncertainty were the same as those that applied to the
audited consolidated financial statements for the year ended 31
March 2023.
GOING CONCERN
As at 30 September 2023, the Group's cash at bank amounted to
GBP0.4m; at the date of approving these condensed financial
statements, the balance amounted to GBP1.2m
The Board has reviewed the Group's cash flow forecast up to 31
December 2024, taking into account its current resources and its
operational objectives. The Board is satisfied that the cash
reserves are sufficient to finance both planned project expenditure
and overheads. The Board continues to monitor closely both its cash
and operating costs and has taken into account the resources
available to it as at the date of signing this Report. Accordingly,
the Board continues to adopt the going concern basis for the
preparation of these financial statements.
3. FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
Risks and uncertainties
The Board continually assesses and monitors the key risks of the
business. The key risks that could affect the Group's medium-term
performance and the factors that mitigate those risks have not
substantially changed from those set out in the Group's 2023 Annual
Report and Financial Statements, a copy of which is available from
the Group's website: www.gscplc.com.
The key financial risks are market risk (including currency
risk), credit risk and liquidity.
4. SEGMENTAL REPORTING
Operating segments are reported in a manner that is consistent
with the internal reporting provided to the chief operating
decision maker. The chief operating decision maker has been
identified as the Board. The Board is responsible for allocating
resources and assessing performance of operating segments.
The Group has two reportable segments, exploration and
corporate, which are the Group's strategic divisions. For each of
the strategic divisions the Board reviews internal management
reports on a regular basis.
The Group's reportable segments are:
Exploration: the exploration segment is presented as an
aggregate of all Chile licences held. Expenditure on exploration
activities for each licence is used to measure agreed upon
expenditure targets for each licence to ensure the licence clauses
are met.
Corporate: the corporate segment includes the holding company
costs in respect of managing the group.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the 6 months ended 30 September 2023
Segment result: 6 months to 30 September 2023 6 months to
(Unaudited) 30 September
GBP000 2022
(Unaudited)
GBP000
--------------------- --- ------------------------------ --------------
Exploration - Chile (197) (322)
Corporate - UK (405) (159)
Loss before tax (602) (481)
========================== ============================== ==============
Taxation - -
Loss after tax (602) (481)
========================== ============================== ==============
Segment assets and liabilities:
Non-current assets
6 months to Year ended
30 September 2023 31 March
(Unaudited) 2023
GBP000 (Audited)
GBP000
---------------------- --- --------------------- -------------
Exploration - Chile 2,896 2,481
Corporate - UK - -
Total 2,896 2,481
=========================== ===================== =============
Total Assets
6 months to Year ended
30 September 2023 31 March
(Unaudited) 2023
GBP000 (Audited)
GBP000
====================== === ===================== =============
Exploration - Chile 3,021 2,540
Corporate - UK 424 785
=========================== ===================== =============
Total 3,445 3,325
=========================== ===================== =============
Total Liabilities
6 months to Year ended
30 September 2023 31 March
(Unaudited) 2023
GBP000 (Audited)
GBP000
====================== === ===================== =============
Exploration - Chile (45) (21)
Corporate - UK (312) (104)
=========================== ===================== =============
Total (357) (125)
=========================== ===================== =============
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the 6 months ended 30 September 2023
5. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the net
income for the period attributable to ordinary equity holders by
the weighted average number of ordinary shares outstanding during
the period.
Diluted earnings per share amounts are calculated by dividing
the profit attributable to owners of the parent by the weighted
average number of ordinary shares in issue during the financial
year, adjusted for the effects of potentially dilutive options. The
dilutive effect is calculated on the full exercise of all
potentially dilutive ordinary share options granted by the Group,
including performance-based options which the Group considers to
have been earned.
The calculations of earnings per share are based upon the
following:
6 months to 30 September 2023 6 months to
(Unaudited) 30 September
GBP000 2022
(Unaudited)
GBP000
------------------------------------------------------- -------------------------------- ---------------
Loss for the period (602) (481)
-------------------------------------------------------- -------------------------------- ---------------
Number Number
------------------------------------------------------- -------------------------------- ---------------
Weighted average number of shares in issue 244,075,421 212,593,736
Weighted average number of shares - basic and diluted 244,075,421 212,593,736
-------------------------------------------------------- -------------------------------- ---------------
Pence Pence
------------------------------------------------------- -------------------------------- ---------------
Earnings per share - basic and diluted (0.247) (0.226)
======================================================== ================================ ===============
Basic and diluted earnings per share are identical for the group
as the effect of the exercise of the share options in existence
would be to decrease the loss per share.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the 6 months ended 30 September 2023
6. INTANGIBLE ASSETS
Exploration
Group assets
Cost GBP000
---------------------------
As at 1 April 2022 1,489
Additions 924
Exchange difference 66
As at 31 March 2023 2,479
Additions 373
Exchange difference 43
--------------------------- ------- --------------
As at 30 September 2023 2,895
=========================== ======= ==============
Carrying Amount:
At 30 September 2023 (Unaudited) 2,895
----------------------------------- ------
At 31 March 2023 (Audited) 2,479
----------------------------------- ------
Exploration projects in Chile are at an early stage of
development and there are no JORC (Joint Ore Reserves Committee) or
non-JORC compliant resource estimates available to enable value in
use calculations to be prepared.
The directors have undertaken an assessment of the following
areas and circumstances which could indicate the existence of
impairment:
-- The Group's right to explore in an area has expired, or will
expire in the near future without renewal.
-- No further exploration or evaluation is planned or budgeted for.
-- A decision has been taken by the Board to discontinue
exploration and evaluation in an area due to the absence or
expected absence of a commercial level of reserves.
-- Sufficient data exists to indicate that the book value may
not be fully recovered from future development and production.
Following their assessment, the Directors concluded that no
impairment charge was necessary.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the 6 months ended 30 September 2023
7. SHARE CAPITAL
Number of Shares in Issue
Authorised, issued and fully paid: Number GBP000
------------------------------------ ------------ --------
Ordinary shares of GBP0.01 as at
1 April 2022 212,476,100 2,125
Issued during the year 860,311 8
------------------------------------ ------------ --------
Ordinary shares of GBP0.01 as at
31 March 2023 213,336,411 2,133
Issued during the period 41,749,998 418
Total shares as at 30 September
2023 255,086,409 2,551
==================================== ============ ========
Share issues during the period
On 19 May 2023, by way of private placing, the Company issued
41,749,998 Ordinary Shares at 1.2p per share, raising GBP501,000
before costs
Details of shares issued in the year ended 31 March 2023 are
provided in the financial statements for that period.
Details of shares issued subsequent to the reporting date are
provided in note 10.
8. RELATED PARTY TRANSACTIONS
During the period payments in respect of the services of the
Chief Executive were made through Metal Ventures Inc totalling
GBP49,569 (31 March 2023 - GBP105,714).
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the 6 months ended 30 September 2023
9. CONTINGENCIES AND COMMITMENTS
The option agreements held by the Company in relation to the San
Lorenzo and Especularita projects give the Company the
discretionary right to acquire the relevant concessions, provided
the annual option fees totalling US$125,000 due by March 2024
specified in such agreements, have been paid in full. There are no
royalty, third party payments, or other obligations in favour of
third parties regarding the option payments or the concessions to
which they relate.
The Company's commitments to meeting and finalising its purchase
of the mineral concessions under the Option Agreements, if it
chooses to do so, are summarised in the following table:
Especularita San Lorenzo
Date Payment Date Payment
------------------------- -------------- ------------------------- --------------
01/03/2024 Final Payment US$ 1,100,000 01/06/2024 Quota US$ 50,000
Extension of final US$ 100,000 01/06/2025 Final Payment US$ 1,610,000
payment to 01/03/2025
Extension of final US$ 100,000 Extension of final US$ 100,000
payment to 01/03/2026 payment to 01/06/2026
Extension of final US$ 100,000
payment to 01/06/2027
To acquire 100% of the Especularita project a total payment of
US$1.5m is required (of which US$400,000 has been paid to date)
with the final payment due before 01/03/2024. The Company may defer
the final payment for a period of 2 years at a cost of US$100,000
per additional year. To acquire 100% of the San Lorenzo project a
total payment of US$2.0m is required (of which US$340,000 has been
paid to date), with a quota of US$50,000 due before 01/06/2024 and
the final payment due before 01/06/2025. The Company may defer the
final payment for a period of 2 years at a cost of US$100,000 per
additional year.
In September 2023, the Company signed a binding term sheet which
allows the Company to earn 100% of the mining rights of the Monti
lithium project once its concessions are granted. Details of the
related commitments are given in the table below:
Monti
Date Cash US$ Value in
GSC equity
US$
----------- ------------- ------------
01/03/2024 US$50,000 -
01/09/2024 US$50,000 US$50,000
01/09/2025 US$50,000 US$50,000
01/09/2026 US$1,000,000 US$1,000,000
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the 6 months ended 30 September 2023
10. EVENTS AFTER THE REPORTING PERIOD
On 23 November 2023 the Company announced a conditional placing
and subscription raising GBP905,000 before expenses. A total of
40,222,206 new ordinary shares of 1p each at GBP0.0225 per share
were admitted to listing on the standard listing segment of the
Official List on the 14 December 2023 following the publication of
a short-form prospectus.
In addition to the placing and subscription the Company also
issued 47,880,596 new ordinary shares of 1p on 14 December
2023:
-- 4,436,834 new ordinary shares at GBP0.012 per share (in the
case of Sam Garrett) and at GBP0.0139, GBP0.0145 and GBP0.0227 (in
the case of Charles Bond, Chairman, being quarterly VWAPs) and at
GBP0.227 (in the case of Paul Williams, former CFO), pursuant to an
arrangement between the Company and these individuals pursuant to
which some or all of their respective salary has been sacrificed
and accrued;
-- 1,693,767 new ordinary shares at GBP0.012 per share as part
payment to the vendors of the San Lorenzo project under an option
agreement with the Company;
-- 41,749,995 new ordinary shares at GBP0.012 per share, arising
on conversion of a convertible loan totalling GBP501,000 pursuant
to the agreement entered into between the Company and its major
shareholder Foreign Dimensions Pty Ltd dated and announced on 15
May 2023. The loan had been fully drawn by tranches during
September and October 2023 with GBP100,000 drawn as at 30 September
2023, included in trade and other payables. The loan was interest
free, unsecured and converted automatically on issuance of the
prospectus.
Following Admission of the placing and subscription shares and
the additional shares, the total number of ordinary shares in the
Company is 343,189,211.
On 19 September 2023, the Company conditionally agreed, subject
to admission, to grant 22.5 million options exercisable at 1p per
share to the Directors and employees of the Company. Conditional
upon continuing employment with the Company, the options will vest
in equal tranches over 3 years from grant.
On 20 December 2023, 148,327,850 10p warrants issued in respect
of the acquisition of Pacific Trends Resources Chile SpA and as
part of the initial public offering of the Company expired
following the end of the exercise period.
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END
IR LDLLLXLLFFBK
(END) Dow Jones Newswires
December 28, 2023 02:00 ET (07:00 GMT)
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