27 September
2024
Ormonde Mining
plc
("Ormonde" or the "Company")
Interim Results for the Six
Months Ended 30 June 2024
Ormonde Mining plc
(AQSE: ORM), a natural resources company with
investment exposure to outstanding gold and battery metal
exploration assets in Newfoundland and Scotland, announces
its unaudited interim results for the six months
ended 30 June 2024.
Highlights (year to
date):
·
Significant developments at 36.3%-owned TRU
Precious Metals ("TRU")
o TRU
entered into a definitive option agreement in July 2024 with
Eldorado Gold Corporation (TSX:ELD, NYSE: EGO) ("Eldorado")
granting Eldorado the exclusive option to earn an
80% ownership interest in the Golden Rose project through a
multi-year C$7 million work programme and C$8.25 million in cash
payments to TRU
o Appointment of Steve Nicol, Ormonde director, as CEO of TRU in
August 2024
o High
value M&A activity of neighboring
project to TRU's Golden Rose project with Calibre Mining (TSE: CXB)
C$345 million acquisition of Marathon Gold in January
2024
o TRU
published plans in April 2024 for copper-focused exploration
programme at Golden Rose (commenced July 2024)
·
Continued progress at Rodburn Project in
Aberdeenshire, Scotland owned by Peak Nickel Limited ("PNL") in
which Ormonde holds a 19.2% equity interest with indications of
significant size emerging
o Results and outcomes of 2023 drilling programme (18 holes for
2,600 metres) were published on Peak Nickel's website in February
2024, with PNL describing Rodburn as the "UK's highest-grade
nickel-copper-cobalt project"
o 2024
drilling programme commenced in August 2024, with PNL aiming
to drill a minimum of a further 1,000
metres and up to 6,000 metres
o Neighbouring project attracted significant investment in June
2024 from Central Asia Metals (AIM: CAML), illustrating the
potential for nickel sulphide deposits in the area
·
Appointed Steve Nicol as Non-Executive Director in
August 2024 - experienced mining executive with over 35 years'
experience, including in operations management, mine evaluation and
development roles, who also sits on the boards of Ormonde's
investee companies TRU and PNL
Key Financials
·
Group loss for the six month period of €578K, of
which €189K relates to TRU's non-controlled portion of the
loss (H1 2023 : Loss of €454K)*
·
Group net assets as at 30 June 2024 of
€5.06million (31 December 2023: €5.45
million), including group cash and cash
equivalents of €1.54 million (31 December 2023: €2.3
million)*
*By virtue of Ormonde controlling the operating activities of
TRU since September 2023, under IFRS accounting standards and
Ormonde's accounting policies, the Company has consolidated within
these Financial Statements the results of TRU along with the
relevant portion of TRU's assets and liabilities as at 30 June
2024.
The Directors of the Company accept
responsibility for the contents of this announcement.
Enquiries:
Ormonde Mining plc
Brian Timmons, Chairman / Brendan
McMorrow, CEO
Tel: +353 1 8014184
Vigo Consulting (Investor Relations)
Ben Simons / Fiona
Hetherington
Tel: 44 (0)20 7390 0230
Peterhouse Capital (Aquis
Corporate Adviser)
Tel: +44 (0)20 7469 0930
About Ormonde Mining
Ormonde is a natural resource
company which provides its shareholders with exposure to quality
and diverse assets across a range of strategic minerals. Ormonde's
portfolio includes an initial 36.3% interest in TRU Precious Metals
(TSXV: TRU), which is exploring for gold and copper in the highly
prospective Central Newfoundland Gold Belt in Canada, and a 19.2%
interest in Peak Nickel Limited, giving Ormonde targeted exposure
to a high-grade battery metals project in the UK.
TRU is exploring for gold and copper
in the highly prospective Central Newfoundland Gold Belt on its
100%-owned Golden Rose project, a regional-scale 264.25
km2 land package including 45 km of strike length
along the deposit-bearing Cape Ray - Valentine Lake Shear Zone,
directly between Calibre Mining's Valentine Gold Project and AuMEGA
Metals' Cape Ray Gold Project. The Golden Rose Project is currently
optioned-out to TSX-listed Eldorado Gold Corporation.
Peak Nickel's Rodburn Project in
Aberdeenshire is in a tier one jurisdiction with indications of
significant size.
Ormonde's shares are quoted on the
Aquis Stock Exchange Growth Market under the symbol AQSE:
ORM.
For
more information, visit the Company's website at
www.ormondemining.com.
Follow us on social media:
LinkedIn: https://www.linkedin.com/company/ormonde-mining-plc/
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Subscribe to our email alert service to be notified whenever
Ormonde releases news:
https://ormondemining.com/news/regulatory-news/#1469694747033-931e13b7-bd9d
Operational Review
Introduction
Ormonde offers investors exposure to
outstanding gold and battery metal exploration assets,
significantly undervalued in the Board's view, without being
exposed to significant capital expenditure demands.
Ormonde's portfolio currently includes two strategic investments:
an initial 36.3% in TRU Precious Metals (TSXV: TRU) ("TRU")
(increasing to up to 46% if Ormonde's 3-year warrants are
exercised), which is exploring for gold and copper in the highly
prospective Central Newfoundland Gold Belt in Canada; and a 19.2%
interest in Peak Nickel Limited ("PNL"), a private UK company
advancing a high-grade battery metals project in Aberdeenshire,
Scotland.
TRU
Precious Metals
TRU is exploring the Golden Rose
project ("Golden Rose"), a large and highly prospective early-stage
gold and copper prospect in Newfoundland, comprising a
297.5km2 land package, including 45km of strike length
along the deposit-bearing Cape Ray-Valentine Lake Shear Zone.
The Golden Rose project is directly
flanked by Calibre Mining's Valentine Gold Project (acquired in
January 2024 for C$345 million) to the northeast and AuMEGA Metals'
Cape Ray Project to the southwest. Calibre Mining's Valentine Mine
hosts resources of 5 million ounces of gold (measured, indicated
and inferred). The Valentine Mine is currently under construction
and is expected to be operational in Q2 2025, at which point it
will be the largest gold mine in Atlantic Canada. Its owner has
subsequently staked claims over new tenements also adjacent to
Golden Rose. AuMEGA Metals' Cape Ray Project contains 0.6 million
ounces of indicated and inferred gold resources.
The most significant developments
with TRU occurred shortly after the period-end when, in July 2024,
TRU entered into a definitive option agreement with the US$3.5
billion market cap company Eldorado Gold Corporation (TSX:ELD,
NYSE: EGO) ("Eldorado") granting Eldorado the exclusive option to
earn an 80% ownership interest in the Golden Rose project through a
multi-year C$7 million work programme and C$8.25 million in cash
payments to TRU. This was by any measure a huge endorsement of the
potential for the project by a well-capitalised and experienced
mid-tier producer which could yield considerable value for TRU, and
Ormonde as its controlling shareholder, in the years
ahead.
TRU has been designated as the
operator of Golden Rose and remains the beneficial owner of any
non-gold/copper discoveries. To that end, Ormonde was very pleased
to note in August 2024, that TRU had appointed Steve Nicol as its
CEO to drive its operations. Steve has an
impressive mining career with over 35 years' experience, has
brought a complex mine into commercial production and has advised
Ormonde for many years in a technical capacity. Steve sits on the
Boards of both TRU and PNL, in addition to becoming a non-executive
director of Ormonde in August 2024.
In April 2024, TRU outlined its
intention to carry out a copper-focused exploration programme this
summer to assess the critical minerals potential associated with
the deposit-bearing Cape Ray-Lake Valentine Shear Zone. The
programme commenced in July 2024.
Peak Nickel Investment
PNL's Rodburn Project is an
early-stage, nickel, copper, cobalt resource with indications of
significant size in an emerging nickel sulphide district in
Aberdeenshire, Scotland - a Tier 1 jurisdiction. It has a
historical (non-compliant) resource of 3 million tonnes at 0.52%
nickel and 0.27% copper which Ormonde's technical team believes there is very good potential to
enlarge.
Having drilled some 2,600 metres in
2023, results and outcomes were published on PNL's website in
February 2024, with PNL describing Rodburn as the "UK's
highest-grade nickel-copper-cobalt project."
In June 2024, a neighbouring project
held by Aberdeen Minerals which is only 50km east of Rodburn
attracted a £3 million investment from Central Asia Metals (AIM:
CAML), illustrating confidence in the potential for nickel sulphide
deposits in the area. Aberdeen Minerals is
exploring for nickel mineralisation in similar geological settings
to that of PNL.
PNL commenced its 2024 drill programme in August 2024, aiming to
drill a minimum of a further 1,000 metres.
Rodburn is exploring for nickel
sulphide resources - which represent cleaner and less energy
intensive sources of Class 1 (battery grade) nickel. Finding clean
new nickel sources is critical for the global energy
transition.
Spanish Gold Assets
Ormonde continues to hold two
investigation permits prospective for gold located in the Zamora
province in western Spain via a subsidiary. In light of the
existing high gold price, Ormonde is currently evaluating these
licences with a view to realising value from these interests.
Discussions regarding the renewal of these investigation permits
from the relevant Spanish mines department are continuing to
progress.
On 3 October 2022, Ormonde completed
the sale of its La Zarza assets in Spain for €2.3 million. To date,
€1.3 million has been received with two further instalments of
€500,000 each due on the second and third anniversaries of the
completion date.
Financial Review
The Company reports a total
comprehensive loss for the six months ended 30 June 2024 of
€578,000 (H1 2023: loss of €454,000), with the increase reflecting
the inclusion of TRU's non-controlling portion of the loss which
amounted to €189,000.
Group net assets as at 30 June 2024
were €5.06 million (31 December 2023: €5.45 million), including
Group cash and cash equivalents of €1.54 million (31 December 2023:
€2.3 million).
Brian Timmons
Chairman
Ormonde Mining plc
Consolidated Statement of Comprehensive
Income
Six
months ended 30 June 2024
|
|
unaudited
|
unaudited
|
audited
|
|
|
6 Months
ended
|
6 Months
ended
|
Year ended
|
|
|
30-Jun-24
|
30-Jun-23
|
31-Dec-23
|
|
|
€000s
|
€000s
|
€000s
|
|
|
|
|
|
|
Turnover
|
-
|
-
|
-
|
|
|
|
|
|
|
Administration expenses
|
(616)
|
(536)
|
(1,287)
|
|
|
______
|
______
|
______
|
|
Loss
on ordinary activities
|
(616)
|
(536)
|
(1,287)
|
|
|
|
|
|
|
Finance costs
|
(2)
|
(2)
|
(3)
|
|
Other income/gains
|
58
|
84
|
1,627
|
|
|
______
|
______
|
______
|
|
Profit/Loss before tax for the period
|
(560)
|
(454)
|
337
|
|
|
|
|
|
|
Taxation on profit/(loss)
|
-
|
-
|
-
|
|
|
______
|
______
|
______
|
|
Profit (Loss) for the period after tax
|
(560)
|
(454)
|
337
|
|
|
|
|
|
|
Other comprehensive
income
|
|
|
|
|
Other comprehensive income: Foreign
exchange
|
(18)
|
-
|
21
|
|
|
______
|
______
|
______
|
|
Total comprehensive income (loss) for the
period
|
(578)
|
(454)
|
358
|
|
|
|
|
|
|
Total comprehensive income (loss) attributable
to
|
|
|
|
|
Owners of the parent
company
|
(389)
|
(454)
|
551
|
|
Non controlling interest
|
(189)
|
-
|
(193)
|
|
|
______
|
______
|
______
|
|
|
|
|
|
|
Earnings per share
|
|
|
|
|
from
continuing operations
|
|
|
|
|
Basic & diluted (loss) per share
(in cent)
|
(0.08)
|
(0.10)
|
0.12
|
|
Total earnings per share
|
|
|
|
|
Basic & diluted gain (loss) per
share (in cent)
|
(0.08)
|
(0.10)
|
0.12
|
Ormonde Mining plc
Consolidated Statement of Financial Position
As
at 30 June 2024
|
|
|
unaudited
|
unaudited
|
audited
|
|
|
|
30-Jun-24
|
30-Jun-23
|
31-Dec-23
|
|
|
Note
|
€000s
|
€000s
|
€000s
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
Intangible assets
|
|
6,319
|
157
|
6,206
|
|
Trade and other
receivables
|
5
|
414
|
784
|
399
|
|
Financial assets
|
4
|
1,233
|
656
|
1,172
|
|
|
|
_______
|
_______
|
_______
|
|
Total Non-Current Assets
|
|
7,966
|
1,597
|
7,777
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
Trade and other
receivables
|
5
|
597
|
540
|
663
|
|
Cash and cash equivalents
|
|
1,542
|
2,524
|
2,311
|
|
|
|
_______
|
_______
|
_______
|
|
Total current assets
|
|
2,139
|
3,064
|
2,974
|
|
|
|
_______
|
_______
|
_______
|
|
Total assets
|
|
10,105
|
4,661
|
10,751
|
|
|
|
_______
|
_______
|
_______
|
|
Equity & liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
Issued share capital
|
6
|
4,725
|
4,725
|
4,725
|
|
Share premium account
|
6
|
29,932
|
29,932
|
29,932
|
|
Share based payment
reserve
|
|
281
|
281
|
281
|
|
Capital conversion reserve
fund
|
|
29
|
29
|
29
|
|
Capital redemption reserve
fund
|
|
7
|
7
|
7
|
|
Foreign currency translation
reserve
|
|
3
|
0
|
21
|
|
Retained losses
|
|
(29,919)
|
(30,532)
|
(29,549)
|
|
|
|
_______
|
_______
|
_______
|
|
Equity attributable to the owners of the
Company
|
|
5,058
|
4,442
|
5,446
|
|
|
|
|
|
|
|
Non
controlled interests
|
7
|
4,844
|
0
|
5,034
|
|
|
|
_______
|
_______
|
_______
|
|
Total Equity
|
|
9,902
|
4,442
|
10,480
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
Trade & other payables
|
|
203
|
219
|
271
|
|
|
|
_______
|
_______
|
_______
|
|
Total liabilities
|
|
203
|
219
|
271
|
|
|
|
_______
|
_______
|
_______
|
|
Total Equity & Liabilities
|
|
10,105
|
4,661
|
10,751
|
|
|
|
_______
|
_______
|
_______
|
Ormonde Mining plc
Consolidated Statement of Cashflows
Six
months ended 30 June 2024
|
|
unaudited
|
unaudited
|
audited
|
|
|
6 Months
ended
|
6 Months
ended
|
Year ended
|
|
|
30-Jun-24
|
30-Jun-23
|
31-Dec-23
|
|
|
€000s
|
€000s
|
€000s
|
|
|
|
|
|
|
Cashflows from operating activities
|
|
|
|
|
|
|
|
|
|
Profit (Loss) for period before
taxation
|
(560)
|
(454)
|
337
|
|
|
________
|
________
|
________
|
|
|
(560)
|
(454)
|
337
|
|
Adjustments for non cash
items:
|
|
|
|
|
Foreign exchange gain/(loss) on
translation
|
(18)
|
-
|
21
|
|
Negative goodwill
|
-
|
-
|
(886)
|
|
Fair value increase in
investments
|
-
|
-
|
(585)
|
|
Fair value increase in
receivables
|
(58)
|
(84)
|
(156)
|
|
|
________
|
________
|
________
|
|
|
(636)
|
(538)
|
(1,269)
|
|
Movement in Working Capital
|
|
|
|
|
Movement in receivables
|
109
|
74
|
89
|
|
Movement in liabilities
|
(68)
|
80
|
64
|
|
|
________
|
________
|
________
|
|
Net
Cash used in operations
|
(595)
|
(384)
|
(1,116)
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
Expenditure on intangible
assets
|
(113)
|
-
|
(143)
|
|
Expenditure on financial
assets
|
(61)
|
(656)
|
(587)
|
|
Purchase of investments in
subsidiaries
|
-
|
-
|
(2,053)
|
|
Cash acquired on purchase of
TRU
|
-
|
-
|
2,146
|
|
Proceeds from disposal of assets held
for resale
|
-
|
-
|
500
|
|
|
________
|
________
|
________
|
|
Net
cash (used in) investing activities
|
(175)
|
(656)
|
(137)
|
|
|
|
|
|
|
Net
(decrease) in cash and cash equivalents
|
(769)
|
(1,040)
|
(1,253)
|
|
|
|
|
|
|
Cash
and cash equivalents at beginning of period
|
2,311
|
3,564
|
3,564
|
|
|
________
|
________
|
________
|
|
Cash
and cash equivalents at end of period
|
1,542
|
2,524
|
2,311
|
|
|
________
|
________
|
________
|
Notes to the Interim Consolidated Financial
Statements
1. Accounting policies and basis
of preparation
Ormonde Mining plc is a company
incorporated and domiciled in the Republic of Ireland. The Interim
Consolidated Financial Statements for the six months ended 30 June
2024 comprise the Company and its subsidiaries (together referred
to as the "Group"), and have not been audited or reviewed by the
Company's auditors.
The Interim Consolidated Financial
Statements do not include all of the information required for full
annual financial statements and should be read in conjunction with
the audited consolidated financial statements of the Group as at
and for the year ended 31 December 2023, which are available on the
Company's website at https://ormondemining.com/.
The audit opinion on the statutory financial statements for the
year ended 31 December 2023 was unqualified.
The financial information in this
report has been prepared using accounting policies consistent
with International Financial Reporting
Standards ("IFRS") as adopted by the
European Union. IFRS is subject to amendment and interpretation by
the International Accounting Standards Board ("IASB") and the IFRS
Interpretations Committee and there is an ongoing process of review
and endorsement by the European Commission. These policies are
consistent with those to be adopted in the Group's consolidated
financial statements for the year ending 31 December 2024. The
accounting policies applied by the Group in the Interim
Consolidated Financial Statements are the same as those applied by
the Group in the consolidated financial statements for the year
ended 31 December 2023.
The Directors have prepared the
Interim Consolidated Financial Statements on the going concern
basis which assumes that the Group and Company will have sufficient
resources to continue in operation for the foreseeable future,
being a period of not less than 12 months from the date of signing
of these statements. The Directors have prepared cashflow forecasts
for the twelve-month period to September 2025 and on that basis
consider it appropriate to prepare the Interim Consolidated
Financial Statements on the going concern basis. These statements
do not include any adjustments that would result from the going
concern basis of preparation not being adopted.
The unaudited Interim Consolidated
Financial Statements were approved by the Board of Directors on 26
September 2024.
2. Segmental
analysis
An analysis by geographical segments
is presented below. The Group has geographical segments in Ireland,
Canada, UK and Spain.
The segment results for the period
ended 30 June 2024 are as follows:
|
|
Ireland
|
Canada
|
UK
|
Spain
|
Total
|
|
Total loss before tax for 6 months to 30 June
2024
|
€000s
|
€000s
|
€000s
|
€000s
|
€000s
|
|
|
|
|
|
|
|
|
Segment profit (loss) for
period
|
(314)
|
(278)
|
0
|
32
|
(560)
|
|
|
______
|
______
|
______
|
______
|
______
|
|
|
(314)
|
(278)
|
0
|
32
|
(560)
|
|
|
______
|
______
|
______
|
______
|
______
|
|
|
|
|
|
|
|
|
Total profit before tax for year to 31 December
2023
|
€000s
|
€000s
|
€000s
|
€000s
|
€000s
|
|
|
|
|
|
|
|
|
Segment profit (loss) for
period
|
(916)
|
585
|
585
|
83
|
337
|
|
|
______
|
______
|
______
|
______
|
______
|
|
|
(916)
|
585
|
585
|
83
|
337
|
|
|
______
|
______
|
______
|
______
|
______
|
|
|
|
|
|
|
|
|
Total loss before tax for 6 months to 30 June
2023
|
€000s
|
€000s
|
€000s
|
€000s
|
€000s
|
|
|
|
|
|
|
|
|
Segment (loss) for period
|
(431)
|
0
|
0
|
(23)
|
(454)
|
|
|
______
|
______
|
______
|
______
|
______
|
|
|
(431)
|
0
|
0
|
(23)
|
(454)
|
|
|
______
|
______
|
______
|
______
|
______
|
3. Basic earnings per
share
The basic and weighted average
number of ordinary shares used in the calculation of basic earnings
per share are as follows:
|
|
30-Jun-24
|
30-Jun-23
|
31-Dec-23
|
|
|
€000s
|
€000s
|
€000s
|
|
|
|
|
|
|
Profit/(Loss) for the period
attributable to equity holders of the parent:
|
|
|
|
|
|
|
|
|
Profit (Loss) for period
|
(389)
|
(454)
|
551
|
|
|
______
|
______
|
______
|
|
Total Profit (Loss) for
period
|
(389)
|
(454)
|
551
|
|
|
|
|
|
|
Weighted average number of ordinary
shares
|
|
|
|
|
for the purpose of basic earnings per
share
|
472,507,482
|
472,507,482
|
472,507,482
|
|
|
|
|
|
|
|
______
|
______
|
______
|
|
Basic loss per ordinary shares (in cent)
Total
|
(0.08)
|
(0.10)
|
0.12
|
|
|
______
|
______
|
______
|
Diluted earnings per share
For the six months to 30 June 2024,
the share options are anti-dilutive and therefore diluted earnings
per share is the same as the basic earnings per share.
For the six months to 30 June 2023
and the year ended 31 December 2023 the basic and diluted earnings
per share are the same.
4. Investments in subsidiaries,
business combinations and financial assets
Subsidiaries are fully consolidated
from the date that control commences until the date that control
ceases. Accounting policies of subsidiaries have been changed where
necessary to ensure consistency with the policies adopted by the
Group. In 2023 Ormonde acquired a 36.2% interest in TRU Precious
Metals Corp (TRU). The Directors agreed that Ormonde has met the
IFRS 10 control criteria with the Board of Directors control of TRU
and has the right to appoint/remove TRU's key management personnel
and decide on exploration plans and operational strategy by a
simple majority of Board votes. As a result, Ormonde has
consolidated TRU since acquisition in September 2023. The
measurement basis chosen for Non Controlling Interests is the
proportionate share of identifiable net assets.
The Group has a 19.2% investment in
Peak Nickel Ltd which is deemed to be an investment under IFRS and
is shown at cost plus a fair value adjustment. Peak Nickel
Limited is UK based company advancing exploration on a potentially
significant battery metals project. The Directors having regard to
the volatility of these type of investments (and this is the case
given the early stage of this project and the type of market
whereby metal prices can fluctuate quite widely and have a direct
impact on fund raising) and to fluctuations in share prices for
this nature of investment, have deemed fair value at 31 December
2023 of the Peak Nickel equity interest to be the amount, GB£1.02
million, (€1,172,000) generating a gain in 2023, recognised through
the income statement, of €585,400. There was a further investment
of GB£50,000 in early 2024.
5. Trade and other
receivables
Trade receivables include the amount
of €500,000 (current) and €414,000 (non-current) (total of
€914,000) representing the fair value of the €1 million deferred
consideration receivable at 30 June 2024 following the disposal in
September 2022 of certain land and data assets associated with the
La Zarza project.
6.
Share capital
|
|
30-Jun-24
|
30-Jun-23
|
31-Dec-23
|
|
|
€000s
|
€000s
|
€000s
|
|
|
|
|
|
|
Authorised Equity
|
|
|
|
|
950,000,000 ordinary shares of €0.01
each
|
9,500
|
9,500
|
9,500
|
|
|
______
|
______
|
______
|
|
|
9,500
|
9,500
|
9,500
|
|
|
______
|
______
|
______
|
|
|
|
|
|
|
Issued Capital
|
|
|
|
|
Share Capital
|
4,725
|
4,725
|
4,725
|
|
Share Premium
|
29,932
|
29,932
|
29,932
|
|
|
______
|
______
|
______
|
|
|
34,657
|
34,657
|
34,657
|
|
|
______
|
______
|
______
|
|
|
|
|
|
|
Issued Capital comprises
|
|
|
|
|
472,507,482 ordinary shares of €0.01
each
|
4,725
|
4,725
|
4,725
|
|
|
______
|
______
|
______
|
|
|
4,725
|
4,725
|
4,725
|
|
|
______
|
______
|
______
|
7.
Non Controlled Interests
The non controlled interest of
€4,844,000 represents the 63.7% of TRU Precious Metals Corp net
assets which the company does not control at year end and comprises
mainly of intangible assets (€3,922,000), receivables/prepayments
(€48,000), cash balance (€939,000) and trade payables
(€74,000).
8.
Dividends
No dividends were paid or proposed
in respect of the six months ended 30 June 2024.
9.
Post balance sheet events
In July 2024, TRU entered into a
definitive option agreement with Eldorado Gold Corporation
("Eldorado") granting Eldorado the exclusive option to earn an 80%
ownership interest in the Golden Rose project through a multi-year
CAN$7 million work programme and a CAN$8.25 million cash payment to
TRU. See the Operational Review at the start of this Report for
fuller details.