TIDMTTAU 
 
Wednesday, 29 March 2023 
 
Tectonic Gold Plc 
Half-year Report to 31 December 2022 
 
29 March 2023 
 
                               TECTONIC GOLD PLC 
                         ("Tectonic" or the "Company") 
 
                 Unaudited Interim Results to 31 December 2022 
 
MANAGING DIRECTOR'S STATEMENT 
 
Dear Shareholder, 
 
The half year to December 2022 saw a significant milestone for the Company with 
the successful completion of our drilling campaign at Specimen Hill. After 
fires, floods and COVID over the past few years, access to drilling rigs and 
crew was limited, but we managed to secure a team to complete core testing of 
the continuity of mineralisation below the old Goldsmith's Reef mine. Assays 
returned grades of over 8g/t gold and 5.99 g/t silver at 110 meters down hole, 
with additional intersections at 240 meters. Goldsmith's Reef is approximately 
mid-way along the 4km+ strike that has delivered multiple discoveries for 
Tectonic between the Main Lodes historic mine in the northeast where we started 
field work and the Southern Copper discovery in the southwest which is our most 
recent rediscovery. 
 
These grades are in line with the medium to high grade production reports from 
historic mining of Goldsmith's Reef in the early 1900's. The mine was operated 
on a small scale down to approximately 30 meters but was abandoned during World 
War I and never reworked. Tectonic's advanced geophysical surveying program 
prior to COVID indicated that the textbook Intrusive Related Gold System (IRGS) 
structure at Goldsmith's Reef plunged to over 500 meters depth. With positive 
gold and copper assays from diamond drilling now confirming continuity of 
mineralisation, we have been able to extend our database and attract parties 
into due diligence to discuss a farm out investment into the project. This is 
well underway and we hope to report progress in the coming weeks. Our objective 
is to have a well-funded group complete initial resource definition on Specimen 
Hill with a view to developing it as a copper-gold mining project. Tectonic 
will utilise all of the experience from Specimen Hill in prosecuting our next 
project area, Mt Cassidy. This is another textbook IRGS target which has 
historic workings and drilling. We have conducted our advanced geophysics 
reconnaissance and identified major structures below the old workings which we 
expect to see continuity of mineralisation at depth in. We are also in 
discussion to take our IRGS expertise into international gold exploration 
opportunities. 
 
The half year saw the team supporting our partnership with London listed Kazera 
Global Plc ("Kazera") (LSE:KZG) on the Heavy Mineral Sands (HMS) and Diamond 
project site in South Africa. Our joint venture with Kazera in HMS in was 
awarded a mining license.  This is the first and so far, only mining license 
inside Alexkor, the South African Government controlled and operated diamond 
fields at Alexander Bay.  Previous testing has returned exceptional grades of 
HMS and independent studies conducted for Kazera valued this project at £150 
million. 
 
Tectonic holds a 40% economic interest in this project via a non-diluting 10% 
equity holding in Whale Head Minerals Pty Ltd (Whale Head) and a further 30% 
economic interest via a sale and loan agreement with a Black Economic 
Empowerment (BEE) consortium. In order to ensure compliance with South Africa's 
BEE regulations requiring mining projects to have a 30% holding by qualifying 
local investors, when Tectonic sold 60% of Whale Head to Kazera, the Company 
sold a further 30% to a syndicate of local investors. Pricing for this 30% was 
based on the £150 million independent valuation conducted on behalf of Kazera. 
The BEE investor syndicate includes a South African private equity group headed 
by a highly respected business leader, two experienced South African 
entrepreneurs, a local community group and an employee group. Tectonic has 
financed this 30% syndicate with a share loan program under which 80% of the 
returns to the syndicate are paid to Tectonic until the £45 million in agreed 
loan value has been repaid. 
 
Tectonic holds a 10% non-diluting interest in Deep Blue Minerals Pty Ltd, Whale 
Head's sister company that operates an alluvial diamond concession in the 
Alexkor mine site. Diamond extraction is a regulated pre-requisite before the 
tailings containing heavy minerals can be processed by Whale Head. Kazera has 
announced that both Deep Blue and Whale Head are now funded to bring into 
production. This could be a significant source of cash flows for Tectonic to 
fund Mt Cassidy and new projects for the portfolio. 
 
With success in our existing projects, real value being cemented in our joint 
ventures  and new opportunities to take our pioneering work in IRGS exploration 
offshore, Tectonic is very optimistic about the future for our shareholders. 
 
RESULTS AND COMPARATIVE INFORMATION 
 
The Group incurred a loss after tax for the reporting period of £105,569 (31 
Dec 2021: £198,977 (loss)). 
 
For and on behalf of the Board. 
 
Brett Boynton, CFA 
 
Managing Director 
 
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE 
SIX MONTHSED 31 DECEMBER 2022 
 
                                                    6 MONTHS    6 MONTHS   12 MONTHS 
                                                  TO      31  TO      31  TO 30 JUNE 
                                                    DEC 2022    DEC 2021  22 AUDITED 
                                                   UNAUDITED   UNAUDITED 
 
                                                           £           £           £ 
 
Revenue                                                    -           -     149,677 
 
Expenses: 
 
Accounting and audit fees                           (18,710)    (25,478)    (68,766) 
 
Administration and office costs                      (3,216)     (3,495)     (6,218) 
 
Corporate costs                                     (29,493)    (72,671)   (150,823) 
 
Amortisation and depreciation                          (694)       (507)     (1,080) 
 
Employee benefits, management fees and              (40,000)   (143,333)   (226,752) 
on costs 
 
Exploration and tenement costs                       (9,909)     (5,588)    (18,826) 
 
Insurance                                            (7,829)     (7,440)    (15,391) 
 
Share based payments                                       -    (30,000)           - 
 
Net foreign exchange gain/(loss                     (19,492)    (17,376)     107,624 
 
Fair value gain on disposal of                        26,450     165,594           - 
financial assets at fair value through 
profit and loss 
 
Net loss on sale of investment                             -    (81,246)    (81,246) 
 
Fair value loss on financial assets at                     -           -    (25,000) 
fair value through profit and loss 
 
Fair value gain on financial assets at                     -      25,000      28,429 
fair value through profit and loss 
 
Other expenses                                       (2,676)     (2,437)     (2,599) 
 
Loss before income tax                             (105,569)   (198,977)   (310,971) 
 
Income tax benefit                                         -           -     157,659 
 
Loss for the reporting period from                 (105,569)   (198,977)   (153,312) 
continuing operations 
 
Discontinued operations 
 
Loss for the year from discontinued                        -           -           - 
operations 
 
Loss for the year attributable to the                      -           -           - 
owners of the Company 
 
                                                   (105,569)   (198,977)   (153,312) 
 
Other comprehensive income: 
 
Items that may be subsequently 
reclassified to profit and loss: 
 
Exchange differences on translation of              (11,083)    (12,549)      60,086 
foreign subsidiaries 
 
Total comprehensive loss for the                   (116,652)   (211,526)    (93,226) 
reporting period 
 
Earnings per share attributable to 
owners of the company 
 
Basic and diluted (pence per share) 
 
From continuing operations                 4          (0.01)      (0.02)      (0.02) 
 
 
The accompanying notes form part of these financial statements. 
 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2022 
 
                                                             31 DEC 2022     31 DEC 2021      30-JUN-22 
 
                                                           GROUP           GROUP          GROUP 
                                                               UNAUDITED       UNAUDITED        AUDITED 
 
                                                 NOTE                  £               £              £ 
 
   ASSETS 
 
   NON-CURRENT ASSETS 
 
   Plant and equipment                                             2,101           1,753          2,808 
 
   Exploration and evaluation                                  3,553,618       3,179,584      3,379,113 
   expenditure 
 
   Financial assets at fair value                                      3         125,003         75,003 
   through profit and loss 
 
   TOTAL NON-CURRENT ASSETS                                    3,555,722       3,306,340      3,456,924 
 
   CURRENT ASSETS 
 
   Cash and cash equivalents                                     196,757         396,453        403,328 
 
   Trade and other receivables                                    12,317          12,694         21,089 
 
   Other assets                                   5              380,954         360,222        380,929 
 
   TOTAL CURRENT ASSETS                                          590,028         769,369        805,346 
 
   TOTAL ASSETS                                                4,145,750       4,075,709      4,262,270 
 
   EQUITY 
 
   Share capital                                               6,126,579       6,125,163      6,126,579 
 
   Share premium account                                      61,323,350      61,186,874     61,323,350 
 
   RTO Reserve                                             (57,976,182)    (57,976,182)   (57,976,182) 
 
   Warrant Reserves                                              588,554         588,554        588,554 
 
   Foreign exchange translation                                 (63,412)       (124,964)       (52,329) 
   reserves 
 
   Accumulated losses                                        (6,325,048)     (6,265,144)    (6,219,479) 
 
   TOTAL EQUITY                                                3,673,841       3,534,301      3,790,493 
 
    LIABILITIES 
 
NON-CURRENT LIABILITIES 
 
Trade and other payables                                     16,172       15,456       16,304 
 
Borrowings                                                  150,747      170,125      170,862 
 
TOTAL NON-CURRENT LIABILITIES                               166,919      185,581      187,166 
 
 
CURRENT LIABILITIES 
 
Trade and other payables                                    304,990      355,827      284,611 
 
TOTAL CURRENT LIABILITIES                                   304,990      355,827      284,611 
 
TOTAL LIABILITIES                                           471,909      541,408      471,777 
 
TOTAL EQUITY AND LIABILITIES                              4,145,750    4,075,709    4,262,270 
 
 
The accompanying notes form part of these financial statements. 
 
These financial statements were approved by the Board of Directors on 28 March 
2023. 
 
Signed on behalf of the Board by: 
 
Brett Boynton 
 
Managing Director 
 
 
 Company number: 05173250 
 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHSED 31 
DECEMBER 2022 
 
GROUP - UNAUDITED        ISSUED      SHARE  WARRANT          RTO   FOREIGN ACCUMULATED     TOTAL 
31 DEC 2022             CAPITAL    PREMIUM  RESERVE      RESERVE  CURRENCY      LOSSES 
                                                                   RESERVE 
 
                              £          £        £            £         £           £         £ 
 
Balance at 1 July     6,126,579 61,323,350  588,554 (57,976,182)  (52,329) (6,219,479) 3,790,493 
2022 
 
Total comprehensive                                                          (105,569) (105,569) 
loss for the period 
 
Transactions with 
owners, recorded 
directly in equity: 
 
Issue of shares               -          -        -            -         -           -         - 
 
Share issue costs             -          -        -            -         -           -         - 
 
Foreign Currency              -          -        -            -  (11,083)           -  (11,083) 
Translation Reserve 
 
Balance as at 31      6,126,579 61,323,350  588,554 (57,976,182)  (63,412) (6,325,048) 3,673,841 
December 2022 
 
 
 
GROUP - UNAUDITED          ISSUED               SHARE   WARRANT            RTO        FOREIGN      ACCUMULATED                  TOTAL 
31 DEC 2021               CAPITAL             PREMIUM   RESERVE        RESERVE       CURRENCY           LOSSES 
                                                                                      RESERVE 
 
                                £                   £         £              £              £                £                      £ 
 
Balance at 1 July 2021  6,124,902           61,157,135        588,554  (57,976,182)           (112,415)      (6,066,167)     3,715,827 
 
Total comprehensive                                                                                                        (198,977) 
loss for the period                                                                            (198,977) 
 
Transactions with 
owners, recorded 
directly in equity: 
 
Shares Issued                 261             29,739        -                             -            -                      30,000 
                                                                          - 
 
Share issue costs               -                  -        -               -             -            -                           - 
 
Foreign Currency                -                  -        -               -      (12,549)            -                    (12.549) 
Translation Reserve 
 
Balance as at 31        6,125,163         61,186,874  588,554    (57,976,182)     (124,964)  (6,265,144)                   3,534,301 
December 2021 
 
 
 
 
GROUP - AUDITED            ISSUED      SHARE  WARRANT          RTO   FOREIGN  ACCUMULATED                       TOTAL 
30 JUNE 2022              CAPITAL    PREMIUM  RESERVE      RESERVE  CURRENCY       LOSSES 
                                                                     RESERVE 
 
                                £          £        £            £         £            £                           £ 
 
Balance at 1 July 2021     6,124,902   61,157,135    588,554   (57,976,182)    (112,415)     (6,066,167)     3,715,827 
 
Total comprehensive                                                                                   (153,312) 
income for the period                                                         (153,312) 
 
Transactions with 
owners, recorded 
directly in equity: 
 
Issue of shares             1,677    166,215        -            -         -            -                     167,892 
 
Share issue costs               -          -        -            -         -            -                           - 
 
Foreign Currency                -          -        -            -    60,086            -                      60,086 
Translation Reserve 
 
Balance at 30 June 2022 6,126,579 61,323,350  588,554 (57,976,182)  (52,329)  (6,219,479)                   3,790,493 
 
 
 The accompanying notes form part of these financial statements. 
 
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHSED 31 DECEMBER 2022 
 
                                                 6 MONTHS   6 MONTHS  12 MONTHS 
                                               TO      31 TO      31 TO 30 JUNE 
                                               DEC 2022   DEC 2021         2022 
                                                UNAUDITED  UNAUDITED    AUDITED 
 
                                                        £          £          £ 
 
CASH FLOWS FROM OPERATING 
ACTIVITIES 
 
Cash payments in the course of                   (95,057)  (122,821)  (269,939) 
operations 
 
Net cash used in operating                       (95,057)  (122,821)  (269,939) 
activities 
 
CASH FLOWS USED IN INVESTING 
ACTIVITIES 
 
Payments for exploration and evaluation         (194,117)  (201,709)  (229,645) 
expenditure 
 
Payment for shares acquired in                          -  (100,000)  (100,000) 
Kazera Global Plc 
 
Proceeds from sale of financial                         -    280,657          - 
asset at fair value through 
profit and loss 
 
Payments for property, plant                            -          -    (1,487) 
and equipment 
 
Payment for security deposit                            -          -      (273) 
 
Proceeds from sale of shares in                         -          -     61,957 
VOX 
 
Proceeds from sale of shares                      101,450          -    218,700 
in  Kazera 
 
Research and Development Tax                            -          -    157,659 
Incentive Claim 
 
Net cash used in investing                       (92,667)   (21,052)    106,911 
activities 
 
CASH FLOWS FROM FINANCING 
ACTIVITIES 
 
Proceeds from issue of shares                           -          -     10,000 
 
Repayment of borrowings                          (20,000)          -          - 
 
Net cash provided by financing                   (20,000)          -     10,000 
activities 
 
Net (decrease)/increase in cash held            (207,724)  (143,873)  (153,028) 
and cash equivalents 
 
Cash and cash equivalents at the                  403,329    541,835    541,835 
beginning of the period 
 
Effects of exchange rate changes on                 1,152    (1,509)     14,521 
cash and cash equivalents 
 
Cash and cash equivalents at the end of           196,757    396,453    403,328 
the period 
 
The accompanying notes form part of these financial statements. 
 
NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHSED 31 DECEMBER 2022 
 
1. GENERAL INFORMATION 
 
Tectonic Gold Plc is a company incorporated in the United Kingdom under the 
Companies Act 2006. The consolidated entity (the "Group") consists of Tectonic 
Gold Plc ("Tectonic" or the "Company") and the entities it controlled at the 
end of, or during, the six months ended 31 December 2022. The principal 
activity of the Group during the financial period was mineral exploration. 
 
2. BASIS OF PREPARATION 
 
These condensed interim consolidated financial statements ("the interim 
financial statements") of the Group are for the six months ended 31 December 
2022 and are presented in Sterling which is the Company's presentational 
currency. These interim financial statements have not been reviewed or audited. 
 
The interim financial statements have been prepared in accordance with the 
recognition and measurement principles of IFRS as adopted by the European Union 
(EU) and on the same basis and using the same accounting policies as applied in 
the Company's 2022 Annual Report and statutory accounts for the year ended 30 
June 2022. 
 
The statutory accounts for the year ended 30 June 2022 have been filed with the 
Registrar of Companies. The auditor's report on those financial statements was 
unqualified and did not contain a statement under section 498 (2) or (3) of the 
Companies Act 2006. 
 
The interim financial statements have been prepared on a going concern basis 
under the historical cost convention. The Directors believe that the going 
concern basis is appropriate for the preparation of these interim financial 
statements as the Company is in a position to meet all its liabilities as they 
fall due. 
 
The interim financial statements for the six months ended 31 December 2022 were 
approved by the Board on 28 March 2023. 
 
3. DIVID 
 
The Board is not recommending the payment of an interim dividend for the period 
ended 31 December 2022. 
 
4. LOSS PER SHARE 
 
The basic earnings per share is based on the profit/(loss) for the year divided 
by the weighted average number of shares in issue during the reporting period. 
The weighted average number of ordinary shares for the reporting period assumes 
that all shares have been included in the computation based on the weighted 
average number of days since issue. 
 
                                    6 MONTHS TO   6 MONTHS TO  12 MONTHS TO 
                                     31 DEC 2022   31 DEC 2021  30 JUNE 2022 
                                       UNAUDITED     UNAUDITED       AUDITED 
 
                                               £             £             £ 
 
Profit/(Loss) for the                  (105,569)     (197,177)     (153,312) 
year attributable to 
owners of the Company 
 
Weighted average number              957,188,591   941,850,465   947,318,146 
of ordinary shares in 
issue for basic 
earnings* 
 
Weighted average number              957,188,591   941,850,465   947,318,146 
of ordinary shares in 
issue for fully diluted 
earnings* 
 
(Loss)/gain per share 
(pence per share) 
 
Basic                                     (0.01)        (0.02)        (0.02) 
 
Diluted                                   (0.01)        (0.02)        (0.02) 
 
5. OTHER ASSETS 
 
                                     31 DEC 2022  31 DEC 2021      30 JUNE 
                                       UNAUDITED    UNAUDITED 2022 AUDITED 
 
                                               £            £            £ 
 
Prepayments(i)                           351,780      336,208      354,656 
 
Other prepayments                         25,518       20,789       22,587 
 
Security deposits                          3,656        3,225        3,686 
 
                                         380,954      360,222      380,929 
 
 I. In 2018 the Company paid Titeline Drilling Pty Ltd ACN 096 640 201 
    (Titeline) for future drilling services in accordance with the heads of 
    agreement dated 28 March 2018 between Titeline, Signature Gold and Tectonic 
    Gold. Titeline has been engaged to complete 10,000 meters of diamond 
    drilling to produce core samples for analysis, assay and metallogenic 
    studies from the Company's Biloela Project site. A review to be completed 
    after 2,500 metres of drilling has been completed. However, as at the date 
    of this report the completion program required to be mutually agreed prior 
    to the credit being applicable to the remaining 7,500 metres has not been 
    produced and until such time as this program has been produced, this credit 
    may not be utilised. As at 30 June 2022, the balance of the prepayment to 
    Titeline is £354,656 (A$625,386). 
 
As at 31 December 2022, the balance of the prepayment to Titeline is £351,780 
(A$625,386), (2021:£336,208 /A$625,386) remains prepaid to Titeline. 
 
6. EVENTS AFTER THE REPORTING PERIOD 
 
Other than as stated elsewhere in this report, Directors are not aware of any 
other matters or circumstances at the date of this report that have 
significantly affected or may significantly affect the operations, the results 
of the operations or the state of affairs of the Company in subsequent 
financial years. 
 
7. DISTRIBUTION 
 
Copies of these interim financial statements is available on the Company's 
website (www.tectonicgold.com) or directly from the Company at its registered 
address. 
 
For further information, please contact: 
 
Tectonic Gold plc                                           +61 2 9241 7665 
Brett Boynton 
Sam Quinn 
www.tectonicgold.com 
@tectonic_gold 
 
Aquis Stock Exchange Corporate Adviser and Broker 
VSA Capital Limited                                        +44 20 3005 5000 
Andrew Raca - Corporate Finance 
Andrew Monk - Corporate Broking 
 
 
                                     Ends 
 
 
 
END 
 
 

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