28
March 2024
First Tin
Plc
("First
Tin" or "the Company")
Interim Report for the year
ended 31 December 2023
First Tin PLC, a tin development
company with advanced, low capex projects in Germany and Australia,
today announces its interim report for the year ended 31 December
2023.
Highlights
· Posted
a comprehensive loss for the period of £2.82m (31 December 2022:
£3.12m)
· Ended the period with a cash position of £4.66m (31
December 2022: £13.8m)
· Ended
the period with a net asset value of £38.97m (31 December 2022:
£41.78m)
· The
interim results for the period reflect continued investment by the
Company in progressing its two flagship assets through permitting
and DFS studies.
· The
fully funded DFS continues at pace at Taronga,
Australia:
o Published an updated JORC compliant Mineral Resource Estimate
("MRE") which increased the size of the Taronga resource by over
240% to 133 million tonnes
o Mineral processing work confirmed feasibility for simple low
strip ratio open pit mining, with significant grade beneficiation
at crush stage and a simple cost-effective
flowsheet.
o 10MW
behind the grid solar farm plus gas generators selected as the most
environmentally friendly and cost-effective power
solution.
o Exploration activity at nearby satellite prospects validated
our thesis that Taronga is part of a broader tin district, with the
potential to develop a hub and spoke system in the
future.
· Continued to progress the Tellerhäuser project,
Germany:
o Continued to expand the current JORC MRE by utilising the
recently uncovered historical Wismut drilling data alongside
additional drilling
o Completed a model of the groundwater flow, showing that
mining-induced dewatering of low-laying groundwater horizons will
not impact surface water bodies
Bill
Scotting, Chief Executive Officer, Commented:
"I am pleased to report my inaugural
results as CEO of First Tin, and since commencing my role at the
beginning of 2024, I am glad to see the progress made during the
period under review. In 2023, we were able to execute key
workstreams, adding value to both our flagship assets in Australia
and Germany.
2024 is shaping up to be another
busy year for the Company with the DFS at our Taronga asset soon to
be completed and the finalisation of the MRE update at our
Tellerhäuser asset in Q3 2024.
Our outlook for the tin market
remains bullish, and we are already seeing strong signs of tin
price recovery. The demand for tin remains ever-present as tin
becomes increasingly recognised as crucial to the global energy
transition and digital revolution.
With both projects positioned
strategically in the safe, compliant jurisdictions of Australia and
Germany, and Taronga leading the charge as one of the largest tin
development projects worldwide, First Tin remains committed to
making strong advancements towards our 2026 production
target."
Investor Presentation Reminder
Bill Scotting, CEO, and Tony
Truelove, Technical Director, will provide a live presentation for
investors via the Investor Meet Company platform at 10:00am BST on
the day of results.
Investors can sign up to Investor
Meet Company for free and click "Add to Meet" First Tin
via:
https://www.investormeetcompany.com/first-tin-plc/register-investor
Enquiries:
First Tin
|
Via SEC
Newgate below
|
Bill Scotting - Chief Executive
Officer
|
|
Arlington Group Asset Management Limited (Financial Advisor
and Joint Broker)
|
|
Simon Catt
|
020 7389
5016
|
|
|
WH
Ireland Limited (Joint Broker)
|
|
Harry Ansell
|
020 7220
1670
|
|
|
SEC
Newgate (Financial Communications)
|
|
Elisabeth Cowell / Molly
Gretton
|
FirstTin@secnewgate.co.uk
|
Notes to Editors
First Tin is an ethical, reliable,
and sustainable tin production company led by a team of renowned
tin specialists. The Company is focused on becoming a tin supplier
in conflict-free, low political risk jurisdictions through the
rapid development of high value, low capex tin assets in Germany
and Australia, which have been de-risked significantly, with
extensive work undertaken to date.
Tin is a critical metal, vital in
any plan to decarbonise and electrify the world, yet Europe has
very little supply. Rising demand, together with shortages, is
expected to lead tin to experience sustained deficit markets for
the foreseeable future.
First Tin's goal is to use
best-in-class environmental standards to bring two tin mines into
production in three years, providing provenance of supply to
support the current global clean energy and technological
revolutions.
CHAIRMAN'S
STATEMENT
FOR THE YEAR ENDED 31
DECEMBER 2023
I am pleased to report that during
the period under review, First Tin continued to achieve significant
milestones and advancements at both its tin
projects, particularly at the Taronga tin asset in
Australia.
Tin spot prices fluctuated as the
market navigated a period of weak demand, challenging
macroeconomic conditions and geopolitical
tensions, with major tin producers experiencing significant supply
disruptions. As a result, tin prices ranged from US$29,069/t (12
July 2023) to US$22,979/t (27 November 2023). Post
period end, the spot price has strengthened again and, with
material deficits still forecast to commence and
continue from 2026, we remain hopeful that higher future tin
prices will emerge and be sustained.
The global transition to clean
energy and the digital transformation remain the key drivers for
tin's growing demand. Tin is a vital technology metal as it glues
together the electronics found in consumer and industrial goods,
including electric vehicles, batteries, computers, communications
devices, solar panels and other renewable energy
technologies.
Many companies are coming under
increased scrutiny around Environmental, Social, and Governance
("ESG") compliance with accompanying pressure to decarbonise their
supply chains, increasing the demand for ethical, reliable, and
sustainable sources of tin. First Tin's assets in Australia and
Germany are located in conflict-free, low political risk
jurisdictions and it is therefore well placed to provide a
sustainable supply of tin to support the clean energy and digital
revolutions.
Therefore, we were pleased to see tin recognised by the Australian
Government as a Strategic Material in December 2023 as its role in
the global transition to net zero is fundamental. This move will
place our Taronga project at the forefront of Australia's
transition to net-zero and advanced technological
developments.
During the period under review, the
management team continued to focus on advancing the assets through
their Definitive Feasibility Studies ("DFS"), environmental studies
and permitting. At our Taronga asset, we published an updated
JORC compliant Mineral Resource Estimate ("MRE"), demonstrating the
true scale of our Taronga project. We also validated our thesis
that Taronga sits within a Tin District with excellent potential
for satellite deposits. The Company has subsequently taken
steps to consolidate our land position and has been granted, a
large (276.6km2) Exploration Licence covering the majority of the
Tingha tin field, located approximately 50km from
Taronga.
Most importantly for Taronga, post
period end, the Company completed gravity
circuit testwork on a low grade bulk sample (0.11% Sn) and a
variability core sample (0.13% Sn). The results from this
recent test significantly improved the previous recoveries that
were generated from a high grade bulk sample (0.18% Sn.) This has
been achieved through optimisation of the flowsheet by our team and
the ALS
Laboratory in Tasmania and
has successfully shown the deposit has a recovery
of over 70% through the gravity circuit, which confirms the
previous Newmont testwork.
At our Tellerhäuser asset in Saxony,
Germany, we made progress during the period in terms of permitting
the project, receiving confirmation that the mining permit will go
through a fast-track process, following our application in June. In
relation to the ongoing DFS, our dedicated team have been focused
on expanding the current JORC MRE by utilising the recently
uncovered historical Wismut drilling data.
First Tin's commitment to robust ESG
principles remains central to our Company ethos. We are firmly
dedicated to establishing a conflict-free tin source through
sustainable, ethical, and regulated mining practices. Post period
end we disclosed findings that demonstrated that, by crushing
during daylight hours only, a combination of gas engines for the
base load and night-time power usage supplemented by solar panels
used for daytime augmentation presents the most economically viable
and eco-friendly power solution for Taronga. These findings
reinforce our pledge to reduce First Tin's environmental impact and
CO2 emissions.
During the period, we announced the
appointment of Bill Scotting as Chief Executive Officer, who
officially began his role post period end, in January 2024. Bill
has over 35 years of industry experience and a proven track record
in the metals and mining sector and the Board is confident that
under Bill's leadership, First Tin is best placed to continue
making strong operational progress at both our flagship
assets.
On behalf of the Board, I would like
to thank Thomas Buenger for his significant contribution to First
Tin since its IPO in April 2022. We wish him all the best for the
future.
We were also pleased to welcome Ross
Ainger to the Board as a Non-Executive Director on 6 September
2023. Ross, who has been Company Secretary since March 2022, has
extensive knowledge of the business and has already proven to be of
great value to the Board. Ross was also appointed Chairman of the
ESG Committee and a member of the Audit/Risk and
Remuneration/Nominations Committees.
The period ahead promises to be
another busy one. We especially look forward to the completion of the Taronga DFS, which will support
offtake and project financing discussions, complete the
Environmental Impact Statement (EIS) and continue the environmental
permitting and mining approval process. At our Tellerhäuser
asset, we will focus on essential permitting work and the MRE
update.
First Tin remains poised to
capitalise on the opportunities presented by the technological
revolutions supporting the global energy transition. Our commitment
to delivering ethical and sustainable tin production continues to
drive our objectives and position us for long-term success and I
look forward to keeping you updated on our progress.
I would like to thank our dedicated
team, supportive shareholders, and stakeholders for their continued
trust and collaboration as we navigate towards a sustainable and
prosperous future for First Tin.
C Cannon Brookes
|
|
Chairman
|
|
CHIEF EXECUTIVE
OFFICER'S REPORT
FOR THE YEAR ENDED 31
DECEMBER 2023
The period under review saw First
Tin make significant strides in advancing both its projects in
Australia and Germany, laying a solid foundation for sustained
growth and success. Having joined First Tin just three months ago,
at the start of 2024, I am pleased to see the progress during the
period under review.
I feel privileged to have been
selected by the First Tin Board to lead the next stage of the
Company's development and I am excited by the vision of the Company
and the quality of our assets. I would like to thank my
predecessor, Thomas Buenger, for his leadership since the IPO,
putting in place the building blocks to progress our assets along
the paths of permitting and preparation of the Definitive
Feasibility Studies (DFS).
The structural shifts in the tin
market, together with the increased recognition of tin as a
critical metal for the energy transition and the digital
revolution, present significant opportunities. Our projects,
strategically located in the safe, compliant jurisdictions of
Australia and Germany, ideally position us to capitalise on this
opportunity. With Taronga leading the charge as one of the largest
tin development projects globally, boasting a mineralogy conducive
to easy, cost-effective mining and processing, I am confident that
we are poised for success.
Tin, a critical metal for the future
Tin is one of the oldest metals in
use yet remains ever present in modern life, integral to various
technologies such as electronics, PCBs, semiconductors and
renewable energy systems. Recognised as pivotal in the energy
transition and digital revolution, tin is experiencing heightened
demand driven by advancements in electronic devices, robotics, 5G,
and artificial intelligence.
Referred to as the "hidden gem" and
the "glue in electronics," tin has strategic importance, classified
as critical in numerous jurisdictions due to supply chain
vulnerabilities. With primary supply stagnating and major producers
facing challenges, including diminishing reserves and operational
disruptions, a supply deficit looms.
Primary tin supply has stagnated
over the last five years, with over 75% coming from just five
countries: China, Indonesia, Myanmar, Peru and Bolivia. During 2023
we continued to see major disruptions to supply, including
declining feedstocks and grades in China, delays in licensing and
operational challenges with offshore dredging in Indonesia,
conflict in Myanmar leading to suspensions of mining activities in
Wa state and civil unrest in Peru.
There is an overarching trend in tin
supply pointing towards a deficit against demand, as existing
supply remains stagnant, easy to mine alluvial deposits become
exhausted or environmentally untenable, and stocks continue to
decline. As demand recovers and grows, forecasts indicate a
widening supply deficit, leading to structurally higher prices
necessary to facilitate the emergence of new supply
sources.
We are confident that First Tin
remains well positioned to take advantage of this opportunity and
become a material tin supplier from its conflict-free and low
political risk jurisdictions.
Delivering on the expansion potential at our Taronga Asset in
Australia
Our Taronga project in New South
Wales has been a focal point of operational excellence and
strategic advancement. Acquired in 2022, Taronga stands as a
low-risk asset in a jurisdiction rich with infrastructure and
historical exploration data. The surrounding area has had over a
century of exploration and development with many underexplored tin
showings providing major upside potential.
Since its acquisition in 2022, First
Tin has completed infill and extension diamond and Reverse
Circulation (RC) drilling to confirm historical data and test for
extensions to the south of the deposit. Twin diamond drilling of
1,657m in 14 drillholes and twin RC drilling of 664m in six
drillholes was completed and found statistically good agreement
between Taronga Mines Pty Ltd (TMPL) and earlier Newmont
assays.
A total of 4,035m infill and
extension RC drilling was completed in 40 drill holes (three
abandoned) and has extended the Payback Zone mineralisation for
approximately 400m to the southwest. Given that the southernmost
line of drilling returned significant mineralisation, we believe
there is strong potential for the mineralisation to the southwest
to be extended even further.
The drilling undertaken at Taronga
during the year facilitated the publication of an updated Mineral
Resource Estimate ("MRE"), which was a major milestone during the
period. Prepared by independent geological consultants H&S
Consultants Pty Ltd in accordance with the 2012 JORC Code &
Guidelines, the updated MRE is reported
using a 0.05% tin (Sn) cut-off to a maximum depth of 300m below
surface (650mRL).
Category
|
Tonnage (Million)
|
Grade (% Sn)
|
Tin
(Tonnes)
|
Measured
|
33.0
|
0.13
|
44,200
|
Indicated
|
38.9
|
0.11
|
42,000
|
Sub-Total (M&I)
|
71.9
|
0.12
|
86,200
|
This Inferred
|
61.1
|
0.09
|
61,100
|
TOTAL
|
133.0
|
0.10
|
138,300
|
This is a substantial 240% increase
in size on the previous MRE announced by Aus Tin Mining Ltd in 2014
which was calculated using a 0.10% Sn cut-off. The lower
cut-off for the updated Mineral Resource is based on revised
economic considerations including higher 3-year trailing tin
prices, lower AUD:USD exchange rates and preliminary estimates of
mining, processing and G&A costs.
A direct comparison with the 2014
MRE by using a 0.10% Sn cut-off is:
|
2014 MRE
|
|
H&SC 2023 MRE
|
Percentage Change (%)
|
|
Tonnes (Million)
|
Grade (%Sn)
|
Tin (Tonnes)
|
|
Tonnes (Million)
|
Grade (%Sn)
|
Tin (Tonnes)
|
Measured
|
-
|
-
|
-
|
|
21.5
|
0.17
|
35,700
|
-
|
Indicated
|
26.9
|
0.17
|
45,200
|
|
16.5
|
0.16
|
26,000
|
(42.5)
|
Sub-Total
|
26.9
|
0.17
|
45,200
|
|
38.0
|
0.16
|
61,700
|
36.5
|
Inferred
|
9.4
|
0.13
|
12,000
|
|
13.4
|
0.14
|
18,600
|
55
|
TOTAL
|
36.3
|
0.16
|
57,200
|
|
51.7
|
0.16
|
80,300
|
40.4
|
The comparison represents a 40%
increase in total contained tin metal based on the same cut-off.
The difference is primarily due to:
· Exploration drilling by First Tin successfully extending the
Mineral Resource to the southwest of the existing
estimate
· A new
geological interpretation
· A
reconfigured grade interpolation technique
It also included a Measured Resource
category for the first time. This is based on the successful hole
twinning drill programme conducted by First Tin which validated the
Newmont drilling data alongside a more in-depth study of the
Newmont QAQC data which confirmed the reliability of the historic
drilling data.
The DFS is now well advanced, with
completion expected in the coming weeks.
Towards this end of the period under
review, key workstreams showed that our Taronga tin deposit is
amendable to low strip ratio (ca., 1:1) open pit mining, giving
relatively low mining costs. There are very few open-pit tin mines
or projects worldwide and this style of deposit is seen as the
transition between alluvial and underground mining. The mineralogy
allows a simple processing flow sheet, with lower capital
expenditure and operating costs. Crushing
pre-concentration test work undertaken in the period confirmed
significant upgrading effects for both high-grade and low-grade
mineralisation bulk samples. Due to selective breakage along veins,
liberation of cassiterite can be achieved simply by coarse crushing
to 12mm and screening at 2.8mm. The plus 2.8mm fraction is a
discard, while the minus 2.8mm fraction goes through the processing
plant.
Further end-to-end mineral
processing test work on a bulk sample with an average grade of
0.18% Sn confirmed that the cassiterite is easily liberated at a
coarse crush size and that a good quality pre-concentrate can be
obtained using very simple gravity separation
techniques.
Using coarse gravity techniques only
(i.e. no fine tin recovery) and a processing route that consists
only of crushing, jigs, spirals, grinding and shaking tables,
followed by standard tin dressing techniques including finer
grinding and sulphide flotation, earlier testwork demonstrated that
end to end processing resulted in 52-56% of the total tin recovered
into a plus 56% Sn, low impurity tin concentrate.
Post period end, the Company
announced that additional mineral processing test work has shown
enhanced recoveries from the gravity circuit of the project.
ALS Laboratory in
Burnie, Tasmania, one of the foremost
laboratories for tin processing testwork worldwide, recently
completed gravity circuit test work on a low grade bulk sample and
a variability core sample crushing pre-concentrates which
returned:
· Low
grade bulk sample (0.11% Sn): 71.5% tin recovery to a 69.8% Sn
concentrate
· Variability (0.13% Sn): 72.5% tin recovery to a 60.1% Sn
concentrate
End to end recovery is estimated to
be around 60% after taking into account losses at the crushing
stage. The inclusion of a fine tin circuit will be examined later
as will improvements at the crushing stage which should increase
the overall recovery even further.
In addition, post period end, the
Company reported findings from a scoping study suggesting that
employing a combination of gas engines for base load power and
night-time operations, complemented by solar panels for daytime
support, emerges as the most economical and environmentally
conscious power solution for Taronga. To enable this, the main
three stage crusher would only operate during day-light hours. With
this approach, it is estimated that 53% of the site's power demand
would be generated by solar, and potentially reduce the power cost
by 58% compared to grid power as well as significantly reducing the
mine's carbon footprint.
Confirming Taronga as part of a tin district
During the period, we validated our thesis that Taronga is part of a broader tin
district.
In August, we announced the results
from wide spaced drilling undertaken at our Tin Beetle prospect,
approximately 9km from the Taronga project and one of six
additional satellite prospects near Taronga.
Mineralisation was confirmed over the
2.3km2 area tested. Significant intercepts
include:
· 48m @
0.18% Sn from 2m incl. 21m @ 0.32% Sn from 2m and 3m @ 0.28% Sn
from 42m
· 30m @
0.10% Sn from surface incl. 7m @ 0.16% Sn from 21m (entire hole
mineralised)
· 18m @
0.07% Sn from 17m incl. 9m @ 0.10% Sn from 17m
· 78m @
0.08% Sn from 7m incl. 12m @ 0.11% Sn from 7m and 12m @ 0.13% Sn
from 48m
· 57m @
0.05% Sn from 62m
· 27m @
0.08% Sn from 76m incl. 14m @ 0.12% Sn from 77m and 5m @ 0.18% Sn
from 85m
These intercepts are similar to early
drill intercepts at the main Taronga mineralisation. As a
satellite, there is potential for on-site upgrading before being
taken by road to a central milling facility at Taronga. If
successful, this concept could significantly add to the annual tin
production and/or increase the overall life of the Taronga tin
project. Further drilling is planned once the Taronga DFS is
completed.
These findings were supported by the
results from the first systematic soil sampling conducted across
the Taronga site, reported post period end. Not only did this
programme confirm extensions to the known mineralisation to the
northeast and southwest at Taronga, but it also identified several
potential nearby satellite tin mineralisation targets and confirmed
that no significant mineralisation occurs beneath the proposed rock
dumps at the Taronga mine itself.
As a result, we are increasing our
landholding and during the period applied for a large, 276.6km2
Exploration License covering the majority of the Tingha Field,
located approximately 50km southwest of the Taronga Project.
Tingha is one of three main tin fields in northern NSW and
south-eastern Queensland that form the New England Tin
Corridor. TMPL currently holds the majority of the Emmaville
Tin Field under its existing tenure. Following the granting
of the license in October 2023, TMPL now has access to most of the
known tin mineralised areas in north-eastern New South Wales, which
consolidates the exploration potential around the Taronga
deposit.
Progressing Tellerhäuser, Germany
Our Tellerhäuser project is situated
in the renowned tin district of Saxony, benefitting from access to
existing infrastructure that reduces the anticipated capital
expenditure. The project is owned by First Tin's 100% owned
German subsidiary, Saxore Bergbau GmbH ("Saxore").
During the period Saxore continued to
assess the additional historic drilling data from previously
inaccessible old Wismut uranium exploration drillholes discovered
in archives pertaining to the Tellerhäuser project area. The Wismut
drillhole data could now be reviewed due to a change in the law
(Geological Data Act). The additional identified data represents an
equivalent of 1311 underground drillholes, surface drillholes and
channel samples with a total length of more than 44,900m and
is still being analysed alongside the data from the more recent
drilling programme. All new data is currently being added to the
main database and should result in an increasingly robust resource
model and may lead to additional resource tonnes. Once this
analysis is complete, the Company expects to announce an update to
the project's MRE.
In November 2023, a model of the
groundwater flow was completed which showed that a mining-induced
dewatering of low-laying groundwater horizons will not impact
surface water bodies. The drinking water fountains that still
operate sporadically in the area will not be affected as they are
fed from the upper groundwater layers.
During the year, infrastructure
requirements were progressed, with an analysis and comparison of
alternative transport routes from the site completed. The German
Rail Infrastructure Agency (DB InfraGo AG) informed us that space
has been reserved at the railway station (Grünstädtel) for our
future planning. Work commenced on the baseline study for power
requirements underground as well as on the surface.
Saxore signed an emergency assistance
agreement with Wismut AG to practice regularly with the established
mine rescue team. The mine design was further specified with an
updated ventilation study, considering also emergency situations
underground. Further a backfill concept study in cooperation with
Patterson & Cook was concluded enabling our sustainable leave
no trace strategy.
Gottesberg, Germany to be evaluated
Progress on Gottesberg has been
constrained as the Company has focused on Taronga and
Tellerhäuser. It has a large resource base and excellent
mineral processing characteristics and could benefit from lessons
learned at Taronga. It is proposed to more closely evaluate
this project over the next 12-24 months.
Finance Review
The interim results for the period
reflect continued investment by the Company in progressing its two
flagship assets through permitting and DFS study.
First Tin posted a comprehensive loss
for the period of £2.82m and ended the period with a cash balance
of £4.66m and a net asset value of £38.97m. Expenditure
during the period was primarily focused on drilling activities to
extend the MREs, mineral processing test work, other DFS and
permitting related work to progress the development of our two
assets. It is anticipated that the Group will need to raise
additional capital within the next 12 months in order to continue
to fund its activities at their planned levels.
Outlook
During the period under review, the
Company made significant progress in developing its assets,
particularly at Taronga in Australia. Our focus in 2024 and beyond
will be on:
· The
completion of our Taronga DFS at the end of Q1 2024 and completion
of its Environmental Impact Statement (EIS) in July
2024.
· Completion of the data analysis and update of the MRE at
Saxore.
· Evaluating financing options to advance Taronga through
permitting and engineering design.
We remain bullish on the
macro-outlook for the tin market. Despite cyclically constrained
demand in 2023, the supply constraints led the tin market to end
2023 with only a modest surplus. Moving into 2024, the tin
market is buoyant as supply concerns are meeting a demand recovery.
We have already seen the tin price recover from $23k/t at the end
of November to over $28.5k/t in mid-March.
The demand for tin remains strong,
with lower interest rates, stimulus efforts by the Chinese
government, and the continuous transition to green energy, creating
the conditions for a material supply ongoing deficit from
2026.
We are confident that First Tin
remains well positioned to benefit from this opportunity and become
a material supplier of conflict-free tin from our low political
risk jurisdictions in Australia and Germany. With our strategic
approach and business model, we are poised to unlock the
significant value within our tin assets.
I would like to thank all our
shareholders for your ongoing support of First Tin as we pursue our
strategic objectives. We have entered 2024 with confidence and I
look forward to delivering and communicating our progress as we
continue to develop our flagship assets and fulfil our ambitions to
become a leading supplier of tin.
W A
(Bill) Scotting
|
|
Chief Executive Officer
|
|
CONDENSED CONSOLIDATED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31
DECEMBER 2023
|
|
|
Note
|
2023
|
|
2022
|
|
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
£
|
|
£
|
|
|
|
|
|
|
|
Administrative expenses
|
|
|
|
(2,355,495)
|
|
(3,240,389)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss
|
|
|
|
(2,355,495)
|
|
(3,240,389)
|
|
|
|
|
|
|
|
Finance income
|
|
|
|
100,104
|
|
-
|
Finance costs
|
|
|
|
(23)
|
|
(2,557)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
before tax
|
|
|
|
(2,255,414)
|
|
(3,242,946)
|
|
|
|
|
|
|
|
Income tax expense
|
|
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss
for the year
|
|
|
|
(2,255,414)
|
|
(3,242,946)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive (loss)/income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exchange differences on translation
of foreign
|
|
|
|
|
|
|
operations
|
|
|
|
(561,581)
|
|
118,937
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive (loss)/income for the
|
|
|
|
|
|
|
year
|
|
|
|
(561,581)
|
|
118,937
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss for the year
|
|
|
|
(2,816,995)
|
|
(3,124,009)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive loss attributable to
|
|
|
|
|
|
|
the
equity holders of the company
|
|
|
|
(2,816,995)
|
|
(3,124,009)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic loss - pence per share
|
|
|
5
|
(0.85)
|
|
(1.40)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted loss - pence per share
|
|
|
5
|
(0.85)
|
|
(1.40)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
|
Note
|
2023
|
|
2022
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
£
|
|
£
|
Non-current assets
|
|
|
|
|
|
|
|
|
|
Intangible assets
|
7
|
33,084,761
|
|
27,367,552
|
Property, plant and
equipment
|
8
|
2,474,661
|
|
1,589,748
|
|
|
|
|
|
|
|
|
|
|
|
|
35,559,422
|
|
28,957,300
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Trade and other
receivables
|
9
|
278,925
|
|
808,711
|
Cash and cash equivalents
|
|
4,657,026
|
|
13,823,173
|
|
|
|
|
|
|
|
|
|
|
|
|
4,935,951
|
|
14,631,884
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
Trade and other payables
|
10
|
(1,528,482)
|
|
(1,805,298)
|
|
|
|
|
|
|
|
|
|
|
Net
current assets
|
|
3,407,469
|
|
12,826,586
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
38,966,891
|
|
41,783,886
|
|
|
|
|
|
|
|
|
|
|
Net
assets
|
|
38,966,891
|
|
41,783,886
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
12
|
265,535
|
|
265,535
|
Share premium account
|
|
18,391,046
|
|
18,391,046
|
Merger relief reserve
|
|
17,940,000
|
|
17,940,000
|
Warrant reserve
|
|
269,138
|
|
269,138
|
Retained earnings
|
|
2,632,180
|
|
4,887,594
|
Translation reserve
|
|
(531,008)
|
|
30,573
|
|
|
|
|
|
|
|
|
|
|
Shareholders' funds
|
|
38,966,891
|
|
41,783,886
|
|
|
|
|
|
|
|
|
|
|
The Condensed Consolidated Financial
Statements were approved and authorised for issue by the Board of
Directors on 27 March 2024 and were signed on its behalf
by:
C
Cannon Brookes
|
|
Director
|
|
CONDENSED CONSOLIDATED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
|
|
|
|
2023
|
|
2022
|
|
|
|
|
(Unaudited)
|
|
(Audited)
|
|
|
|
|
£
|
|
£
|
Cash
flows from operating activities
|
|
|
|
|
|
|
Operating loss for the
period
|
|
|
|
(2,355,495)
|
|
(3,240,389)
|
|
|
|
|
|
|
|
Adjustments to reconcile loss
before tax to net cash flows:
|
|
|
|
|
|
|
Depreciation of tangible
assets
|
|
|
|
54,265
|
|
20,597
|
Loss on disposal of tangible
assets
|
|
|
|
18,009
|
|
-
|
Share-based payment
expense
|
|
|
|
-
|
|
707,100
|
Decrease in trade and other
receivables
|
|
|
|
529,786
|
|
(357,635)
|
(Decrease)/increase in trade and
other payables
|
|
|
|
(276,816)
|
|
1,503,846
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash used in operations
|
|
|
|
(2,030,251)
|
|
(1,366,481)
|
Interest paid
|
|
|
|
(23)
|
|
2,557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash flows used in operating activities
|
|
|
(2,030,274)
|
|
(1,369,038)
88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from investing activities
|
|
|
|
|
|
|
Purchase of intangible
assets
|
|
|
|
(6,356,040)
|
|
(5,288,557)
|
Receipt of government
grants
|
|
|
|
218,212
|
|
-
|
Purchase of property, plant and
equipment
|
|
|
|
(1,024,659)
|
|
(600,907)
|
Cash acquired on acquisition of
Taronga
|
|
|
|
-
|
|
102
|
Interest received
|
|
|
|
100,104
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash flows used in investing activities
|
|
|
|
(7,062,383)
|
|
(5,889,362)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
flows from financing activities
|
|
|
|
|
|
|
Proceeds from issue of
shares
|
|
|
|
-
|
|
19,000,000
|
Share issuance costs
|
|
|
|
-
|
|
(368,521)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
cash flows generated from financing activities
|
|
|
-
|
|
18,631,479
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(decrease)/increase in cash
|
|
|
|
(9,092,657)
|
|
11,373,079
|
|
|
|
|
|
|
|
Cash and cash equivalents at
beginning of year
|
|
|
|
13,823,173
|
|
2,503,714
|
Exchange loss on cash and cash
equivalents
|
|
|
|
(73,490)
|
|
(53,620)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
at the end of year
|
|
|
|
4,657,026
|
|
13,823,173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|