TIDMARCM
RNS Number : 0709B
Arc Minerals Limited
29 September 2022
29 September 2022
Arc Minerals Ltd
('Arc Minerals' or the 'Company')
Interim Results
Arc Minerals announces its unaudited financial results for the
six months ended 30 June 2022 (the "Interim Results") which is
available to view at the following link:
http://www.rns-pdf.londonstockexchange.com/rns/0709B_1-2022-9-28.pdf
and will be made available on the Company's website at
http://www.arcminerals.com/investors/document-library/default.aspx.
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
Forward-looking Statements
This news release contains forward-looking statements that are
based on the Company's current expectations and estimates.
Forward-looking statements are frequently characterised by words
such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", "suggest", "indicate" and other similar
words or statements that certain events or conditions "may" or
"will" occur. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that could cause
actual events or results to differ materially from estimated or
anticipated events or results implied or expressed in such
forward-looking statements. Such factors include, among others: the
actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans
continue to be refined; possible variations in ore grade or
recovery rates; accidents, labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals or
financing; and fluctuations in metal prices. There may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. Any forward-looking statement
speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking statement,
whether as a result of new information, future events or results or
otherwise. Forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on
such statements due to the inherent uncertainty therein.
Shareholder consent to receive information electronically
At the Annual General Meeting of the Company held in September
2012, Shareholders approved electronic communication and
dissemination of information via the Company's official website,
including but not limited to Notices of General Meetings, Forms of
Proxy and Annual Reports and Accounts. Shareholders are reminded
that their right to request information in print remains unaffected
and that they can do so by contacting the Company giving no less
than 14 days' notice.
**S**
Contacts
Arc Minerals Ltd
Nick von Schirnding (Executive Chairman) +44 (0) 20 7917 2942
SP Angel (Nominated Adviser & Joint
Broker)
Ewan Leggat / Adam Cowl +44 (0) 20 3470 0470
WH Ireland Limited (Joint Broker)
Harry Ansell / Katy Mitchell +44 (0) 20 7220 1666
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the period ended 30 June 2022
Six Months Six Months
to to
30 June 30 June
2022 2021
(Unaudited) (Unaudited)
Notes GBP 000's GBP 000's
Administrative expenses (808) (1,233)
Share based payments expense - (2,356)
----------------------------------- ------ ------------ ------------
Operating Income / (Loss) (808) (3,589)
Zamsort/Handa Restructuring 9 (6,815) -
Gains and losses on the disposal
of Casa 7 (840) -
Non-operating Income / (Loss) (7,655) (3,589)
Income / (Loss) before tax (8,463) (3,589)
Income tax expense - -
---------------------------------- ------ ------------ ------------
Income / (Loss) for the period 3 (8,463) (3,589)
----------------------------------- ------ ------------ ------------
Other comprehensive income
/ (loss)
Items that may be reclassified
subsequently to profit or
loss:
Unrealised gains 32 -
Effect of currency translation (487) (69)
----------------------------------- ------ ------------ ------------
Other comprehensive income
/ (loss) for the period, net
of tax (455) (69)
----------------------------------- ------ ------------ ------------
Total comprehensive income
/ (loss) for the period (8,918) (3,658)
----------------------------------- ------ ------------ ------------
Income / (Loss) attributable
to:
Equity holders of the parent (6,573) (3,557)
Non-controlling interest (1,890) (32)
----------------------------------- ------ ------------ ------------
(8,463) (3,589)
Total comprehensive income
/ (loss) attributable to:
Equity holders of the parent (6,830) (3,603)
Non-controlling interest (2,088) (55)
----------------------------------- ------ ------------ ------------
(8,918) (3,658)
Loss per share attributable
to the owners of the parent
during the period
(expressed in pence per share)
- Basic (pence per share) 3 (0.69) (0.33)
The notes are an integral part of these consolidated financial
statements.
CONSOLIDATED Statement of Financial Position
as at 30 June 2022
As at As at
30 June 31 December
2022 2021
(Unaudited) (Audited)
Notes GBP 000's GBP 000's
ASSETS
Non-current assets
Intangible assets 4 4,938 4,490
Fixed assets 5 19 22
Total non-current assets 4,957 4,512
Current assets
Trade and other receivables 6 1,175 4,410
Assets held for sale - 3,592
Short term investments 8 2,071 -
Cash and cash equivalents 2,348 1,735
Total current assets 5,594 9,737
TOTAL ASSETS 10,551 14,249
-------------------------------- ------ ------------ -------------
LIABILITIES
Current liabilities
Trade and other payables 10 (1,007) (1,338)
Total current liabilities (1,007) (1,338)
Non-current liabilities
Long term payables 11 (4,531) (4,735)
Total non-current liabilities (4,531) (4,735)
TOTAL LIABILITIES (5,538) (6,067)
-------------------------------- ------ ------------ -------------
NET ASSETS 5,013 8,182
================================ ====== ============ =============
EQUITY
Share capital 12 - -
Share premium 64,210 62,019
Share based payments reserve 273 273
Warrant reserve 84 84
Foreign exchange reserve 2,428 (1,885)
Retained earnings (61,848) (53,385)
Non-controlling interest (134) 1,076
TOTAL EQUITY 5,013 8,182
================================ ====== ============ =============
The notes are an integral part of these consolidated financial
statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
for the period ended 30 June 2022
As at As at
30 June 30 June
2022 2021
(Unaudited) (Unaudited)
Notes GBP 000's GBP 000's
Cash flows from operating
activities
Loss before tax (8,463) (3,589)
Depreciation 3 -
Currency gains (285) -
Zamsort/Handa Restructuring 9 6,815 -
Non cash revaluation loss 8 2,044 -
Share based payments expense - 2,356
Operating gain/(loss) before
changes in working capital 114 (1,224)
Increase in trade and other
receivables (1,018) (431)
Decrease in trade and other
payables (331) (830)
Net cash used in operating
activities (1,349) (2,485)
---------------------------------- ------ ------------ ------------
Cash flows used in investing
activities
Additions to intangible assets 4 (139) (20)
Additions to property, plant
and equipment 5 - -
Net cash used in investing
activities (139) (20)
---------------------------------- ------ ------------ ------------
Cash flows from financing
activities
Proceeds from issue of ordinary
shares net of share issue
cost 12 2,191 4,837
(Decrease)/Increase in long
term payables (204) 52
Net cash used in financing
activities 1,987 4,889
---------------------------------- ------ ------------ ------------
Net increase/(decrease) in
cash and cash equivalents 613 2,384
Cash and cash equivalents
at beginning of period 1,735 700
Cash and cash equivalents
at end of period 2,348 3,084
---------------------------------- ------ ------------ ------------
The notes are an integral part of these consolidated financial
statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the period ended 30 June 2022
Share Share Foreign Share Warrant Retained Total Non-controlling Total
capital premium exchange based Reserve earnings interest equity
reserve payment
reserve
GBP GBP GBP GBP GBP GBP GBP GBP GBP
000's 000's 000's 000's 000's 000's 000's 000's 000's
As at 1 January 2021 - 55,755 (3,111) 1,368 84 (49,056) 5,040 506 5,546
========== ======== ========= ======== ======== ========= ======== ================ ========
Loss for the period - - - - - (3,589) (3,589) - (3,589)
Items that may be reclassified subsequently to profit or loss:
Currency translation
differences - - (69) - - - (69) - (69)
Total comprehensive
loss for the period - - (69) - - (3,589) (3,658) - (3,658)
Share capital issued
net of share issue
costs - 3,785 - - - - 3,785 - 3,785
Warrants exercised - 1,272 - - - - 1,272 - 1,272
Share based payments
expense 2,356 2,356 2,356
Share based payments
cancelled - - - (3,474) - - (3,474) - (3,474)
Increase/(Decrease)
of
NCI in Zamsort and
Zaco - - - - - - - (26) (26)
Total transactions
with
owners, recognised
directly
in equity - 5,057 - (1,118) - - 3,939 (26) 3,913
---------- -------- --------- -------- -------- --------- -------- ---------------- --------
As at 30 June 2021 - 60,812 (3,180) 250 84 (52,645) 5,321 480 5,801
========== ======== ========= ======== ======== ========= ======== ================ ========
As at 1 January 2022 - 62,019 (1,885) 273 84 (53,385) 7,106 1,076 8,182
========== ======== ========= ======== ======== ========= ======== ================ ========
Loss for the period - - - - - (8,463) (8,463) - (8,463)
Items that may be reclassified subsequently to profit or loss:
Currency translation
differences - - (455) - - - (455) - (455)
Total comprehensive
loss for the period - - (455) - - (8,463) (8,918) - (8,918)
Share capital issued - - - - - - - - -
net of share issue
costs
Warrants and options
exercised - 2,191 - - - - 2,191 - 2,191
Effect of foreign
exchange
on the opening
balance - - 4,768 - - - 4,768 - 4,768
Increase/(Decrease)
of
NCI - - - - - - - (1,210) (1,210)
Total transactions
with
owners, recognised
directly
in equity - 2,191 4,768 - - - 6,959 (1,210) 5,749
---------- -------- --------- -------- -------- --------- -------- ---------------- --------
As at 30 June 2022 - 64,210 2,428 273 84 (61,848) 5,417 (134) 5,013
========== ======== ========= ======== ======== ========= ======== ================ ========
The notes are an integral part of these consolidated financial
statements.
NOTES TO THE INTERIM FINANCIAL STATEMENTS
For the period ended 30 June 2022
1. Basis of preparation
The condensed consolidated interim financial statements have
been prepared under the historical cost convention and on a going
concern basis and in accordance with International Financial
Reporting Standards and IFRIC interpretations adopted for use in
the European Union ("IFRS") and those parts of the BVI Business
Companies Act applicable to companies reporting under IFRS.
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 presents the financial
position, result of operations and cash flows for this period.
The Board of Directors approved this Interim Financial Report on
28 September 2022.
Statement of compliance
The condensed consolidated interim financial statements have
been prepared in accordance with the requirements of the AIM Rules
for Companies. As permitted, the Company has chosen not to adopt
IAS 34 "Interim Financial Statements" in preparing these interim
condensed consolidated interim financial statements. The condensed
interim financial statements should be read in conjunction with the
annual financial statements for the year ended 31 December 2021,
which have been prepared in accordance with IFRS as adopted by the
European Union.
Accounting policies
The condensed consolidated interim financial statements for the
period ended 30 June 2022 have not been audited or reviewed in
accordance with the International Standard on Review Engagements
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 December 2021.
Fair value measurement
Fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. The fair value
measurement is based on the presumption that the transaction to
sell the asset or transfer the liability takes place either in the
principal market for the asset or liability, or in the absence of a
principal market, in the most advantageous market for the asset or
liability.
The fair value of an asset or a liability is measured using the
assumptions that market participants would use when pricing the
asset or liability, assuming that market participants act in their
economic best interest. A fair value measurement of a non-financial
asset takes into account a market participant's ability to generate
economic benefits by using the asset in its highest and best use or
by selling it to another market participant that would use the
asset in its highest and best use.
The Group uses valuation techniques that are appropriate in the
circumstances and for which sufficient data is available to measure
fair value, maximising the use of relevant observable inputs and
minimising the use of unobservable inputs. All assets and
liabilities for which fair value is measured or disclosed in the
financial statements are categorised within the fair value
hierarchy, described as follows, based on the lowest level input
that is significant to the fair value measurement as a whole:
-- Level 1 - Quoted (unadjusted) market prices in active markets
for identical assets or liabilities.
-- Level 2 - Valuation techniques for which the lowest level
input that is significant to the fair value measurement is directly
or indirectly observable.
-- Level 3 - Valuation techniques for which the lowest level
input that is significant to the fair value measurement is
unobservable.
2. Financial Risk Management
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 December
2021 Annual Report and Financial Statements, a copy of which is
available from the Group's website: www.arcminerals.com. The key
financial risks are market risk, currency risk, and liquidity.
3. Loss per share
Six Months Six Months
to to
30 June 30 June
2022 2021
(Unaudited) (Unaudited)
Notes GBP 000's GBP 000's
Loss for the period (8,463) (3,589)
Weighted average number of ordinary
shares used in calculating basic
loss per share (000's) 1,223,545 1,079,320
Basic loss per share (expressed
in pence) (0.69) (0.33)
------------------------------------------------ ------------ ------------
As the inclusion of the share options would result in a decrease
in the earnings per share, they are considered to be anti-dilutive
and, as such, a diluted loss per share is not included.
4. Intangible Assets
Zaco Zamsort Alvis-Crest Handa Total
Deferred Deferred Prospecting Deferred Other
Exploration Exploration & Exploration Exploration Intangible
Costs Costs rights Costs Assets
GBP GBP GBP GBP GBP GBP
000's 000's 000's 000's 000's 000's
As at 1 January
2022 955 2,035 1,312 - 188 4,490
Disposals - - - - - -
Reclassification - - - 64 (64) -
Additions 68 - - 4 67 139
Transfer from Zamsort
to Handa(i) - (1,960) - 1,960 - -
Foreign exchange 114 (75) - 234 36 309
As at 30
June 2022 1,137 - 1,312 2,262 227 4,938
========================= ============= ============= =============== ============= ============ =======
As at 31 December
2021 955 2,035 1,312 - 188 4,490
(i) See note 8 for details
5. Fixed Assets
Processing Mining Motor Furniture
Plant Equipment Vehicles & Fittings Total
GBP 000's GBP 000's GBP 000's GBP 000's GBP 000's
------------------------- ----------- ----------- ---------- ------------ ----------
Cost
At 1 January 2022 - - 86 33 119
Disposal of Zamsort
subsidiary - - (50) (32) (68)
Additions - - - - -
Foreign exchange - - 3 1 (10)
------------------------- ----------- ----------- ---------- ------------ ----------
At 30 June 2022 - - 39 2 41
------------------------- ----------- ----------- ---------- ------------ ----------
Depreciation
At 1 January 2022 - - (66) (31) (97)
Disposal of Zamsort
subsidiary - - 47 31 78
Depreciation - - (2) (1) (3)
------------------------- ----------- ----------- ---------- ------------ ----------
At 30 June 2022 - - (21) (1) (22)
------------------------- ----------- ----------- ---------- ------------ ----------
Cost
At 1 January 2021 2,063 132 56 26 2,277
Impairment - - - (1) (1)
Alvis-Crest acquisition - - 14 - 14
Disposals - - - - -
Additions - - - - -
Reclassification of
fixed assets to held
for sale assets (2,652) (169) - - (2,821)
Foreign exchange 589 37 16 8 650
------------------------- ----------- ----------- ---------- ------------ ----------
At 31 December 2021 - - 86 33 119
------------------------- ----------- ----------- ---------- ------------ ----------
Depreciation
At 1 January 2021 - (98) (38) (23) (159)
Disposals - - - - -
Alvis-Crest acquisition (9) - (9)
Depreciation - (21) (8) (2) (31)
Reclassification of
fixed assets to held
for sale assets - 148 - 148
Foreign exchange - (29) 11 (6) (46)
------------------------- ----------- ----------- ---------- ------------ ----------
At 31 December 2021 - - (66) (31) (97)
------------------------- ----------- ----------- ---------- ------------ ----------
NBV - 30 June 2022 - - 18 1 19
========================= =========== =========== ========== ============ ==========
NBV - 31 December
2021 - - 20 2 22
========================= =========== =========== ========== ============ ==========
6. Trade and Other Receivables
Included in trade and other receivables at 30 June 2022 is
c.GBP1.1m (USD 1,375,000) in relation to the disposal of the
Company's interest in Casa Mining Ltd and the Misisi Project (see
note 12).
7. Gains and Losses on Disposal of Casa Mining Ltd
In the period to 30 June 2022, the gains and losses in respect
of the disposal of Casa, totalling GBP840k, comprise the
following:
Consideration
As announced on 29 April 2022, Regency Mining Ltd ("Regency")
acquired a 73.5% interest in the Misisi gold project ("Misisi
Project") from Golden Square Equity Partners Limited ("Golden
Square"), replacing Rackla Metals Inc. as the acquiror of Misisi.
The terms of the transaction were that Arc would be paid USD
250,000 in cash and the equivalent of USD 1,250,000 in shares in a
publicly listed company in Canada ("Consideration Shares"),
representing an additional gain on disposal of GBP1.204M (USD
1,500,000). The agreement also provided Arc with a royalty
agreement on the same terms as the previous royalty agreement
announced on 5 May 2021.
On 30 June, the Company received the first cash payment of USD
125,000 towards the USD 1,500,000 receivable from the disposal of
its Casa interests. On 12 September, the Company received the
second cash payment of USD 125,000, bringing the aggregate cash
payments received by the Company to date to USD 250,000. The
balance of USD 1,250,000 is to be settled by the issuance of listed
stock which has been delayed due to corresponding delays in the
listing process of the underlying entity. Management continues to
follow up on progress and the directors consider the balance
recoverable.
USD 5m Loan Note
From 19 March 2020, Arc held a USD 5,000,000 loan note issued by
Golden Square (Pty) Ltd ("Golden Square Loan Note") secured by 3
million shares in OTC:TMNA ("Security Shares"). As announced on 29
April 2022 the Company accepted the Security Shares in full and
final settlement of the Golden Square Loan Note. Whilst the share
price of the Security Shares had reached an all-time low in June
2022 resulting in a valuation at 30 June 2022 of USD 2,370,000 and
a resultant loss of GBP2.044M (USD 2,630,000) in the period, it has
significantly recovered since the reporting date to a current
valuation of USD 6,000,000 based on a closing share price of USD
2.015 on 22 September 2022.
8. Short-term Investments Held at Fair Value Through Profit and
Loss
The Group's investments held at fair value through profit and
loss consist of investments publicly traded on the London Stock
Exchange and the Over-The-Counter (OTC) market. These investments
are valued at the mid-price as at period end.
Level Level Level
1 2 3 Total
GBP 000's GBP 000's GBP 000's GBP 000's
--------------------------- ---------- ---------- ---------- ----------
At 1 January 2022 - - - -
Additions 4,433 - - 4,433
Fair value changes (2,281) - - (2,281)
Gain/(Loss) on disposals (25) - - (25)
Disposals (176) - - (176)
Foreign exchange 120 - - 120
---------------------------- ---------- ---------- ---------- ----------
At 30 June 2022 2,071 - - 2,071
---------------------------- ---------- ---------- ---------- ----------
Level Level Level
1 2 3 Total
GBP 000's GBP 000's GBP 000's GBP 000's
--------------------------- ---------- ---------- ---------- ----------
Gains on short-term investments held at fair value through
profit and loss
Fair value gain on
investments (2,281) - - (2,281)
Realised gain on disposal
of investments (25) - - (25)
---------------------------- ---------- ---------- ---------- ----------
At 30 June 2022 (2,306) - - (2,306)
---------------------------- ---------- ---------- ---------- ----------
9. Zamsort/Handa Restructuring
Zamsort Settlement (background)
The Company announced in February 2022 that the parties to the
legal cases in Zambia and in the UK have come to an agreement to
settle various disputed matters and for all legal proceedings to be
permanently dropped (the "Settlement Agreement"). The Settlement
Agreement was submitted to Zambian courts to effect a Consent
Judgement which has the force of law.
In return for the claimant parties, being Terra Metals Limited,
Zambia Mineral Exchange Corporation Limited and their related
parties (Mumena Mushinge, Brian Chisala and Katambi Bulawayo),
relinquishing all claims against Zamsort or any other company in
the Arc Minerals Ltd Group, present or contingent, and in full and
final settlement of all claims in formal conclusion of all matters,
the Group agreed to transfer to the claimant parties, for nil
consideration, 100% of the issued share capital of Zamsort Ltd (the
"Zamsort Transfer"), which owns the pilot plant. The Group also
agreed to consent to the claimant parties applying for the 8 square
kilometre small mining and small exploration license areas that
were previously in existence at Zamsort prior to Arc's involvement
(the "Original Zamsort License Area").
As announced on 31 March 2022, the Company issued 3,000,000
options in relation to the Zamsort Settlement with an exercise
price of 5 pence each and an expiry date of 31 March 2024.
Following the grant of these options there were 20,133,334 share
options outstanding.
All of the Group's representative directors who served on the
board of directors of Zamsort resigned effective 1 April 2022
("Resignation Date").
Transfer of assets and liabilities from Zamsort to Handa
The pilot plant, related equipment and intangible assets that
relate to the Original Zamsort License Area which remained in
Zamsort ("Zamsort Retained Assets") was treated as available for
sale assets at 31 December 2021. All assets and liabilities, other
than the Zamsort Retained Assets, immediately preceding the date of
the Zamsort Transfer (the "Transferred Assets & Liabilities")
were transferred to Handa Resources Ltd ("Zamsort/Handa
Restructuring"). The Zamsort/Handa Restructuring has been recorded
on 31 March 2022, being the date immediately preceding the
Resignation Date and resulted in a c.GBP6.8m expense in the period
to 30 June 2022.
10. Trade and Other Payables
Group Group
30
June 31 December
2022 2021
GBP GBP
Trade and Other Payables 000's 000's
--------------------------------------------- -------- ------------
Surrendered share options payable (current) 901 1,129
Trade and other payables 106 1,338
1,007 1,338
======== ============
11. Long Term Payables
Group Group
30
June 31 December
2022 2021
GBP GBP
Long term payables 000's 000's
------------------------------------------------- ------- ----------------
Minority shareholder loans 3,941 3,606
Surrendered share options payable (non-current) 590 1,129
------- ------------
4,531 4,735
======= ============
The shareholder loan represents the aggregate of (i) a loan from
the 34% minority shareholder to Handa Resources Limited; (ii) a
loan from the 27.5% minority shareholder to Zaco Investments
Limited and (iii) a loan from the 25% minority shareholder to
Alvis-Crest (Pty) Ltd. The Company has also provided loans to these
companies on similar terms which had a balance on the reporting
date of GBP8.02 million.
12. Share Capital
The authorised share capital of the Company and the called up
and fully paid amounts at 30 June 2022 were as follows:
A) Authorised GBP 000's
Unlimited ordinary shares
of no par value -
B) Called up, allotted, Number Nominal
issued and fully paid of shares value
-------------------------- -------------- ----------
As at 1 January 2022 1,150,519,886 -
Additions: -
4 May 2022, at 3p(i) 1,900,000 -
13 May 2022, at 3p (i) 3,401,471 -
20 May 2022, at 3p (i) 2,228,024 -
27 May 2022, at 3p (i) 1,260,294 -
10 June 2022, at 3p (i) 11,650,642 -
10 June 2022, at 3p (i) 5,686,716 -
21 June 2022, at 3p (i) 46,897,749 -
-------------------------- -------------- ----------
As at 30 June 2022 1,223,544,782 -
-------------------------- -------------- ----------
(i) Shares issued under the block listings as originally
announced on 21 September 2020 ("Block List A") and 23 February
2021 ("Block List B")
13. Post Balance Sheet Events
On 12 September, the Company received the second cash payment of
USD 125,000 in relation to the Casa consideration (note 7),
bringing the aggregate cash payments received by the Company to
date to USD 250,000. The balance of USD 1,250,000 is to be settled
by the issuance of listed stock which has been delayed due to
corresponding delays in the listing process of the underlying
entity. Management continues to follow up on progress and the
directors consider the balance recoverable.
14. Other Matters
The condensed consolidated interim financial statements set out
above do not constitute the Group's statutory accounts for the
period ended 30 June 2022 or for earlier periods but are derived
from those accounts where applicable.
A copy of this interim statement is available on the Company's
website: www.arcminerals.com
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END
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