26
March 2024
Golden Metal Resources
plc
Golden Metal Resources plc ("GMET",
"Golden Metal" or the "Company")
Interim Results
Golden Metal Resources plc
(LON:GMET, OTCQB: GMTLF), the AIM listed metals exploration and
development company, announces its unaudited interim results for
the six month period ended 31 December 2023 (the
"period").
KEY DEVELOPMENTS IN THE PERIOD TO 31
DECEMBER 2023
·
On 6 July 2023, the Company announced the staking
of mineral claims covering the Kibby Basin lithium project, an
exciting lithium brine opportunity complementing the Company's
other strategic/critical metal focussed properties
·
On 24 July 2023, a Memorandum of Understanding
("MOU") was signed with Oxford Sigma Limited, a nuclear fusion
technology company based in Oxfordshire, UK. The MOU outlined how
the two parties will collaborate to explore and develop critical
metal supply pathways for tungsten alloy and tungsten containing
materials within the fusion industry
·
On 26 September 2023, Golden Metal strengthened
its board of directors with the appointment of J.T. Starzecki who
also currently stands as Chief Marketing Officer of 5E Advanced
Materials, a Nasdaq listed mining company
·
Over the period the Company announced several
updates covering its 100% owned Garfield project's ("Garfield")
copper-gold-silver property, mostly concerning the discovery of
significant porphyry style mineralisation and alteration
·
During the period, the Company's Golconda Summit
gold property advanced further following the validation of the
presence of a feeder zone and therefore the potential for
Carlin-type gold mineralisation at depth. A permit notice
application was also submitted to the Bureau of Land Management
office
KEY DEVELOPMENTS SINCE 31 DECEMBER
2023
·
Further copper-gold-silver bedrock discoveries at
Garfield
·
Identification of garnet potential at Pilot
Mountain
·
Strategic £750,000 equity fundraise.
GOLDEN METAL INTERESTS AT TODAY'S
DATE
The latest updated review of Golden
Metal's business interests is provided in the Company's investor
presentation which may be accessed here:
https://www.goldenmetalresources.com/investors/corporate-presentation/
In addition, a single page business
overview is provided for investors through the following
link:
https://www.goldenmetalresources.com/company/company-profile/
LATEST POSITION OF GOLDEN METAL'S INTERESTS AND TARGETED
OBJECTIVES FOR 2024
Priority Exploration and
Potential Exploration Projects
Exploration
Interest
|
Latest Position & Forward
Plans
|
Pilot
Mountain
|
The Company is awaiting
drilling permits
which will focus on a number of
resource infill & expansion targets
principally at Desert Scheelite as well as a handful of exploration
targets which were delineated during the recently 2023 completed
high-resolution induced polarisation (IP) survey.
Golden Metal is nearing final
discussions with a handful of potential drilling contracts in
advance of the planned drilling campaign.
|
Garfield
|
Multiple high-priority targets have
been delineated which cover high-grade copper-silver-gold results
associated with porphyry, skarn and epithermal type alteration and
mineralisation.
The Company is finalising next
exploration steps and further updates covering this will be
communicated to the market in due course.
|
Golconda
|
Drilling and trenching permits have
now been received. The Company is internally reviewing the
opportunity and deciding on planned next steps in the context of
record high gold pricing.
|
Kibby
Basin
|
High-priority drilling targets have
been identified following detailed historical data review completed
over the entire Kibby basin. The Company is internally reviewing
the opportunity and will determine next steps in due course and
communicate those to the market.
|
Stonewall
|
No work has been completed on the
Property since admission. An exciting opportunity remains of the
discovery of further epithermal gold-silver mineralisation at
Stonewall.
|
FINANCIAL HIGHLIGHTS FOR THE HALF YEAR ENDED 31 DECEMBER
2023
·
Loss for the period, attributable to owners of the
parent of US$571k (30 June 2023: US$848k), resulting in loss per
share of 0.01 pence (2023: 0.01 pence);
·
Total assets of US$8,902k at the period end (30
June 2023: US$9,453k); and
·
Net assets of US$8,663k at the period end (30 June
2023: US$9,039k).
This announcement contains inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under
Article 17 of MAR.
For further information please visit
Golden Metal https://www.goldenmetalresources.com/
or contact:
Golden Metal Resources
plc
|
|
Oliver Friesen (Chief Executive
Officer)
|
+ 44 (0)
20 7583 8304
|
Cairn Financial Advisors LLP
(Nominated Advisor)
|
|
Sandy Jamieson/Jo Turner/Louise
O'Driscoll
|
+44 (0) 20
7213 0880
|
First Equity Limited
(Broker)
|
|
Jonathan Brown/Jason
Robertson
|
|
+44 (0) 20
7374 2212
|
|
| |
GOLDEN METAL RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
FOR
THE SIX MONTHS ENDED 31 DECEMBER 2023
|
Note
|
6 months
ended
31-Dec-23
(unaudited)
US$'000
|
|
6 months
ended
31-Dec-22
(unaudited)
US$'000
|
|
Year
ended
30-Jun-23
(audited)
US$'000
|
Continuing operations
|
|
|
|
|
|
|
Other income
|
|
-
|
|
29
|
|
30
|
Gross profit
|
|
-
|
|
29
|
|
30
|
|
|
|
|
|
|
|
Administrative expenses
|
|
(571)
|
|
(113)
|
|
(878)
|
Loss
from operating activities
|
|
(571)
|
|
(84)
|
|
(848)
|
|
|
|
|
|
|
|
Loss before taxation
|
|
(571)
|
|
(84)
|
|
(848)
|
|
|
|
|
|
|
|
Taxation
|
|
-
|
|
-
|
|
-
|
Loss
for the period from continuing operations
|
|
(571)
|
|
(84)
|
|
(848)
|
|
|
|
|
|
|
|
Items that will or may be reclassified to profit or
loss
|
|
|
|
|
|
|
Exchange translation
|
|
15
|
|
(21)
|
|
153
|
Total other comprehensive income
|
|
15
|
|
(21)
|
|
153
|
|
|
|
|
|
|
|
Total comprehensive (loss)/income for the period attributable
to owners of the company
|
|
(556)
|
|
(105)
|
|
(695)
|
|
|
|
|
|
|
|
Earnings per share from continuing operations attributable to
the ordinary equity holder of the parent:
|
|
|
|
|
|
|
Basic and diluted loss per share
(pence)
|
4
|
(0.01)
|
|
(0.01)
|
|
(0.01)
|
GOLDEN METAL RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
AS
AT 31 DECEMBER 2023
|
Note
|
31-Dec-23
(unaudited)
$'000
|
|
31-Dec-22
(unaudited)
$'000
|
|
30-Jun-23
(audited)
$'000
|
Assets
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
Intangible assets
|
|
7,953
|
|
7,470
|
|
7,796
|
Total non-current assets
|
|
7,953
|
|
7,470
|
|
7,796
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
Trade and other
receivables
|
|
190
|
|
4
|
|
286
|
Cash and cash equivalents
|
|
759
|
|
6
|
|
1,371
|
Total current assets
|
|
949
|
|
10
|
|
1,657
|
|
|
|
|
|
|
|
Total assets
|
|
8,902
|
|
7,480
|
|
9,453
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
Trade and other payables
|
|
239
|
|
286
|
|
414
|
Total current liabilities
|
|
239
|
|
286
|
|
414
|
|
|
|
|
|
|
|
Total liabilities
|
|
239
|
|
286
|
|
414
|
|
|
|
|
|
|
|
Net
assets
|
|
8,663
|
|
7,194
|
|
9,039
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Share capital
|
5
|
1,051
|
|
728
|
|
1,043
|
Share premium
|
|
6,254
|
|
4,126
|
|
6,195
|
Capital contribution
reserve
|
|
5,897
|
|
5,897
|
|
5,897
|
Share based payments
reserve
|
|
164
|
|
-
|
|
51
|
Exchange reserve
|
|
222
|
|
33
|
|
207
|
Accumulated losses
|
|
(4,925)
|
|
(3,590)
|
|
(4,354)
|
Total equity
|
|
8,663
|
|
7,194
|
|
9,039
|
GOLDEN METAL RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
FOR
THE SIX MONTHS ENDED 31 DECEMBER 2023
|
Share
capital
US$'000
|
|
Share premium
US$'000
|
|
Capital contribution
reserve
US$'000
|
|
Share based payment
reserve
US$'000
|
|
Exchange reserve
US$'000
|
|
Accumulated
losses
US$'000
|
|
Total
equity
US$'000
|
Balance at 1 July 2023
(audited)
|
1,043
|
|
6,195
|
|
5,897
|
|
51
|
|
207
|
|
(4,354)
|
|
9,039
|
Loss for the period
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(571)
|
|
(571)
|
Currency translation
|
-
|
|
-
|
|
-
|
|
-
|
|
15
|
|
-
|
|
15
|
Total comprehensive income/(expense) for the
period
|
-
|
|
-
|
|
-
|
|
-
|
|
15
|
|
(571)
|
|
(556)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issue of ordinary shares
|
8
|
|
59
|
|
-
|
|
-
|
|
-
|
|
-
|
|
67
|
Share-based payments
|
-
|
|
-
|
|
-
|
|
113
|
|
-
|
|
-
|
|
113
|
Total transactions with owners
|
8
|
|
59
|
|
|
|
113
|
|
|
|
|
|
180
|
Balance at 31 December 2023 (unaudited)
|
1,051
|
|
6,254
|
|
5,897
|
|
164
|
|
222
|
|
(4,925)
|
|
8,663
|
GOLDEN METAL RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
FOR
THE SIX MONTHS ENDED 31 DECEMBER 2022
|
Share
capital
US$'000
|
|
Share premium
US$'000
|
|
Capital contribution
reserve
US$'000
|
|
Share based payment
reserve
US$'000
|
|
Exchange reserve
US$'000
|
|
Accumulated
losses
US$'000
|
|
Total
equity
US$'000
|
Balance at 1 July 2022
(audited)
|
728
|
|
4,126
|
|
5,897
|
|
-
|
|
54
|
|
(3,506)
|
|
7,299
|
Loss for the period
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(84)
|
|
(84)
|
Currency translation
|
-
|
|
-
|
|
-
|
|
-
|
|
(21)
|
|
-
|
|
(21)
|
Balance at 31 December 2022 (unaudited)
|
728
|
|
4,126
|
|
5,897
|
|
-
|
|
33
|
|
(3,590)
|
|
7,194
|
GOLDEN METAL RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
FOR
THE YEAR ENDED 30 JUNE 2023
|
Share
capital
US$'000
|
|
Share premium
US$'000
|
|
Capital contribution
reserve
US$'000
|
|
Share based payment
reserve
US$'000
|
|
Exchange reserve
US$'000
|
|
Accumulated
losses
US$'000
|
|
Total
equity
US$'000
|
Balance at 1 July 2022
(audited)
|
728
|
|
4,126
|
|
5,897
|
|
-
|
|
54
|
|
(3,506)
|
|
7,299
|
Loss for the period
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(848)
|
|
(848)
|
Currency translation
|
-
|
|
-
|
|
-
|
|
-
|
|
153
|
|
-
|
|
153
|
Total comprehensive income/(expense) for the
period
|
-
|
|
-
|
|
-
|
|
-
|
|
153
|
|
(848)
|
|
(695)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issue of ordinary shares
|
315
|
|
2,365
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,680
|
Share issue costs
|
-
|
|
(296)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(296)
|
Share-based payments
|
-
|
|
-
|
|
-
|
|
51
|
|
-
|
|
-
|
|
51
|
Total transactions with owners
|
315
|
|
2,069
|
|
-
|
|
51
|
|
-
|
|
-
|
|
2,435
|
Balance at 30 June 2023 (audited)
|
1,043
|
|
6,195
|
|
5,897
|
|
51
|
|
207
|
|
(4,354)
|
|
9,039
|
GOLDEN METAL RESOURCES PLC
UNAUDITED CONSOLIDATED STATEMENT OF CASH
FLOWS
FOR
THE SIX MONTHS ENDED 31 DECEMBER 2023
|
6 months
ended
31-Dec-23
(unaudited)
$'000
|
|
6 months
ended
31-Dec-22
(unaudited)
$'000
|
|
Year
ended
30-Jun-23
(audited)
$'000
|
Cash
flows from operating activities
|
|
|
|
|
|
Loss for the period
|
(571)
|
|
(84)
|
|
(848)
|
Adjustments for:
|
|
|
|
|
|
Share-based payment
expense
|
113
|
|
-
|
|
51
|
Expenses settled in shares
|
67
|
|
-
|
|
267
|
Foreign exchange
differences
|
(3)
|
|
(21)
|
|
(14)
|
|
(394)
|
|
(105)
|
|
(544)
|
Changes in working
capital:
|
|
|
|
|
|
Decrease/(increase) in trade and
other receivables
|
93
|
|
165
|
|
(128)
|
(Decrease)/increase in trade and
other payables
|
(177)
|
|
136
|
|
511
|
Net
cash (used in)/generated from operating
activities
|
(478)
|
|
196
|
|
(161)
|
|
|
|
|
|
|
Cash
flows from investing activities
|
|
|
|
|
|
Purchase of intangibles
|
(139)
|
|
(230)
|
|
(374)
|
Net
cash used in investing activities
|
(139)
|
|
(230)
|
|
(374)
|
|
|
|
|
|
|
Cash
flows from financing activities
|
|
|
|
|
|
Proceeds from issue of share
capital
|
-
|
|
-
|
|
2,160
|
Share issue costs
|
-
|
|
-
|
|
(296)
|
Net
cash generated from financing activities
|
-
|
|
-
|
|
1,864
|
|
|
|
|
|
|
Net (decrease)/increase in cash and
cash equivalents
|
(617)
|
|
(34)
|
|
1,329
|
|
|
|
|
|
|
Cash and cash equivalents at
beginning of period
|
1,371
|
|
40
|
|
40
|
Effect of foreign currency exchange
rates
|
5
|
|
-
|
|
2
|
Cash
and cash equivalents at end of period
|
759
|
|
6
|
|
1,371
|
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL
REPORT
1.
Reporting entity
Golden Metal Resources plc is a
public company limited by shares which is incorporated and
domiciled in England and Wales. The address of the Company's
registered office is 201 Temple Chambers, 3-7 Temple Avenue, London
EC4Y 0DT. The consolidated financial statements of the Company as
at and for the period ended 31 December 2023 include the Company
and its subsidiaries. The Company is the parent company of Golden
Metal Resources LLC, Pilot Metals Inc. and BFM Resources Inc.; the
subsidiaries are registered and domiciled in the US. The Group is
primarily involved in the exploration and exploitation of mineral
resources in the US.
2. Basis of
preparation
(a)
Statement of compliance
As permitted, IAS 34, 'Interim
Financial Reporting' has not been applied in this interim
report.
The financial information presented
in this interim report has been prepared using accounting policies
that are expected to be applied in the preparation of the financial
statements for the year ending 30 June 2024.
These policies are in accordance
with the recognition and measurement principles of International
Financial Reporting Standards, International Accounting Standards,
and Interpretations (collectively IFRS) issued by the International
Accounting Standards Board as endorsed for use in the United
Kingdom, and these principles are disclosed in the Financial
Statements for the year ended 30 June 2023.
The interim results have been
prepared on a going concern basis. The financial information in
this interim report does not constitute statutory accounts within
the meaning of Section 435 of the Companies Act 2006. The 2023
interim financial report has not been audited.
The Annual Report and Financial
Statements for 2023 have been filed with the Registrar of
Companies. The Independent Auditors' Report on the Annual Report
and Financial Statements for 2023 was unqualified and did not
contain a statement under 498(2) or 498(3) of the Companies Act
2006.
The interim results were approved by
the Board of Directors on 25 March 2024.
(b)
Judgements and estimates
Preparing the interim financial
report requires Management to make judgements, estimates and
assumptions that affect the application of accounting policies and
the reported amounts of assets and liabilities, income, and
expense. Actual results may differ from these
estimates.
In preparing this consolidated
interim financial report, significant judgements made by Management
in applying the Group's accounting policies and key sources of
estimation uncertainty were the same as those that applied to the
consolidated financial statements as at and for the year ended 30
June 2023.
(c)
Going concern
The interim financial report has
been prepared on a going concern basis. Although the Group's assets
are not generating revenues, the Directors believe, having
considered all available information, including the Company's
proven ability to raise further equity funds from its supportive
shareholder base, that the Group will have sufficient funds to meet
its expected committed and contractual expenditure for the
foreseeable future. Thus, the Directors continue to adopt the going
concern basis of accounting in preparing the interim financial
report for the period ended 31 December 2023.
3.
Significant accounting policies
The accounting policies applied by
the Group in this consolidated interim financial report are the
same as those applied by the Group in its consolidated financial
statements as at and for the year ended 30 June 2023.
4.
Earnings per share
Basic loss per share
The calculation of basic and diluted
loss per share is based on the loss attributable to ordinary
shareholders of US$571k (30 June 2023: US$848k), and a weighted
average number of ordinary shares in issue of 85,507,128 (30 June
2023: 63,422,122). The basic and diluted earnings per share are the
same given the loss for the year, making the outstanding share
options and warrants anti-dilutive.
5.
Issues of Equity
At the period end, the Company had
85,617,902 Ordinary Shares in issue (30 June 2023:
85,000,255).
At the date of this interim report,
the Company had 91,049,720 Ordinary Shares in issue.
**Ends**