TIDMMET1
RNS Number : 9090N
Metals One PLC
28 September 2023
28 September 2023
Metals One Plc
("Metals One" or the "Company")
Half-Year Report
Metals One, which is advancing battery metal projects at
brownfield sites in Finland and Norway, today announces its
unaudited interim results for the six months ended 30 June 2023.
These results will shortly be made available on the Company's
website at www.metals-one.com .
Alastair Clayton, Chairman of Metals One, commented:
"The six-month period ended 30 June 2023 was incredibly busy for
the Company as it worked towards completion of its IPO and
concurrent acquisitions of European brownfield battery metals
projects which occurred after the reporting period.
Metals One has listed with interests in nickel projects with
substantial exploration carry exposure through farm-ins at a
critical time for battery metals driven by the continued rise in
electric vehicle adoption globally.
With European brownfield projects, experienced partners, and
funded work programmes in place, our projects are well positioned
for rapid advancement as we seek to establish ethically mined
sources of critical minerals, including nickel, in Europe, close to
future customers.
Exploration in Norway is well underway with Kingsrose, whilst in
Finland we are finalising plans to commence phase one drilling in
the near future. We look forward to updating shareholders on
further news as we continue our work programmes."
Enquiries:
Metals One Plc
Jonathan Owen, Chief Executive Officer via Vigo Consulting
+44 (0)20 7390 0234
Beaumont Cornish Limited (Nominated
Adviser)
James Biddle / Roland Cornish
www.beaumontcornish.com +44 (0)20 7628 3396
Shard Capital Partners LLP (Joint
Broker)
Damon Heath / Erik Woolgar +44 (0)20 7186 9952
SI Capital Limited (Joint Broker) +44 (0)14 83413 500
Nick Emerson
Vigo Consulting (Investor Relations)
Ben Simons / Kendall Hill
metalsone@vigoconsulting.com +44 (0)20 7390 0234
About Metals One
Metals One is developing brownfield battery metals projects in
Finland (Black Schist Project) and Norway (SRH Råna Project), with
approximately GBP9 million of exploration carry exposure through
farm-in agreements. Metals One is aiming to help meet the
significant demand for battery metals by defining resources on the
doorstep of Europe's major electric vehicle OEMs and battery
manufacturers. Metals One's Black Schist Project in Finland,
totalling 706 km(2) across three licence areas, has an Inferred
Resource of 28.1 Mt nickel-zinc-cobalt-copper and is located
adjacent to Talvivaara, Europe's largest operating nickel mine.
Metals One's fully carried SRH Råna Project in Norway covers 18.14
km(2) across three contiguous exploration licences, with
significant opportunity for brownfield exploration of the Råna
intrusion, and proven potential for massive sulphide
nickel-cobalt-copper mineralisation.
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website at: www.metals-one.com
Chairman's Statement
Introduction
I am pleased to present the first financial report of Metals One
since its admission to the London Stock Exchange AIM market.
The six-month period ended 30 June 2023 was incredibly busy for
the Company as it worked towards completion of its IPO and
concurrent acquisitions of European brownfield battery metals
projects which occurred after the reporting period.
On 31 July 2023, the Company completed the acquisition of
FinnAust Mining Northern Oy ("FAMN"), the 100% owner of the Paltamo
and Rautavaara Nickel-Zinc-Copper-Cobalt ("Ni-Zn-Cu-Co") projects
(the "Black Schist Project") in the Kainuu Black Schist Belt in
eastern Finland, from AIM-listed Bluejay Mining Plc (AIM: JAY), as
well as the acquisition of Scandinavian Resource Holdings ("SRH"),
which holds 80% of the Råna Project in Northern Norway through a
Joint Venture ("JV") with Kingsrose Mining Ltd (ASX: KRM)
("Kingsrose").
On the same date, the Company completed its listing on the AIM
market of the London Stock Exchange, having raised GBP2.2 million
for working capital for the Company and its projects; therefore,
the accounts presented below do not include the proceeds from the
GBP2.2 million gross capital raise completed post-period end.
The Company presents its interim results for the six month
period ended 30 June 2023 along with the interim results for the
Company's group companies, FAMN in Appendix 1 and SRH in Appendix
2, for the same period.
Finland - Black Schist Ni-Zn-Cu-Co Project
Inferred Mineral Resource of 28.1 Mt at a grade of 0.19% Ni
(53,800t), 0.10% Cu (27,900t), 0.01% Co (3,400t) and 0.38% Zn
(180,000t) at Rautavaara
The Black Schist Project in Finland comprises two exploration
permit applications (with pending extensions), being Rauta 9-11,
and Paltamo (P5) (the "Paltamo Project"). There is a further
exploration permit application for Rautavaara S (R1) which is
located adjacent to Rauta 9-11 (which is referred to alongside
Rauta 9-11 as the "Rautavaara Project").
The Rautavaara and Paltamo Projects are located in the Northern
Savonia and Kainuu regions respectively of eastern Finland,
adjacent to Europe's largest operating nickel mine, Talvivaara. The
primary exploration model Metals One is pursuing at the Black
Schist Project is for Talvivaara-style shale-hosted Ni-Zn-Cu-Co
deposits. Metals One is also open to exploration for
Outokumpu-style Ni-Zn-Cu-Co volcanogenic massive sulphide
deposits.
The Company has entered into an agreement in relation to its
Black Schist Project, pursuant to which AIM-listed Gunsynd Plc
(AIM: GUN) has agreed to acquire up to 25% for a staged investment
of up to GBP1 million.
Norway - SRH Råna Ni-Cu-Co Project
Brownfield exploration of Råna Intrusion - fully carried
The Company's assets in Norway consist of an 80% interest in the
Råna Project (Ni-Cu-Co) located on the southern shores of the
Ofotfjord and situated approximately 20 km to the southwest of the
port town of Narvik. The Råna Project consists of contiguous
exploration permits with a total area of 18.14 km2 that cover the
northern and northwestern parts of the Råna mafic to ultramafic
Intrusion ("Råna Intrusion"). The project has proven potential for
massive sulphide Ni-Cu-Co mineralisation.
The Company's interest in the Råna Project is owned through a JV
with Kingsrose, who are operator of the project and have a right to
earn up to 75% over eight years through staged expenditure of up to
A$15 million.
Metals One announced an update from diamond drilling on 4
September 2023. Results confirmed the presence of high-grade
semi-massive Ni-Cu-Co sulphide mineralisation, and a broad zone of
disseminated sulphide mineralisation at Bruvann, located within the
Arnes prospect, whilst demonstrating that mineralisation in the
area is open along strike from existing mine infrastructure.
Highlights included:
-- 2.5m at 1.00% Ni, 0.14% Cu and 0.08% Co from 172.91m (Hole
23BRU001), including 1.0m at 1.94% Ni, 0.18% Cu and 0.18% Co from
173.91m
o This intercept is located 20m southwest and along strike from
an historical massive sulphide drill intercept, located 70m south
of the inferred position of historical underground workings.
-- 50m at 0.43% Ni, 0.10% Cu and 0.02% Co from 470.6m (Hole 23BRU003)
o This intercept is located 20m down dip from broad zones of
mineralisation identified in historical drilling and underground
mining, which is open and undrilled to the west and down dip.
Having recently completed in September 2023 a site visit to our
Råna Project, I am pleased to confirm that the operator is
progressing the work programme to plan. We witnessed initial
drilling of a new Rånbogen target, close to outcropping
mineralisation, and observed the ongoing downhole electromagnetic
surveys at the prospect, following up on geophysical surveys that
identified conductive zones highly prospective for massive sulphide
Ni-Cu-Co mineralisation.
At the Bruvann target, we inspected the high-grade massive
sulphide Ni-Cu-Co interceptions reported in hole 23BRU001, and the
disseminated sulphide mineralisation reported in hole 23BRU003.
Conclusion
Metals One has listed with interests in battery metals project
with substantial exploration carry exposure through farm-ins at a
critical time for the sector driven by the continued rise in
electric vehicle adoption globally.
With European brownfield projects, experienced partners, and
funded work programmes in place, our projects are well positioned
for rapid advancement as we seek to establish ethically mined
sources of critical minerals, including nickel, in Europe, close to
future customers.
Exploration in Norway is well underway with Kingsrose, whilst in
Finland we are finalising plans to commence phase one drilling. We
look forward to updating shareholders on further news as we
continue our work programmes.
I would like to thank the team at Metals One and its advisers
for their hard work leading up to the IPO and project acquisitions,
and also our shareholders for their continued support of the
Company's strategy.
Alastair Clayton
Chairman
STATEMENT OF PROFIT AND LOSS
Unaudited Unaudited
6 months ending 30 June 2023 6 months ending 30 June 2022
Note GBP GBP
----------------------------------------------- ------- ----------------------------- -----------------------------
Continuing operations
Other income - 29,646
Administrative expenses 3 (118,893) (184,017)
Operating (loss)/ profit (118,893) (154,371)
(Loss) / Profit before taxation (118,893) (154,371)
----------------------------------------------- ------- ----------------------------- -----------------------------
Income tax expense - -
----------------------------------------------- ------- ----------------------------- -----------------------------
(Loss)/ profit for the period from continuing
operations (118,893) (154,371)
Other comprehensive income - -
----------------------------------------------- ------- ----------------------------- -----------------------------
Total comprehensive profit for the period
attributable to shareholders from continuing
operations (118,893) (154,371)
=============================================== ======= ============================= =============================
Basic and dilutive earnings per share - pence 4 (0.6) (0.83)
----------------------------------------------- ------- ----------------------------- -----------------------------
The accompanying notes form an integral part of the Interim
Financial Information.
STATEMENT OF FINANCIAL POSITION
Unaudited Audited
As at As at
30 June 2023 31 Dec 2022
Note GBP GBP
------------------------------ -----
Current Assets
Other current assets 10,043 66,188
Cash and cash equivalents 15,263 39,875
------------------------------ -----
Total Current Assets 25,306 106,063
------------------------------ ----- -------------- -------------
Total Assets 25,306 106,063
============================== ===== ============== =============
Equity
Share capital 5 197,500 197,500
Share premium 5 374,259 374,259
Retained earnings (730,935) (612,041)
Total Equity (159,176) (40,282)
------------------------------ ----- -------------- -------------
Current Liabilities
Trade and other payables 184,482 146,345
Total Current Liabilities 184,482 146,345
------------------------------ ----- -------------- -------------
Total Liabilities 184,482 146,345
------------------------------ ----- -------------- -------------
Total Equity and Liabilities 25,306 106,063
============================== ===== ============== =============
The accompanying notes form an integral part of the Interim
Financial Information.
STATEMENT OF CHANGES IN EQUITY
Share Capital Share Premium Retained Earnings Total Equity
GBP GBP GBP GBP
Balance at 31 December 2021 172,500 299,259 (358,375) 113,384
========================================== ============== ============== ================== =============
Loss for period - - (253,666) (253,666)
Total comprehensive income for year - - (253,666) (253,666)
Transactions with owners in own capacity
------------------------------------------ -------------- -------------- ------------------ -------------
Ordinary shares issued in period 25,000 75,000 - 100,000
Share Issue Costs - - - -
Transactions with owners in own capacity 25,000 75,000 - 100,000
------------------------------------------ -------------- -------------- ------------------ -------------
Balance at 31 December 2022 197,500 374,259 (612,041) (40,282)
========================================== ============== ============== ================== =============
Loss for period - - (118,893) (118,893)
Total comprehensive income for period - - (118,893) (118,893)
Transactions with owners in own capacity
------------------------------------------ -------- -------- ---------- ----------
Ordinary shares issued in period - - - -
Share Issue Costs - - - -
Transactions with owners in own capacity
------------------------------------------ -------- -------- ---------- ----------
Balance at 30 June 2023 197,500 374,259 (730,934) (159,175)
========================================== ======== ======== ========== ==========
The accompanying notes form an integral part of the Interim
Financial Information.
STATEMENT OF CASH FLOWS
Unaudited Unaudited
6 months ending 30 June 2023 6 months ending 30 June 2022
Note
Cash flow from Operating
Activities
(Loss)/Profit for the financial year (118,893) (154,371)
Adjustments for:
Changes in working capital:
Increase in trade and other receivables 56,144 (128,775)
Increase in trade and other payables 38,137 137,800
Net cash used in operating activities (24,612) (145,346)
----------------------------------------- -------------------------------------------- -----------------------------
Cash flow from Financing
Activities
Net proceeds of share issue - 100,000
Net cash used in financing activities - 100,000
----------------------------------------- -------------------------------------------- -----------------------------
Net increase in cash and cash
equivalents (24,612) (45,346)
Cash and cash equivalents at beginning
of period 39,875 174,684
Cash and cash equivalents at the end of
the period 15,263 129,338
----------------------------------------- -------------------------------------------- -----------------------------
The accompanying notes form an integral part of the Interim
Financial Information
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1 General information
Metals One plc, a public limited Company was incorporated on
26th January 2021 in England and Wales with Registered Number
13158079 under the Companies Act 2006. The address of its
registered office is Eccleston Yards, 25 Eccleston Place, London
SW1W 9NF, United Kingdom.
The principal activity of the Company is mining exploration for
battery metals.
2 Basis of preparation and accounting Policies
IAS 8 requires that management shall use its judgement in
developing and applying accounting policies that result in
information which is relevant to the economic decision-making needs
of users, that are reliable, free from bias, prudent, complete and
represent faithfully the financial position, financial performance
and cash flows of the entity.
The same accounting policies, presentation and methods of
computation have been followed in these Condensed Interim Financial
Information as were applied in the preparation of Metals One PLC's
Audited Accounts for the period ended 31 December 2022, except for
the impact of the adoption of the Standards and interpretations
described below and new accounting policies adopted as a result of
changes in the Company.
On 31 July 2023 Metals One PLC acquired the share capital of
Scandinavian Resource Holdings (SRH) and Finaust Northern Mining Oy
(FAMN). The Condensed Interim Financial Report for 30 June 2023 has
not been prepared on a consolidated basis to include financial
information on SRH and FAMN. The Interim Reports for SRH and FAMN
have been included in the appendices of this report as stand-alone
entities and will be consolidated for the year ended 31 December
2023.
2.1 Going concern
The interim financial statements have been prepared under the
going concern assumption, which presumes that the Company will be
able to meet its obligations as they fall due for the foreseeable
future.
At 30 June 2023 the Company had cash reserves of GBP15,263 (31
December 2022: GBP39,875).
Subsequent to the end of the period the Company successfully
listed on AIM stock exchange and raised gross proceeds of
GBP2,200,000 through the issue of 44,000,000 ordinary shares. Refer
to note 9 for further information.
The Directors have made an assessment of the Company's ability
to continue as a going concern and are satisfied that the Company
has adequate resources to continue in operational existence for the
foreseeable future. The Company, therefore, continues to adopt the
going concern basis in preparing its consolidated financial
statements.
The financial information of the Company is presented in British
Pounds Sterling (GBP)
2.2 New standards, amendments and interpretations
Standards and interpretations issued and not yet effective:
Standards, amendments and interpretations that are not yet
effective and have not been early adopted are as follows:
Standard Impact on initial application Effective date
-------- ----------------------------------- --------------
IFRS 16 Lease Liability in a Sale and 1 January 2024
Leaseback
(Amendment to IFRS 16)
----------------------------------- --------------
IAS 7 Financial instruments : Disclosures 1 January 2024
----------------------------------- --------------
IAS 1 Classification of Liabilities 1 January 2024
as Current or Non-Current.
----------------------------------- --------------
Standards and interpretations adopted in the period
There have been no new or amended standards adopted by the
Company for the first time during the interim period.
2.3 Critical accounting estimates and judgements
The preparation of interim consolidated financial information
requires management to make judgements, estimates and assumptions
that affect the application of accounting policies and the reported
amounts of assets and liabilities and the reported amounts of
income and expenses during the reporting period. Although these
estimates are based on management's best knowledge of current
events and actions, the resulting accounting estimates will, by
definition, seldom equal related actual results.
In preparing the interim financial information, the significant
judgements made by management in applying the Company's accounting
policies and the key sources of estimation uncertainty were the
same as those that applied to the financial statements for the year
ended 31 December 2022.
3 Administrative expenses
6 months ending 30 June 2023 6 months ending 30 June 2022
------------------------------ ----------------------------- -----------------------------
Directors remuneration 6,400
Consulting and advisory fees 32,167 8,257
Legal Fees - 23,689
Accounting fees 77,500 86,858.
Exchange fees - -
Exploration Costs - 3,656
Other expenditure 2,826 38,085
Closing balance 118,893 184,017
------------------------------- ----------------------------- -----------------------------
4 Earnings per share
The calculation of the basic and diluted earnings per share is
calculated by dividing the loss attributable to equity holdings of
Metals One by the weighted average number of ordinary shares in
issue during the period.
6 months ending 30 June 2023 6 months ending 30 June 2022
----------------------------------------------------- ----------------------------- -----------------------------
(Loss)/ Profit attributable to equity holdings of
Metals One (118,893) (154,371)
Weighted number of ordinary shares in issue 19,750,000 18,597,222
------------------------------------------------------ ----------------------------- -----------------------------
Basic & dilutive earnings per share from continuing
operations - pence (0.60) (0.83)
There is no difference between the diluted loss per share and
the basic loss per share presented as there are no dilutive
financial instruments.
5 Share capital
Number of shares Ordinary shares Share premium Total
GBP GBP GBP
----------------------------- ----------------- ---------------- -------------- --------
Balance at 31 December 2021 17,250,000 172,500 299,259 471,759
----------------------------- ----------------- ---------------- -------------- --------
Proceeds from shares issued 2,500,000 25,000 75,000 100,000
----------------------------- ----------- -------- -------- --------
Balance at 31 December 2022 19,750,000 197,500 374,259 571,759
----------------------------- ----------- -------- -------- --------
Movement during the period - - - -
Balance at 30 June 2023 19,750,000 197,500 374,259 571,759
----------------------------- ----------- -------- -------- --------
6 Related party transactions
Provision of services
During the period GBP15,000 (2022: GBP57,108) was incurred for
the provision of corporate finance services from Orana Corporate
LLP, an entity related to director Daniel Maling. These services
relate to management of the IPO as well as provision of accounting
and company secretarial services. GBP14,573 (2022 :GBP17,200) was
incurred for consulting and director fees from director Jonathan
Owen.
7 Capital Commitments
There were no commitments under operating leases at 30 June
2023.
8 Contingent Liabilities
Following the successful IPO subsequent to the end of the
period, the following contingent liabilities exist for Metals One
to the respective entities:
3 Mile Beach Limited
- GBP875,000 payable in shares contingent on completion of proposed transaction
- GBP135,000 payable in cash on completion of proposed transaction
Bluejay Mining Plc
- GBP3,125,000 payable in shares contingent on completion of proposed transaction
- GBP150,000 payable in cash on completion of proposed transaction
- GBP1,000,000 payable in shares on certain milestones
Scandinavian Resource Holdings Pty Ltd
- GBP3,000,000 payable in shares contingent on completion of
proposed transaction GBP100,000 payable in cash on completion of
proposed transaction
- GBP250,000 in stage 1 deferred consideration payable upon
Kingsrose Mining Limited completing 5,000 metres of drilling in
respect of Licenses to assess nickel sulphides
- GBP250,000 in stage 2 deferred consideration payable upon
Kingsrose Mining Limited spending an additional $4 million after
completion of Stage 1
These amounts were contingent on the successful admission of the
Company to trading on AIM ("proposed transaction") which completed
on 31 July 2023.
Other than those listed above there were no further contingent
liabilities at 30 June 2023.
9 Events subsequent to period end
Fundraising and Initial Public Offering (IPO) on AIM market
On 31 July 2023 the Company completed its Initial Public
Offering (IPO) and listed on the AIM market. The Company raised
gross proceeds of GBP2,200,000 through the issue of 44,000,000
shares at GBP0.05p per share.
As part of the IPO the Company agreed to grant the below
Warrants.
Warrant Issue Number of Date of Grant Exercise Exercise
Warrants Price Period
Founder Warrants 7,000,000 Date of Admission Fundraising From date
Price of Admission
until 2(nd)
anniversary
of Admission
----------- ------------------ ------------ ----------------
Loyalty Warrants 22,000,000 Date of Admission GBP0.09 2 years from
Admission
----------- ------------------ ------------ ----------------
SI Capital 293,000 Date of Admission Fundraising 2 years from
Warrants Price Admission
----------- ------------------ ------------ ----------------
Shard Capital 610,300 Date of Admission Fundraising 3 years from
Warrants Price Admission
----------- ------------------ ------------ ----------------
BCL Warrants 2,000,000 Date of Admission Fundraising 5 years from
Price Admission
----------- ------------------ ------------ ----------------
Orana Warrants 2,084,500 Date of Admission Fundraising 5 years from
Price Admission
----------- ------------------ ------------ ----------------
Gunsynd Warrants 1,500,000 Date of Admission Fundraising 3.5 years
Price from Admission
----------- ------------------ ------------ ----------------
SRH Warrants 7,500,000 Date of Admission GBP0.09 5 years from
Admission
----------- ------------------ ------------ ----------------
FinnAust Warrants 7,500,000 Date of Admission GBP0.09 5 years from
Admission
----------- ------------------ ------------ ----------------
Fee Warrants 2,350,000 Date of Admission GBP0.09 2 years from
Admission
----------- ------------------ ------------ ----------------
TOTAL: 52,873,500
-----------
Appointment of directors
Upon the successful admission to the AIM market the following
people were appointed as directors of the Company:
-- Alastair Raoul Clayton (Non-Executive Chairman)
-- Craig Moulton (Independent Non-Executive Director)
-- Sara Katja Emilia Minchin (Independent Non-Executive Director)
-- Kaj Thomas Levin (Non-Executive Director)
-- Winton William Willesee (Non-Executive Director)
Acquisition of Scandinavian Resource Holdings (SRH) and Finaust
Northern Mining Oly (FMN)
On 31 July 2023 the Company entered into the FMN SPA, to acquire
the entire issued share capital of FMN (an indirect subsidiary of
AIM traded Bluejay Mining Plc and the current holder of exploration
permit applications with respect to the Black Schist Project in
Finland), and the SRH SPA to acquire the entire issued share
capital of SRH (the holder of a 80% interest in the SRH JVCo, which
holds a 100% legal and beneficial interest in the Brownfield Råna
Project in Norway).
The Company has entered into a subscription and shareholders'
agreement in relation to FinnAust, pursuant to which AIM traded
Gunsynd has agreed to conditionally subscribe for such number of
shares in the capital of FinnAust as is equal to 25% of the voting
rights of FinnAust, at an aggregate subscription price of
GBP1,000,000.
Meanwhile SRH has, pursuant to the Kingsrose Agreement, agreed
to Kingsrose or the Kingsrose Nominee gaining an increasing equity
interest in the SRH JVCo over four potential stages, subject to
meeting expenditure obligations in relation to the Brownfield Råna
Project and certain other obligations.
Accordingly, on Admission, the Company will initially hold an
80% beneficial interest in the Brownfield Råna Project which could
be diluted to a 15% beneficial interest on full satisfaction and
completion of the four potential farm-in stages pursuant to the
Kingsrose Agreement and a 100% beneficial interest in the Black
Schist Project which could be diluted to a 75% beneficial interest
pursuant to the Gunsynd Farm-In.
The initial estimate of the fair value of the assets acquired
and liabilities assumed of SRH at the date of acquisition based
upon the SRH balance sheet at 31 July 2023 are as follows:
GBP
-----------
Trade and other receivables 31,689
Cash and cash equivalents 52
Exploration assets 11,846
Total identifiable net assets acquired 43,587
Consideration 3,811,651
Goodwill acquired 3,768,063
-----------
The initial estimate of the fair value of the assets acquired
and liabilities assumed of FMN at the date of acquisition based
upon the FMN balance sheet at 31 July 2023 are as follows:
GBP
---------------------------------------- -----------
Trade and other receivables
Cash and cash equivalents 7,055
Trade and other payables (5,694)
Total identifiable net assets acquired 1,361
Consideration 5,496,452
Goodwill acquired 5,495,091
-----------
APPIX 1
FINNAUST MINING NORTHERN OY ("FAMN")
STATEMENT OF PROFIT AND LOSS
Unaudited Unaudited
6 months ending 6 months ending
30 June 2023 30 June 2022
Note GBP GBP
Continuing Operations
---------------------------------------------------------- ----- ----------------- -----------------
Administrative expenses (247) (253)
Operating loss (247) (253)
---------------------------------------------------------- ----- ----------------- -----------------
Loss before taxation
Income tax expense - -
---------------------------------------------------------- ----- ----------------- -----------------
Loss for the period from continuing operations (247) (253)
---------------------------------------------------------- ----- ----------------- -----------------
Other comprehensive income (4,090) (277)
Total comprehensive profit for the period
attributable to shareholders from continuing operations (4,337) (530)
---------------------------------------------------------- ----- ----------------- -----------------
Basic & dilutive earnings per share - pounds 6 (2.47) (2.53)
---------------------------------------------------------- ----- ----------------- -----------------
The accompanying notes form part of the Interim Financial
Information.
FINNAUST MINING NORTHERN OY
STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited
As at As at
30 June 2023 31 Dec 2022
Note GBP GBP
CURRENT ASSETS
Cash and cash equivalents 7,083 9,244
Total current assets 7,083 9,244
------------------------------ ----- -------------- -------------
TOTAL ASSETS 7,083 9,244
------------------------------ ----- -------------- -------------
EQUITY
Share capital 7 2,055 2,055
Other reserves 3,079,029 3,079,029
Foreign Exchange Reserve 153,009 157,160
Retained Earnings (3,232,753) (3,234,950)
TOTAL EQUITY 1,340 3,294
------------------------------ ----- -------------- -------------
CURRENT LIABILITIES
Borrowings 5,743 5,950
------------------------------ ----- -------------- -------------
TOTAL CURRENT LIABILITIES 5,743 5,950
------------------------------ ----- -------------- -------------
TOTAL LIABILITIES 5,743 5,950
------------------------------ ----- -------------- -------------
TOTAL EQUITY AND LIABILITIES 7,083 9,244
============================== ===== ============== =============
The accompanying notes form part of the Interim Financial
Information.
FINNAUST MINING NORTHERN OY
STATEMENT OF CASH FLOWS
Unaudited Unaudited
6 months ending 6 months ending
30 June 2023 30 June 2022
GBP GBP
Cash flow from operating activities
Loss for the period (247) (253)
Adjustments for:
Changes in working capital:
Increase in trade and other payables (1,860) 650
Net cash outflow from operating activities (2,107) 397
Net decrease in cash and cash equivalents (2,107) 397
Cash and cash equivalents at beginning of the period 9,244 8,631
Foreign exchange impact on cash (54) 66
Cash and cash equivalents at end of the period 7,083 9,094
------------------------------------------------------ ----------------- -----------------
The accompanying notes form part of the Interim Financial
Information
FINNAUST MINING NORTHERN OY
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1 General information
FinnAust Mining Northern Oy ("FAMN") is a Finnish limited
company (2352762-2) incorporated under the Finnish Limited
Liability Companies Act. FAMN was incorporated on 16 August
2010.
The principal activity of FAMN is to seek suitable investment
opportunities to explore & develop assets in the natural
resources sector.
2 Basis of preparation and accounting policies
IAS 8 requires that management shall use its judgement in
developing and applying accounting policies that result in
information which is relevant to the economic decision-making needs
of users, that are reliable, free from bias, prudent, complete and
represent faithfully the financial position, financial performance
and cash flows of the entity.
The same accounting policies, presentation and methods of
computation have been followed in these Condensed Interim Financial
Information as were applied in the Historical Financial Information
including in the Metals One PLC admission document except for the
impact of the adoption of the Standards and interpretations
described below and new accounting policies adopted as a result of
changes in the Company.
The Condensed Interim Financial Information is presented in GBP
unless otherwise stated, which is FAMN's presentational currency.
FAMN's functional currency is the Euro.
3 Going concern
The Condensed Interim Financial Information has been prepared on
a going concern basis, which assumes that FAMN will have access to
sufficient liquid resources to enable them to continue in
operational existence for the foreseeable future and not less than
twelve months from the date of signing this report.
Taking these matters into consideration, the Directors consider
that the continued adoption of the going concern basis is
appropriate having reviewed the forecasts for the coming 18 months
and the Condensed Interim Financial Information does not reflect
any adjustments that would be required if they were to be prepared
other than on a going concern basis.
4 New standards , amendments and interpretations
Standards and interpretations adopted in the period
There were no new standards or interpretations adopted by the
Company in the period.
Standards and interpretations issued and not yet effective:
Standards, amendments and interpretations that are not yet
effective and have not been early adopted are as follows:
Standard Impact on initial application Effective date
-------- ----------------------------------- --------------
IFRS 16 Lease Liability in a Sale and 1 January 2024
Leaseback
(Amendment to IFRS 16)
----------------------------------- --------------
IAS 7 Financial instruments : Disclosures 1 January 2024
----------------------------------- --------------
IAS 1 Classification of Liabilities 1 January 2024
as Current or Non-Current.
----------------------------------- --------------
5 Critical accounting estimates and judgments
In preparing the Condensed Interim Financial Information, the
directors have to make judgments on how to apply the Company's
accounting policies and make estimates about the future. Estimates
and judgements are continuously evaluated based on historical
experiences and other factors, including expectations of future
events that are believed to be reasonable under the circumstances.
In the future, actual experience may deviate from these estimates
and assumptions.
The directors have concluded that there are no key assumptions
concerning sources of estimation uncertainty at the reporting date
that have a significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities within the next
financial year.
6 Earnings per share
The calculation of the basic and diluted earnings per share is
calculated by dividing the profit attributable to equity holdings
of FAMN by the weighted average number of ordinary shares in issue
during the period.
30 June 2023 30 June 2022
GBP GBP
Loss attributable to shareholders of FAMN (247) (253)
Weighted number of ordinary shares in issue 100 100
Basic & dilutive earnings per share from continuing operations - pounds GBP (2.47) (2.53)
----------------------------------------------------------------------------- ------------- -------------
There is no difference between the diluted loss per share and
the basic loss per share presented as there are no dilutive
instruments in issue during any of the periods.
7 Share Capital
Number of shares Ordinary shares Total
GBP GBP
----------------------------- ----------------- ---------------- ------
On Incorporation 100 2,055 2,055
Balance at 31 December 2022 100 2,055 2,055
Balance at 30 June 2023 100 2,055 2,055
On incorporation FAMN issued 100 shares at 25 EUR per share.
Share capital is translated into GBPGBP as of the date of
incorporation on 16 August 2010. The value has not been revalued to
adjust for exchange rate fluctuations over the multiple
periods.
8 Related party transactions
During the period there were no related party transactions.
9 Events subsequent to period end
On 31 July 2023 the Metals One PLC entered into the FMN SPA with
the shareholders of the Company, to acquire the entire issued share
capital of FMN.
Refer to Note 9 of the Metals One PLC Interim Financial
statements for further information
There have been no events subsequent to period end requiring
disclosure.
10 Capital Commitments
There were no capital commitments as at 30 June 2023.
11 Contingent Liabilities
There were no contingent liabilities as at 30 June 2023.
APPIX 2
SCANDINAVIAN RESOURCES HOLDINGS
STATEMENT OF PROFIT AND LOSS
Unaudited 6 months Unaudited 6 months
ending 30 June 2023 ending 30 June 2022
Note GBP GBP
--------------------------------------------------------------- ------- --------------------- ---------------------
Continuing operations
Other income 6 10,761 97,782
Administrative expenses (11,805) (133,363)
Operating (loss)/ profit (1,044) (35,581)
(Loss) / Profit before taxation
--------------------------------------------------------------- ------- --------------------- ---------------------
Income tax expense - -
--------------------------------------------------------------- ------- --------------------- ---------------------
(Loss)/ profit for the period from continuing operations (1,044) (35,581)
Other comprehensive income (4,803) (43,111)
--------------------------------------------------------------- ------- --------------------- ---------------------
Total comprehensive profit for the year attributable to
shareholders from continuing operations (5,847) 78,692
=============================================================== ======= ===================== =====================
Basic and dilutive earnings per share - pounds 7 (5.02) (177.90)
--------------------------------------------------------------- ------- --------------------- ---------------------
The accompanying notes form an integral part of the Interim
Financial Information.
SCANDINAVIAN RESOURCES HOLDINGS
STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited
As at As at
30 June 2023 30 June 2022
GBP GBP
Note
NON-CURRENT ASSETS
Intangible Assets 11,992 12,832
Investments - -
TOTAL NON-CURRENT ASSETS 11,992 12,832
------------------------------- -------
CURRENT ASSETS
Cash and cash equivalents 53 57
Trade and other receivables 61,422 67,304
------------------------------- -------
TOTAL CURRENT ASSETS 61,475 67,361
------------------------------- ------- -------------- --------------
TOTAL ASSETS 73,467 80,193
------------------------------- ------- -------------- --------------
EQUITY
Share capital 8 57 57
Foreign exchange reserve 1,540 1,836
Retained earnings 63,436 46,536
------------------------------- ------- -------------- --------------
TOTAL EQUITY 65,033 48,429
------------------------------- ------- -------------- --------------
CURRENT LIABILITIES
Trade and other payables 8,434 31,764
TOTAL CURRENT LIABILITIES 8,434 31,764
------------------------------- ------- -------------- --------------
TOTAL LIABILITIES 8,434 31,764
------------------------------- ------- -------------- --------------
TOTAL EQUITY AND LIABILITIES 73,467 80,193
=============================== ======= ============== ==============
The accompanying notes form an integral part of the Interim
Financial Information.
SCANDINAVIAN RESOURCES HOLDINGS
STATEMENT OF CASH FLOWS
Unaudited Unaudited
6 months ending 30 June 2023 6 months ending 30 June 2022
GBP GBP
Note
Cash flow from Operating Activities
(Loss)/Profit for the financial year (1,044) (35,581)
Adjustments for:
Gain on disposal of exploration
interests - (63,467)
Fees settled through issue of financial
instruments -
Foreign exchange movements 7,782 (667)
Changes in working capital:
Increase in trade and other receivables (8,061) (66,442)
Increase in trade and other payables 1,323 21,356
Net cash used in operating activities - (144,801)
---------------------------------------- ---- ------------------------------- -------------------------------
Cash flow from Investing Activities
Disposal of listed equities - 144,801
Purchases of intangible assets - -
Net cash used in investing activities - 144,801
---------------------------------------- ---- ------------------------------- -------------------------------
Net increase in cash and cash -
equivalents -
Cash and cash equivalents at beginning
of period 54 57
Foreign exchange impact on cash (3) -
Cash and cash equivalents at the end
of the period 53 57
---------------------------------------- ---- ------------------------------- -------------------------------
SCANDINAVIAN RESOURCES HOLDINGS
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1 General information
Scandinavian Resource Holdings Pty Ltd ("SRH") is an Australian
proprietary limited company (can 630 971 112) incorporated under
the Australian Corporations Act 2001. SRH was incorporated on 13
January 2019 with its registered office being at Suite 5 CPC, 145
Stirling Highway, Nedlands, Western Australia 6009.
The principal activity of SRH is to seek suitable investment
opportunities to explore & develop assets in the natural
resources sector.
2 Basis of preparation and accounting policies
IAS 8 requires that management shall use its judgement in
developing and applying accounting policies that result in
information which is relevant to the economic decision-making needs
of users, that are reliable, free from bias, prudent, complete and
represent faithfully the financial position, financial performance
and cash flows of the entity.
The same accounting policies, presentation and methods of
computation have been followed in these Condensed Interim Financial
Information as were applied in the Historical Financial Information
including in the Metals One PLC admission document except for the
impact of the adoption of the Standards and interpretations
described below and new accounting policies adopted as a result of
changes in the Company.
The Condensed Interim Financial Information is presented in GBP
unless otherwise stated, which is SRH's presentational currency.
SRH's functional currency is the Australian dollar.
3 Going concern
The Condensed Interim Financial Information has been prepared on
a going concern basis, which assumes that SRH will have access to
sufficient liquid resources to enable them to continue in
operational existence for the foreseeable future and not less than
twelve months from the date of signing this report.
Taking these matters into consideration, the Directors consider
that the continued adoption of the going concern basis is
appropriate having reviewed the forecasts for the coming 18 months
and the Condensed Interim Financial Information does not reflect
any adjustments that would be required if they were to be prepared
other than on a going concern basis.
4 New standards , amendments and interpretations
Standards and interpretations adopted in the period
There were no new standards or interpretations adopted by the
Company in the period.
Standards and interpretations issued and not yet effective:
Standards, amendments and interpretations that are not yet
effective and have not been early adopted are as follows:
Standard Impact on initial application Effective date
-------- ----------------------------------- --------------
IFRS 16 Lease Liability in a Sale and 1 January 2024
Leaseback
(Amendment to IFRS 16)
----------------------------------- --------------
IAS 7 Financial instruments : Disclosures 1 January 2024
----------------------------------- --------------
IAS 1 Classification of Liabilities 1 January 2024
as Current or Non-Current.
----------------------------------- --------------
5 Critical accounting estimates and judgments
In preparing the Condensed Interim Financial Information, the
directors have to make judgments on how to apply the Company's
accounting policies and make estimates about the future. Estimates
and judgements are continuously evaluated based on historical
experiences and other factors, including expectations of future
events that are believed to be reasonable under the circumstances.
In the future, actual experience may deviate from these estimates
and assumptions.
The directors have concluded that there are no key assumptions
concerning sources of estimation uncertainty at the reporting date
that have a significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities within the next
financial year.
6 Other income
30 June 2023 30 June 2022
GBP GBP
-------------------------------------------------- ------------- -------------
Sale of royalty 10,761 54,671
Proceeds from sale of interest in Rana Project - 43,111
10,761 97,782
------------- -------------
7 Earnings per share
The calculation of the basic and diluted earnings per share is
calculated by dividing the loss attributable to equity holdings of
SRH by the weighted average number of ordinary shares in issue
during the period.
30 June 2023 30 June 2022
GBP GBP
Loss attributable to shareholders of SRH (1,044) (35,581)
Weighted number of ordinary shares in issue 200 200
Basic & dilutive earnings per share from continuing operations - pounds GBP (5.02) (177.90)
----------------------------------------------------------------------------- ------------- -------------
8 Share capital
Number of shares Ordinary shares Total
GBP GBP
----------------------------- ----------------- ---------------- ------
On incorporation(1) 100 57 57
Balance at 31 December 2020 100 57 57
Share split(2) 100 - -
Balance at 31 December 2021 200 57 57
----------------------------- ----------------- ---------------- ------
Balance at 30 June 2022 200 57 57
----------------------------- ----------------- ---------------- ------
Balance at 30 June 2023 200 57 57
----------------------------- ----------------- ---------------- ------
(1) On 13 January 2019 the Company issued 100 Ordinary Shares of
$1 AUD per Ordinary Share.
(2) On 5 October 2021 there was a 2:1 share split, resulting in
200 Ordinary Shares of $0.5 AUD per Ordinary Share
9 Related party transactions
Ofoten Minerals Pty Ltd ("OM")
As SRH does not possess an operational bank account, OM has paid
for expenses on behalf of SRH and has also received funds on behalf
of SRH. In the 6 month period ended 30 June 2023 GBP12,906 of
expenses were paid by OM and GBP11,026 of monies owed to SRH was
received. The total outstanding amount owed from SRH at 30 June
2023 was GBP8,443 and the amount owed to SRH at 30 June 2023 was
GBP60,713.
10 Capital Commitments
There are no capital commitments for the period.
11 Contingent Liabilities
There are no contingent liabilities for the period.
12 Events subsequent to period end
On 31 July 2023 the Metals One PLC entered into the SRH SPA with
the shareholders of the Company to acquire the entire issued share
capital of SRH.
Refer to Note 9 of the Metals One PLC Interim Financial
statements for further information
There have been no events subsequent to period end requiring
disclosure.
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END
IR LRMPTMTATBRJ
(END) Dow Jones Newswires
September 28, 2023 02:00 ET (06:00 GMT)
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