TIDMTTAU
31 March 2022
TECTONIC GOLD PLC
("Tectonic Gold" or the "Company")
Unaudited Interim Results to 31 December 2021
MANAGING DIRECTOR'S STATEMENT
Dear Shareholder,
During the half year to December 2021, the Company ran a significant field
campaign on the lead gold exploration project at Specimen Hill. Our partnership
with London listed Kazera Global Investments Plc ("Kazera") (LSE:KZG) also
delivered the further production of diamonds from the Alexkor site in South
Africa.
With further support from shareholders who converted their warrants and profit
from the divestment of a part of our holding in Kazera, we funded follow up
drilling at Specimen Hill, testing copper and gold follow on targets from the
2020 campaign. During this time, we hosted a number of potential farm-in
investors on site and identified additional extensions to mineralised zones for
exploration.
Drilling along strike from Main Lodes again returned positive intersections,
however, the unexpected onset of early monsoonal rains and accompanying
electrical storms forced us to suspend drilling before we could complete the
campaign. Australia's east coast has had an unusually wet summer with localised
flooding in the region, so we have not been able to access site again at the
time of this report, but we are planning to remobilise as soon as possible and
complete the campaign. This will involve diamond core drilling below the
historic high-grade Goldsmith's Reef mine. This is fully funded with current
cash reserves. This sheeted vein system at Goldsmisth's Reef was mined until
World War One to a depth of some thirty meters. Our geophysics reconnaissance
shows the system steeply plunging to well over one hundred meters and the
drilling will target the same high grade surface veins down to that depth and
beyond.
Our joint venture with Kazera in Heavy Mineral Sands in South Africa is waiting
on the award of a mining license which was significantly delayed by COVID. We
are hopeful this will be in hand in the next quarter, and we will be able to
announce the development plans for the project.
Despite weather and COVID related delays, we are well funded, with a number of
opportunities to drive shareholder value in the pipeline and look forward to
the run to year end.
RESULTS AND COMPARITIVE INFORMATION
The Group incurred a loss after tax for the reporting period of £198,977 (31
Dec 2020: £60,084 (loss).
For and on behalf of the Board.
Brett Boynton, CFA
Managing Director
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 31 DECEMBER 2021
6 MONTHS TO 6 MONTHS TO 12 MONTHS
31 DEC 2021 31 DEC 2020 TO
UNAUDITED UNAUDITED 30 JUNE 21
AUDITED
£ £ £
Revenue from continuing operations - - 25,162
Expenses from continuing operations:
Accounting and audit fees (25,478) (15,388) (65,483)
Administration and office costs (3,495) (6,377) (3,600)
Corporate costs (72,671) (33,999) (117,087)
Amortisation and depreciation (507) (788) (1,578)
Employee benefits, management fees and (143,333) (500) (139,962)
on costs
Exploration and tenement costs (5,588) (4,034) (1,451)
Insurance (7,440) (11,133) (13,013)
Legal expenses - - 12,511
Share based payments (30,000) (139,462) -
Net fair value gain on disposal of 165,594 - -
financial assets at fair value through
profit and loss
Net fair value loss on disposal of (81,246) - (80,327)
financial assets at fair value through
profit and loss
Net fair value gain on financial assets 25,000 129,667 200,000
at fair value through profit and loss
Other expenses (19,813) 21,929 (46,736)
Loss from continuing operations before (198,977) (60,084) (231,564)
income tax
Income tax benefit - - -
Loss for the reporting period from (198,977) (60,084) (231,564)
continuing operations
Other comprehensive income:
Items that may be subsequently
reclassified to profit and loss:
Exchange differences on translation of (12,549) 16,433 (37,150)
foreign subsidiaries
Total comprehensive loss for the (211,526) (43,651) (268,714)
reporting period
Earnings per share attributable to
owners of the company
Basic and diluted (pence per share)
From continuing operations 4 (0.021) (0.007) (0.03)
The accompanying notes form part of these financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021
31 DEC 2021 31 DEC 2020 30-JUN-21
GROUP GROUP GROUP
UNAUDITED UNAUDITED AUDITED
NOTE £ £ £
ASSETS
NON-CURRENT ASSETS
Plant and equipment 1,753 4,335 2,282
Exploration and evaluation 3,179,584 2,921,388 3,016,512
expenditure
Financial assets at fair value 125,003 454,074 346,040
through profit and loss
TOTAL NON-CURRENT ASSETS 3,306,340 3,379,797 3,364,834
CURRENT ASSETS
Cash and cash equivalents 396,453 192,709 541,835
Trade and other receivables 12,694 21,265 47,411
Other assets 5 360,222 362,374 363,375
TOTAL CURRENT ASSETS 769,369 576,348 952,621
TOTAL ASSETS 4,075,709 3,956,145 4,317,455
EQUITY
Share capital 6,125,163 6,115,444 6,124,902
Share premium account 61,186,874 60,497,749 61,157,135
RTO Reserve (57,976,182) (57,976,182) (57,976,182)
Warrant Reserves 588,554 260,925 588,554
Foreign exchange translation (124,964) (58,832) (112,415)
reserves
Accumulated losses (6,265,144) (5,540,694) (6,066,167)
TOTAL EQUITY 3,534,301 3,298,410 3,715,827
LIABILITIES
NON-CURRENT LIABILITIES
Trade and other payables - 16,263 15,607
Borrowings 170,125 172,387 322,124
TOTAL NON-CURRENT LIABILITIES 170,125 188,650 337,731
CURRENT LIABILITIES
Trade and other payables 371,283 312,399 263,897
Borrowings - 156,685 -
TOTAL CURRENT LIABILITIES 371,283 469,085 263,897
TOTAL LIABILITIES 541,408 657,735 601,628
TOTAL EQUITY AND LIABILITIES 4,075,709 3,956,145 4,317,455
The accompanying notes form part of these financial statements.
These financial statements were approved by the Board of Directors on 31 March
2022.
Signed on behalf of the Board by:
Brett Boynton
Managing Director
Company
number: 05173250
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHSED 31 DECEMBER 2021
GROUP - UNAUDITED ISSUED SHARE WARRANT RTO FOREIGN ACCUMULATED TOTAL
31 DEC 2021 CAPITAL PREMIUM RESERVE RESERVE CURRENCY LOSSES
RESERVE
£ £ £ £ £ £ £
Balance at 1 July 2021 6,124,902 61,157,135 588,554 (57,976,182) (112,415) (6,066,167) 3,715,827
Total comprehensive loss (198,977)
for the period (198,977)
Transactions with owners,
recorded directly in
equity:
Foreign Currency - - - - (12,549) (12,549)
Translation Reserve
Shares Issued 261 29,739 - - - 30,000
-
Share issue costs - - - - - - -
Warrants issued - - - - - - -
Balance as at 31 December 6,125,163 61,186,874 588,554 (57,976,182) (124,964) (6,265,144) 3,534,301
2021
GROUP - UNAUDITED ISSUED SHARE WARRANT RTO FOREIGN ACCUMULATED TOTAL
31 DEC 2020 CAPITAL PREMIUM RESERVE RESERVE CURRENCY LOSSES
RESERVE
£ £ £ £ £ £ £
Balance at 1 July 2019 6,100,615 60,146,216 95,098 (57,976,182) (75,265) (5,480,609) 2,809,873
Total comprehensive loss (60,084)
for the period (60,084)
Transactions with owners,
recorded directly in
equity:
Foreign Currency - - - - 16,433 16,433
Translation Reserve
Shares Issued 14,829 400,698 - - - 415,527
-
Share issue costs - (49,165) - - - - (49,165)
Warrants issued - - 165,827 - - - 165,827
Balance as at 31 December 6,115,444 60,497,749 260,925 (57,976,182) (58,832) (5,540,694) 3,298,410
2020
GROUP - AUDITED ISSUED SHARE WARRANT RTO FOREIGN ACCUMULATED TOTAL
30 JUNE 2021 CAPITAL PREMIUM RESERVE RESERVE CURRENCY LOSSES
RESERVE
£ £ £ £ £ £ £
Balance at 1 July 2020 6,100,615 60,146,216 95,098 (57,976,182) (75,265) (5,480,609) 2,809,873
Total comprehensive - - - - - (231,564) (231,564)
income for the period
Transactions with owners,
recorded directly in
equity:
Issue of shares 24,287 1,036,219 - - - - 1,060,506
Share issue costs - (25,300) - - - - (25,300)
Foreign Currency - - - - (37,150) - (37,150)
Translation Reserve
Fair value of warrants - - 493,456 - - (353,994) 139,462
issued
Balance at 30 June 2021 6,124,902 61,157,135 588,554 (57,976,182) (112,415) (6,066,167) 3,715,827
The accompanying notes form part of these financial statements
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 31 DECEMBER 2021
6 MONTHS 6 MONTHS 12 MONTHS
TO 31 TO 31 TO 30 JUNE
DEC 2021 DEC 2020 2021
UNAUDITED UNAUDITED AUDITED
£ £ £
CASH FLOWS FROM OPERATING
ACTIVITIES
Cash payments in the course of (122,821) (141,122) (210,063)
operations
Net cash used in operating (122,821) (141,122) (210,063)
activities
CASH FLOWS USED IN INVESTING
ACTIVITIES
Payments for exploration and evaluation (201,709) (113,470) (401,113)
expenditure
Payment for shares acquired in (100,000) - -
Kazera Global Plc
Proceeds from sale of financial 280,657 - 123,201
asset at fair value through
profit and loss
Net cash used in investing (21,052) (113,470) (277,912)
activities
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from issue of shares - 402,800 380,000
Proceeds from exercise of - 12,727 599,669
options
Payments for share issue costs - (22,800) -
Net cash provided by financing - 392,727 979,669
activities
Net (decrease)/increase in cash held (143,873) 138,135 491,694
and cash equivalents
Cash and cash equivalents at the 541,835 52,734 52,734
beginning of the period
Effects of exchange rate changes on (1,509) 1,840 (2,593)
cash and cash equivalents
Cash and cash equivalents at the end of 396,453 192,709 541,835
the period
The accompanying notes form part of these financial statements.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 31 DECEMBER 2021
1. GENERAL INFORMATION
Tectonic Gold Plc is a company incorporated in the United Kingdom under the
Companies Act 2006. The consolidated entity (the "Group") consists of Tectonic
Gold Plc (Tectonic and or the "Company") and the entities it controlled at the
end of, or during, the six months ended 31 December 2021. The principal
activity of the Group during the financial period was mineral exploration.
2. BASIS OF PREPARATION
These condensed interim consolidated financial statements ("the interim
financial statements") of the Group are for the six months ended 31 December
2021 and are presented in Sterling which is the Company's presentational
currency. These interim financial statements have not been reviewed or audited.
The interim financial statements have been prepared in accordance with the
recognition and measurement principles of IFRS as adopted by the European Union
(EU) and on the same basis and using the same accounting policies as applied in
the Company's 2021 Annual Report and statutory accounts for the year ended 30
June 2021.
The statutory accounts for the year ended 30 June 2021 have been filed with the
Registrar of Companies. The auditor's report on those financial statements was
unqualified and did not contain a statement under section 498 (2) or (3) of the
Companies Act 2006.
The interim financial statements have been prepared on a going concern basis
under the historical cost convention. The Directors believe that the going
concern basis is appropriate for the preparation of these interim financial
statements as the Company is in a position to meet all its liabilities as they
fall due.
The interim financial statements for the six months ended 31 December 2021 were
approved by the Board on 31 March 2022.
3. DIVID
The Board is not recommending the payment of an interim dividend for the period
ended 31 December 2021.
4. EARNINGS PER SHARE
The basic earnings per share is based on the profit/(loss) for the year divided
by the weighted average number of shares in issue during the reporting period.
The weighted average number of ordinary shares for the reporting period assumes
that all shares have been included in the computation based on the weighted
average number of days since issue.
6 MONTHS 6 MONTHS 12 MONTHS
TO TO TO
31 DEC 2021 UNAUDITED 31 DEC 2020 UNAUDITED 30 JUNE 2021 AUDITED
£ £ £
Profit/(Loss) for the (197,177) (60,084) (231,564)
year attributable to
owners of the Company
Weighted average number 941,850,465 788,632,702 834,566,389
of ordinary shares in
issue for basic
earnings*
Weighted average number 941,850,465 788,632,702 834,566,389
of ordinary shares in
issue for fully diluted
earnings*
(Loss)/gain per share
(pence per share)
Basic (0.021) (0.007) (0.03)
Diluted (0.021) (0.007) (0.03)
5. OTHER ASSETS
31 DEC 2021 31 DEC 2020 30 JUNE
UNAUDITED UNAUDITED 2021 AUDITED
£ £ £
Prepayments(i) 336,208 353,780 339,522
Other prepayments 20,789 5,200 20,596
Security deposits 3,225 3,394 3,257
360,222 362,734 363,375
(i) In 2018 the Company paid Titeline Drilling Pty Ltd ACN 096 640 201
(Titeline) for future drilling services in accordance with the heads of
agreement dated 28 March 2018 between Titeline, Signature Gold and Tectonic
Gold.
(ii) Titeline has been engaged to complete 10,000 meters of diamond drilling to
produce core samples for analysis, assay and metallogenic studies from the
Company's Biloela Project site. A review to be completed after 2,500 metres of
drilling has been completed and the completion program for the remaining 7,500
metres to be mutually agreed.
As at 31 December 2021 £336,208 (A$625,386), (2020: £353,780 or A$625,386)
remains prepaid to Titeline
As at 30 June 2021, the balance of the prepayment to Titeline is £339,522
(A$625,386).
6. EVENTS AFTER THE REPORTING PERIOD
On 10 February 2022, the Company issued 10,521,707 to Directors in total in
lieu of cash payments for fees for the period 30 June 2019 to 30 June 2021. For
further detail, refer to the Company's announcement released on 4 February
2022.
On 2 March 2022, Signature Gold Pty Ltd, a wholly owned subsidiary company of
Tectonic, received A$289,019 research and development (R&D) tax incentive
rebate related to the company's Australian R&D expenses from the 2021 financial
year. The tax refund is for eligible R&D activities related to the Company's
Intrusive Related Gold Research Program.
Other than as stated elsewhere in this report, Directors are not aware of any
other matters or circumstances at the date of this report that have
significantly affected or may significantly affect the operations, the results
of the operations or the state of affairs of the Company in subsequent
financial years.
7. DISTRIBUTION
Copies of these interim financial statements is available on the Company's
website (www.tectonicgold.com) or directly from the Company at its registered
address.
For further information, please contact:
Tectonic Gold plc +61 2 9241 7665
Brett Boynton
Sam Quinn
www.tectonicgold.com
@tectonic_gold
Aquis Stock Exchange Corporate Adviser and
Broker +44 20 3005 5000
VSA Capital Limited
Andrew Raca - Corporate Finance
Andrew Monk - Corporate Broking
Ends
END
(END) Dow Jones Newswires
March 31, 2022 02:00 ET (06:00 GMT)
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