TIDMMILA
RNS Number : 5733E
Mila Resources PLC
31 October 2022
Mila Resources Plc / Index: LSE / Epic: MILA / Sector: Natural
Resources
31 October 2022
Mila Resources Plc
('Mila' or the 'Company')
Final Results
Mila Resources Plc (LSE:MILA), the post-discovery gold
exploration accelerator, is pleased to present its final results
for the year ended 30 June 2022.
Highlights
-- Acquisition of a 30% interest in the Kathleen Valley Project,
a proven gold asset located in a Tier One region in Western
Australia
-- Advancing a 13,500m drill campaign to deliver an enhanced resource.
-- Focussed on the Coffey Deposit, one of three known deposits,
with drilling delivering exceptional results including 6.6m @ 14.86
g/t Au and 21.79 g/t Ag from 209.40m
-- Results to-date give strong indication of an extensive
mineralised system with consistent commercial grades and widths
-- Strong investor support: November 2021 raised GBP3.5m via
capital raise (net of costs) and post-period end in October 2022
raised GBP696k via capital raise (net of costs).
-- The Company made a loss for the financial year ended 30 June
2022 of GBP1,011,445 (2021: GBP382,387). This loss includes a
non-cash accounting charge of GBP493,232 relating to the issuance
of Warrants and Options as part of the capital raise in November
2021 and as per the prospectus issued in October 2021.
Statement from the Board
Dear Shareholder
We have pleasure in presenting the financial statements for the
year ended 30 June 2022. Mila has been off to a flying start since
our readmission to trading in November 2021, following the
acquisition of an initial 30% interest in the Kathleen Valley Gold
Project in Western Australia. For further details on the
acquisition please see the sub-section titled "Acquisition of an
initial 30% interest in the Kathleen Valley Project" within the
Directors Report on page 15 of the annual report.
We wasted no time in getting on the ground and began a 13,500m
drill campaign within a fortnight of completing the transaction.
This commitment to rapidly turning initial discoveries into major
new resources is at the core of our investment philosophy, and we
are delighted with the exploration successes we have reported so
far during our development.
The first hurdle to success is of course identifying the right
asset. The Kathleen Valley Project came to our attention in 2020,
shortly after ASX-listed Bellevue Gold made a discovery at its
Government Well prospect, which is on the western boundary of the
Kathleen Valley licence area. Further evidencing the prospectivity
of the area, Kathleen Valley is located in a Tier One region with
proven production, including BHP's Mount Keith nickel mine (20km to
the north), and Kathleen Valley Gold (to the north), which in 2015
extracted 65,900 oz gold over an 18-month period. Kathleen Valley
certainly has the right geological postcode and the previous
operator had undertaken limited drilling at one of the three known
targets which resulted in a maiden JORC Inferred gold resource of
21,000oz @ 2.1g/t Au.
Given the calibre of the geological setting and the initial
success from a fairly modest drill campaign, the Mila team were
confident that Kathleen Valley had the potential to reveal a much
larger resource.
The first phase of drilling commenced in December 2021, with
first assays being returned later that month. Drilling has
continued intermittently since December, and indeed, the newest
phase of drilling commenced again in early September 2022. This
very comprehensive and targeted drilling has returned some
exceptional results and grades, but perhaps most importantly for
investors, has provided substantial evidence of consistent
commercial grades and widths at Kathleen Valley.
Drilling has also revealed quartz-sulphide veining, referred to
now as "Bellevue Style" mineralisation, which is significant. The
presence of the sulphides, particularly pyrrhotite, provides a
strong geophysical response and therefore responds very well to
Down Hole Electro-magnetic surveys ("DHEM"). DHEM has worked
extremely well at Bellevue, greatly assisting with their discovery
success rate. Mila will use the same DHEM geophysical methods to
test for extensions and accumulations of the sulphide
mineralisation. The drill holes have been polyvinyl chloride
("PVC") cased in preparation for the DHEM surveying, which will
highlight sulphide rich zones to further assist in targeting and
locating the mineralisation at depth.
Drilling to date has focussed on the Coffey Deposit, one of
three identified prospects in Kathleen Valley. Coffey is the most
advanced target so far and has returned some very significant
intersections to date including 6.6m @ 14.86 g/t Au and 21.79 g/t
Ag from 209.40m, 5m @ 4.26 g/t Au & 13.35 g/t Ag from 198m, 1m
@ 13.45 g/t Au & 37.70 g/t Ag from 202m, and 10m @ 8.38 g/t Au
& 13.96 g/t Ag, from 165m, 11.28 g/t Au & 33.48 g/t Ag from
173m.
Results from the Stage 1 drilling surpassed internal
expectations and importantly, demonstrated that the mineralisation
at Coffey has improved in grade and continuity down dip of the
original pre-Mila resource zone, confirming commercial grades over
mineable widths. Our drilling has substantially extended
mineralisation, which is now defined over a zone 200m long and 220m
down dip, with the higher grades and multiple lodes having the
potential to add significant grade, tonnage and higher-grade ounces
to the Coffey Deposit once we complete a new resource estimate at
the end of the Stage 2 & 3 drilling campaigns. Notably, the
potential silver credits provide Mila with additional optionality
over processing routes given the economic advantage of silver as a
co-product.
The next hole in the programme was stepped out 100m below the
previous hole, KVDD0035, and has the potential to extend the
mineralised zone to 300m in length down dip and to 300m below
surface, presenting a significant expansion in the footprint and
tonnage of the Coffey Deposit. This drilling is on-going, and we
will report more intersections to the market as they become
available.
As referred to above, Coffey is only one of three known
identified prospects at Kathleen Valley, and drilling at two new
major targets is expected when the Company is ready to take a break
from drilling at Coffey and once the Heritage Surveys over these
prospects are completed. The Sturrock Prospect is located 3.5km to
the NNW of Coffey, on a sheared contact between mafic and
ultramafic rocks which hosts the historical Main Road Au Pit, 2km
along strike to the NE. Auger soil sampling completed in 2019
highlighted a 700m x 250m zone of anomalous gold in soils and
shallow historical aircore drilling returned zones of highly
anomalous gold grades of between 0.1-1.1g/t Au. 12 Reverse
Circulation ("RC") holes totalling 2,400m with
downhole-electromagnetic surveying of the deeper holes are planned
to test the anomaly to depth in an optimal direction to the
shears.
The Powell Prospect is located 3.1km NNE of Coffey and 2km ESE
of Sturrock in the northeast portion of the tenement. The auger
soil sampling highlighted a 500m x 500m "X" shaped zone of
anomalous gold in soils where it appears that two shear zones
intersect. Field work located an historical shallow shaft and pit
which has been dug in the area and further investigative work is
required prior to drill testing.
Outlook
I am extremely optimistic about our ability to demonstrate
Kathleen Valley's commercial value to the market as we look to
materially expand our JORC Resource inventory over the coming
months. With the injection of GBP696,000 new capital (before
expenses) post period end, Mila is well positioned to move forward
with confidence in its objective to rapidly transition gold
discoveries into significant resources, with Kathleen Valley as our
first success story. Further funding will be needed to ensure that
the exploration and evaluation activities can continue, and the
project continues towards reaching its ultimate potential.
I would like to take this opportunity to thank our exploration
and technical team on the ground at Kathleen Valley, together with
the wider Mila team, and of course I would like to extend my
sincere thanks to our shareholders - both new and old - for their
continued support and vision.
Fund Raise - post year end
Post year end, on 6 October 2022, the Company announced that it
had raised GBP696,000 (before expenses) through a Placing of
23,199,984 New Ordinary Shares of GBP0.01 each ("Placing Shares")
at a price of 3 pence per Placing Share (the "Placing"). Investors
in the Placing will also receive one warrant per Placing Share to
subscribe for one new ordinary share at a cost of 4.8p per share
("Investor Warrants"). The Company has also issued 524,000 broker
warrants that are exercisable at 3p for a period of 3 years
("Broker Warrants").
The Investor Warrants and Broker Warrants are conditional on the
publication of a Prospectus by the Company, which it anticipates
filing as soon as practicable, and shareholder approval to increase
the Company's share authorities.
Mark Stephenson
Executive Director
28 October 2022
Statement of Comprehensive Income
For the year ended 30 June 2022
Year ended Year ended
30 June 30 June
Notes 2022 2021
GBP GBP
Administrative expenses 5 (518,213) (421,440)
Share warrant and options expense 16 (493,232) -
Operating loss (1,011,445) (421,440)
Other income 4 - 37,500
Interest receivable 8 - 1,553
------------ -----------
Loss on ordinary activities before
taxation 5 (1,011,445) (382,387)
Income tax expense 9 - -
------------ -----------
Loss and total comprehensive income
for the period attributable to the
owners of the company (1,011,445) (382,387)
============ ===========
Earnings per share (basic and diluted)
attributable to the equity holders
(pence) 10 (0.52) (1.65)
Statement of Financial Position
For the year ended 30 June 2022
Year ended Year ended
30 June 30 June
Notes 2022 2021
GBP GBP
NON-CURRENT ASSETS
Exploration and evaluation assets 11 4,698,625 -
------------ ------------
4,698,625 -
------------ ------------
CURRENT ASSETS
Trade and other receivables 12 22,568 24,185
Cash and cash equivalents 13 1,096,084 329,628
1,118,652 353,813
------------ ------------
TOTAL ASSETS 5,817,277 353,813
------------ ------------
CURRENT LIABILITIES
Trade and other payables 14 210,760 178,309
Convertible Loan Notes - 348,692
------------ ------------
TOTAL LIABILITIES 210,760 527,001
------------ ------------
NET ASSETS 5,606,517 (173,188)
============ ============
EQUITY
Share capital 15 3,065,511 232,000
Share premium 15 4,267,846 849,300
Share based payment reserve 16 543,813 4,720
Retained loss (2,270,653) (1,259,208)
TOTAL EQUITY 5,606,517 (173,188)
============ ============
Statement of Cashflows
For the year ended 30 June 2022
12 months 12 months
to 30 June to 30 June
2022 2021
GBP GBP
Cash flows from operating activities
Loss for the period (1,011,445) (382,387)
Adjustments for:
Warrants / Options expense (non-cash) 493,232 -
Operating cashflow before working capital
movements (518,213) (382,387)
Decrease / (Increase) in trade and other
receivables 1,616 (480)
Increase in trade and other payables 4,427 91,638
Shares issued for services 30,000 -
Interest income - (1,553)
Interest expense 3,801 8,692
Net cash flow from operating activities (478,369) (284,090)
------------ ------------
Cash flow from investing activities
Acquisition of Kathleen Valley - cash (300,000)
component -
Acquisition costs (336,732) -
Funds used for drilling and exploration (1,408,108) -
Repayment of loan from E-Tech - 85,849
Interest Income received - 1,553
Net cash (outflow) / inflow from investing
activities (2,044,840) 87,402
------------ ------------
Cash flow from financing activities
Proceeds from share issues 3,358,740 -
Issue costs paid in cash (69,075) -
Convertible Loan Notes - 340,000
Net cash inflow from financing activities 3,289,665 340,000
------------ ------------
Net Increase in cash and cash equivalents 766,456 143,312
Cash and cash equivalents at beginning
of the period 329,628 186,316
Cash and cash equivalents at end of the
period 1,096,084 329,628
------------ ------------
Statement of Changes in Equity
For the year ended 30 June 2022
Share Share Share Retained Total
Capital Premium Based Payment Loss
Reserve
GBP GBP GBP GBP GBP
Balance at 1 July
2020 232,000 849,300 4,720 (876,821) 209,199
---------- ---------- --------------- ------------ ------------
Total comprehensive
income for the year - - - (382,387) (382,387)
---------- ---------- --------------- ------------ ------------
Balance at 30 June
2021 232,000 849,300 4,720 (1,259,208) (173,188)
---------- ---------- --------------- ------------ ------------
Total comprehensive
income for the year - - - (1,011,445) (1,011,445)
Capital Raising -
Issue of shares 1,458,333 2,041,667 - - 3,500,000
Capital Raising -
Issue of shares in
lieu of fees 59,792 83,708 - - 143,500
Capital Raising -
Issue Costs - (221,135) - - (221,135)
Acquisition of Kathleen
Valley 835,432 1,169,605 - - 2,005,037
Conversion of convertible
loan notes 477,754 382,203 - - 859,957
Conversion of warrants 2,200 8,360 - - 10,560
Share warrants and
options expense - (45,861) 539,093 - 493,232
---------- ---------- --------------- ------------ ------------
Balance at 30 June
2022 3,065,511 4,267,846 543,813 (2,270,653) 5,606,517
---------- ---------- --------------- ------------ ------------
Notes to the Financial Statements
For the year ended 30 June 2022
1 GENERAL INFORMATION
Mila Resources Plc (the "Company") was listed on the London
Stock Exchange in 2016 with a view to acquiring projects in the
natural resources sector that have a significant innate value that
could be unlocked without excessive capital. In November 2021, the
Company acquired an interest in a gold exploration project in
Western Australia.
The Company is domiciled in the United Kingdom and incorporated
and registered in England and Wales, with registration number
09620350.
2 ACCOUNTING POLICIES
2.1 Basis of preparation
The financial statements have been prepared on a going concern
basis using the historical cost convention and in accordance with
the UK-Adopted International Accounting Standards, and in
accordance with the provisions of the Companies Act 2006.
The Company's financial statements for the year ended 30 June
2022 were authorised for issue by the Board of Directors on 28
October 2022 and were signed on the Board's behalf by Mr L
Daniels.
The Company's financial statements are presented in pounds
Sterling and presented to the nearest pound.
2.2 Business Combinations
Acquisitions of business are accounted for using the acquisition
method. At the acquisition date, the identifiable assets acquired,
and the liabilities assumed are recognised at their fair value.
Consideration is also measured at fair value at the acquisition
date. This is calculated as the sum of the fair values of assets
transferred less the fair value of the liabilities incurred by the
Company.
Goodwill is measured as the excess of the sum of the
consideration transferred, the amount of any non -- controlling
interests in the acquiree, and the fair value of the acquirers
previously held equity interest in the acquiree (if any) over the
net of the acquisition -- date amounts of the identifiable assets
acquired, and the liabilities assumed. If, after reassessment, the
net of the acquisition -- date amounts of the identifiable assets
acquired and liabilities assumed exceeds the sum of the
consideration transferred, the amount of any non -- controlling
interests in the acquiree and the fair value of the acquirers
previously held interest in the acquiree (if any), the excess is
recognised immediately in profit or loss as a bargain purchase
gain.
Acquisition -- related costs are recognised in profit or loss as
incurred.
2.3 Going concern
The 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 at least the next 12
months from the date of the signing of the Financial
Statements.
The Company had a net cash inflow for the year of
GBP766,456(2021: GBP143,312) and at 30 June 2022 had cash and cash
equivalents balance of GBP1,096,084 (2021: GBP329,628).
An operating loss of GBP1,011,445 has been made and although the
Company was in a net current asset position of GBP907,892 at 30
June 2022 and has raised GBP696,000 (before expenses) post
year-end, the directors are aware the Company's ability to fund its
forecasted expenditure and thus remain a going concern for at least
12 months from the approval of these financial statements is
dependent on the raising of further equity and/or debt finance.
Whilst the directors acknowledge this is uncertain, they have a
reasonable expectation that necessary funds will be raised as
required over this period.
The Directors have made enquires and assessed the potential
impact of the COVID-19 virus on the Company. As such, whilst they
acknowledge that COVID-19 could continue to have long lasting and
significant impacts on the global economy, the Directors believe
that the Company has sufficient finance to meet their obligations
as they fall due for a period of at least 12 months from the date
of approval of the financial statements.
2.4 Standards, amendments and interpretations to existing
standards that are not yet effective and have not been early
adopted by the Company
New standards, amendments to standards and interpretations:
No new standards, amendments or interpretations, effective for
the first time for the financial year beginning on or after 1
January 2021 have had a material impact on the Company.
Standards issued but not yet effective:
At the date of authorisation of these financial statements, the
following standards and interpretations relevant to the Company and
which have not been applied in these financial statements, were in
issue but were not yet effective.
Standard Impact on initial application Effective date
--------------------- ----------------------------------- ----------------
IAS 1 Amendments - presentation TBC
and classification of liabilities
as current or non current
IFRS 3 (amendments) Business combinations 01 January 2022
IAS 37 (amendments) Onerous contracts 01 January 2022
IAS 16 (amendments) Proceeds before intended 01 January 2022
use
IAS 8 Amendments - Definition e 01 January 2023
of accounting policies
IAS 1 Amendments - Disclosure of 01 January 2023
accounting policies
IFRS 17 Insurance Contracts 01 January 2023
IFRS 17 (amendments) Insurance contracts 01 January 2023
The directors do not consider that these standards will impact
the financial statements of the Company.
2.5 Business Combinations
Acquisitions of business are accounted for using the acquisition
method.
At the acquisition date, the identifiable assets acquired, and
the liabilities assumed are recognised at their fair value.
Consideration is also measured at fair value at the acquisition
date. This is calculated as the sum of the fair values of assets
transferred less the fair value of the liabilities incurred by the
Company.
Goodwill is measured as the excess of the sum of the
consideration transferred, the amount of any non -- controlling
interests in the acquiree, and the fair value of the acquirers
previously held equity interest in the acquiree (if any) over the
net of the acquisition -- date amounts of the identifiable assets
acquired, and the liabilities assumed. If, after reassessment, the
net of the acquisition -- date amounts of the identifiable assets
acquired and liabilities assumed exceeds the sum of the
consideration transferred, the amount of any non -- controlling
interests in the acquiree and the fair value of the acquirers
previously held interest in the acquiree (if any), the excess is
recognised immediately in profit or loss as a bargain purchase
gain.
Acquisition -- related costs are recognised in profit or loss as
incurred.
2.6 Asset acquisition
Where an acquisition transaction constitutes the acquisition of
an asset and not a business, the consideration paid is allocated to
assets and liabilities acquired based on their relative fair
values, with transaction costs capitalised. No gain or loss is
recognised.
Consideration paid in the form of equity instruments is measured
by reference to the fair value of the asset acquired. The fair
value of the assets acquired would be measured at the point control
is obtained.
The Group recognises the fair value of contingent consideration
in respect to an asset acquisition, where it is probable that a
liability has been incurred, and the amount of that liability can
be reasonably estimated. Such contingent consideration is
recognized at the time control of the underlying asset is obtained,
and such an amount is included in the initial measurement of the
cost of the acquired assets.
The Group recognises contingent consideration in the form of
cash, and contingent consideration in the form of equity
instruments. Contingent consideration in the form of cash is
recognised as a liability, and contingent consideration in the form
of equity instruments is recognised in the contingent share
reserve.
For contingent cash consideration milestones, the Group
estimates a probability for the likelihood of completion to
estimate the total liability for the expected variable payments.
The probability estimated for the likelihood of completion is
considered at each reporting period. Movements in the fair value of
contingent cash consideration payable is capitalised as part of the
asset.
For contingent share consideration milestones, the Group
estimates a probability for the likelihood of completion to
estimate the total contingent share consideration payable. The
probability estimated for the likelihood of completion is not
reassessed in subsequent reporting periods.
Deferred tax is not recognised upon an asset acquisition.
2.7 Foreign currency translation
The financial information is presented in Sterling which is the
Company's functional and presentational currency.
Transactions in currencies other than the functional currency
are recognised at the rates of exchange on the dates of the
transactions. At each balance sheet date, monetary assets and
liabilities are retranslated at the rates prevailing at the balance
sheet date with differences recognised in the Statement of
comprehensive income in the period in which they arise.
2.8 Financial instruments
Initial recognition
A financial asset or financial liability is recognised in the
statement of financial position of the Company when it arises or
when the Company becomes part of the contractual terms of the
financial instrument.
Classification
Financial assets at amortised cost
The Company measures financial assets at amortised cost if both
of the following conditions are met:
(1) the asset is held within a business model whose objective is
to collect contractual cash flows; and
(2) the contractual terms of the financial asset generating cash
flows at specified dates only pertain to capital and interest
payments on the balance of the initial capital.
Financial assets which are measured at amortised cost, are
measured using the Effective Interest Rate Method (EIR) and are
subject to impairment. Gains and losses are recognised in profit or
loss when the asset is de-recognised, modified or impaired.
Financial liabilities at amortised cost
Financial liabilities measured at amortised cost using the
effective interest rate method include current borrowings and trade
and other payables that are short term in nature. Financial
liabilities are derecognised if the Company's obligations specified
in the contract expire or are discharged or cancelled.
Amortised cost is calculated by taking into account any discount
or premium on acquisition and fees or costs that are an integral
part of the effective interest rate ("EIR"). The EIR amortisation
is included as finance costs in profit or loss. Trade payables
other payables are non-interest bearing and are stated at amortised
cost using the effective interest method.
Derecognition
A financial asset is de-recognised when:
(1) the rights to receive cash flows from the asset have expired, or
(2) the Company has transferred its rights to receive cash flows
from the asset or has undertaken the commitment to fully pay the
cash flows received without significant delay to a third party
under an arrangement and has either (a) transferred substantially
all the risks and the assets of the asset or (b has neither
transferred nor held substantially all the risks and estimates of
the asset but has transferred the control of the asset.
Impairment
The Company recognises a provision for impairment for expected
credit losses regarding all financial assets. Expected credit
losses are based on the balance between all the payable contractual
cash flows and all discounted cash flows that the Company expects
to receive. Regarding trade receivables, the Company applies the
IFRS 9 simplified approach in order to calculate expected credit
losses. Therefore, at every reporting date, provision for losses
regarding a financial instrument is measured at an amount equal to
the expected credit losses over its lifetime without monitoring
changes in credit risk. To measure expected credit losses, trade
receivables and contract assets have been grouped based on shared
risk characteristics.
Trade and other receivables
Trade and other receivables are initially recognised at fair
value when related amounts are invoiced then carried at this amount
less any allowances for doubtful debts or provision made for
impairment of these receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand and
are subject to an insignificant risk of changes in value.
Trade payables
These financial liabilities are all non-interest bearing and are
initially recognised at the fair value of the consideration
payable.
2.9 Equity
Share capital is determined using the nominal value of shares
that have been issued.
The Share premium account includes any premiums received on the
initial issuing of the share capital. Any transaction costs
associated with the issuing of shares are deducted from the Share
premium account, net of any related income tax benefits.
Equity-settled share-based payments are credited to a
share-based payment reserve as a component of equity until related
options or warrants are exercised or lapse.
Retained losses includes all current and prior period results as
disclosed in the statement of comprehensive income.
2.10 Share-based payments
The Company records charges for share-based payments.
For warrant-based or option-based share-based payments, to
determine the value of the warrants or options, management estimate
certain factors used in the Black Scholes Pricing Model, including
volatility, vesting date exercise date of the warrants or option
and the number likely to vest. At each reporting date during the
vesting period management estimate the number of shares that will
vest after considering the vesting criteria. If these estimates
vary from actual occurrence, this will impact on the value of the
equity carried in reserves.
2.11 Taxation
Tax currently payable is based on taxable profit for the period.
Taxable profit differs from profit as reported in the income
statement because it excludes items of income and expense that are
taxable or deductible in other years and it further excludes items
that are never taxable or deductible. The Company's liability for
current tax is calculated using tax rates that have been enacted or
substantively enacted by the balance sheet date.
Deferred tax is recognised on differences between the carrying
amounts of assets and liabilities in the financial statements and
the corresponding tax bases used in the computation of taxable
profit and is accounted for using the balance sheet liability
method. Deferred tax liabilities are generally recognised for all
taxable temporary differences and deferred tax assets are
recognised to the extent that it is probable that taxable profits
will be available against which deductible temporary differences
can be utilised. Such assets and liabilities are not recognised if
the temporary difference arises from initial recognition of
goodwill or from the initial recognition (other than in a business
combination) of other assets and liabilities in a transaction that
affects neither the taxable profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary
differences arising on investments in subsidiaries and associates,
and interests in joint ventures, except where the Company is able
to control the reversal of the temporary difference and it is
probable that the temporary difference will not reverse in the
foreseeable future.
The carrying amount of deferred tax assets is reviewed at each
balance sheet date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow
all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to
apply in the period when the liability is settled, or the asset
realised. Deferred tax is charged or credited to profit or loss,
except when it relates to items charged or credited directly to
equity, in which case the deferred tax is also dealt with in
equity.
Deferred tax assets and liabilities are offset when there is a
legally enforceable right to set off current tax assets against
current tax liabilities and when they relate to income taxes levied
by the same taxation authority and the Company intends to settle
its current tax assets and liabilities on a net basis.
2.9 Intangible assets - Exploration and evaluation expenditures (E&E) Development expenditure
The Company applies the successful efforts method of accounting,
having regard to the requirements of IFRS 6 'Exploration for and
Evaluation of Mineral Resources'. Costs incurred prior to obtaining
the legal rights to explore an area are expensed immediately to the
Statement of Comprehensive Income.
Expenditure incurred on the acquisition of a licence interest is
initially capitalised within intangible assets on a
licence-by-licence basis. Costs are held, unamortised, until such
time as the exploration phase of the field area is complete or
commercial reserves have been discovered. The cost of the licence
is subsequently transferred into property, plant and equipment and
depreciated over its estimated useful economic life.
Exploration expenditure incurred in the process of determining
exploration targets is capitalised initially within intangible
assets as drilling costs. Drilling costs are initially capitalised
on a licence-by-licence basis until the success or otherwise has
been established. Drilling costs are written off unless the results
indicate that reserves exist and there is a reasonable prospect
that these reserves are commercially viable. Drilling costs are
subsequently transferred into 'Drilling expenditure' within
property, plant and equipment and depreciated over their estimated
useful economic life.
2.10 Impairment of Exploration and Evaluation assets
The Company assesses at each reporting date whether there is an
indication that an asset may be impaired. This includes
consideration of the IFRS 6 impairment indicators for any
intangible exploration and evaluation expenditure capitalised as
intangible assets. Examples of indicators of impairment include
whether:
(a) the period for which the entity has the right to explore in
the specific area has expired during the period or will expire in
the near future and is not expected to be renewed.
(b) substantive expenditure on further exploration for and
evaluation of mineral resources in the specific area is neither
budgeted nor planned.
(c) exploration for and evaluation of mineral resources in the
specific area have not led to the discovery of commercially viable
quantities of mineral resources and the entity has decided to
discontinue such activities in the specific area.
(d) sufficient data exist to indicate that, although a
development in the specific area is likely to proceed, the carrying
amount of the exploration and evaluation asset is unlikely to be
recovered in full from successful development or by sale.
If any such indication exists, or when annual impairment testing
for an asset is required, the Group makes an estimate of the
asset's recoverable amount, which is the higher of its fair value
less costs to sell and its value in use. Any impairment identified
is recorded in the statement of comprehensive income.
2.11 Critical accounting judgements and key sources of uncertainty
In the process of applying the entity's accounting policies,
management makes estimates and assumptions that have an effect on
the amounts recognised in the financial information. Although these
estimates are based on management's best knowledge of current
events and actions, actual results may ultimately differ from those
estimates.
The areas involving a higher degree of judgement or complexity,
or areas where assumptions and estimates are significant to the
financial statements are as follows:
Impairment of intangible assets
The first stage of the impairment process is the identification
of an indication of impairment. Such indications can include
significant geological or geophysical information which may
negatively impact the existing assessment of a project's potential
for recoverability, significant reductions in estimates of
resources, significant falls in commodity prices, a significant
revision of the Company Strategy, operational issues which may
require significant capital expenditure, political or regulatory
impacts and others. This list is not exhaustive and management
judgement is required to decide if an indicator of impairment
exists. The Company regularly assesses the non-tangible assets for
indicators of impairment. When an impairment indicator exists an
impairment test is performed; the recoverable amount of the asset,
being the higher of the asset's fair value less costs to sell and
value in use, is compared to the asset's carrying value. Any excess
of the asset's carrying value over its recoverable amount is
expensed to the income statement.
Share-based payments
When issuing warrant, options or other share based payment
instruments that fall under the scope of IFRS 2, management are
required to determine the value of the warrants or options. To
calculate a fair value for such instrument, Management use the
black scholes valuation model and must therefore estimate certain
factors used in the option pricing model, including volatility,
expected life of the option and the risk free rate. At each
reporting date during the vesting period management estimate the
number of shares that will vest after considering the vesting
criteria. If these estimates vary from actual occurrence, this will
impact on the value of the equity carried in the reserves. For
further detail see note 16, in the notes to the financial
statements.
2.12 Earnings per share
Basic earnings per share is calculated as profit or loss
attributable to equity holders of the Company for the period,
adjusted to exclude any costs of servicing equity (other than
dividends), divided by the weighted average number of ordinary
shares, adjusted for any bonus element. The diluted profit per
share has been is the same as the basic profit per share for 2022
because, although certain warrants and options in issue were in the
money as at the year end, the Company reported a loss, hence
including the additional dilution would have resulted in a
reduction of the loss per share.
2.13 Segmental reporting
Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating
decision-maker.
The chief operating decision-maker, who is responsible for
allocating resources and assessing performance of the operating
segments, has been identified as the Board as a whole.
All operations and information are reviewed together therefore
at present there is only one reportable operating segment.
3. SEGMENT REPORTING
The Companies strategy is to act as a post discovery
accelerator, where the Company identifies target(s) that have
already had an early-stage geological discovery. To date the
Company has identified and invested on one target, namely the
Kathleen Valley Project. Hence at the moment there is only one
reportable operating segment. In the prior year the sole operating
segment was that of searching for a potential acquisition
target.
4. OTHER INCOME
For the year ending 30 June 2022 this was GBPnil (2021:
GBP37,500).
5. OPERATING LOSS
This is stated after charging:
2022 2021
GBP GBP
Auditor's remuneration
Audit of the Company 30,000 16,500
Other services 2,000 -
Directors' remuneration 266,585 80,356
Stock exchange and regulatory
expenses 47,486 55,597
Share warrant and options expense 493,232 -
(1)
Other expenses 172,142 268,987
---------- --------
Operating expenses 1,011,445 421,440
---------- --------
(1) This is a non-cash accounting expense for the issue of share
warrants and options.
6. AUDITOR'S REUMERATION
2022 2021
GBP GBP
Fees payable to the Company's
current auditor:
* audit of the Company's financial statements
30,000 16,500
* other services 2,000 -
-------- -------
7. DIRECTORS AND STAFF COSTS
During the year the only staff of the Company were the Directors
and as such key management personnel. Management remuneration,
other benefits supplied and social security costs to the Directors
during the year was as follows below. For Directors costs see the
Directors remuneration report on page 27 of the annual report.
2022 2021
GBP GBP
Salaries 266,585 80,356
Social security costs 29,016 2,901
Share based payments 59,658 -
-------- -------
355,259 83,257
-------- -------
8. INTEREST RECEIVABLE
2022 2021
GBP GBP
Interest due on Loans - 1,553
------- ------
9. TAXATION
2022 2021
GBP GBP
The charge / credit for the year
is made up as follows:
Current tax - -
Deferred tax - -
Taxation charge / credit for the - -
year
------------- ----------
A reconciliation of the tax charge / credit appearing in the
income statement to the tax that would result from applying the
standard rate of tax to the results for the year is:
Loss per accounts (1,011,445) (382,387)
------------- ----------
Tax credit at the standard rate
of corporation tax in the UK of
19% (2021: 19%) (192,175) (72,654)
Impact of costs disallowed for 17,919 -
tax purposes
Deferred tax in respect of temporary - -
differences
Impact of unrelieved tax losses
carried forward 174,256 72,654
- -
------------- ----------
Estimated tax losses of GBP2,116,641 (2021: GBP1,199,505) are
available for relief against future profits and a deferred tax
asset of GBP402,162 (2021: GBP227,906) has not been provided for in
the accounts due to the uncertainty of future profits.
Factors affecting the future tax charge
The standard rate of corporation tax in the UK is 19%.
Accordingly, the Company's effective tax rate for the period was
19% (2021: 19%). As announced post the unsuccessful Mini-budget in
September 2022, the rate of corporation tax will increase to 25%
from April 2023.
Deferred taxation
No deferred tax asset has been recognised by the Company due to
the uncertainty of generating sufficient future profits and tax
liability against which to offset the tax losses. Note 9 above sets
out the estimated tax losses carried forward.
10. EARNINGS PER SHARE
The calculation of the earnings per share is based on the loss
for the financial period after taxation of GBP1,011,445 (2021: loss
GBP382,387) and on the weighted average of 193,873,021 (2021:
23,200,000) ordinary shares in issue during the period.
The diluted profit per share is the same as the basic profit per
share because, although certain warrants and options in issue were
in the money as at 30 June 2022, the Company reported a loss, hence
including the additional dilution would have resulted in a
reduction of the loss per share.
Earnings Weighted average Per-share
GBP number of shares amount
unit pence
30 June 2022: Loss per
share attributed to ordinary
shareholders (1,011,445) 193,873,021 (0.52)
30 June 2021: Loss per
share attributed to ordinary
shareholders (382,387) 23,200,000 (1.65)
11. EXPLORATION AND EVALUATION ASSETS
At 30 At 30
June 2022 June 2021
GBP GBP
Opening balance - -
Cost of acquisition including
transaction costs 3,290,517 -
Exploration costs capitalised
in the year 1,408,108 -
----------- -----------
Net book value 4,698,625 -
=========== ===========
In November 2021, the Company acquired a 30% interest in the
Kathleen Valley (Gold) Project for GBP2,812,500. The consideration
was GBP300,000 in cash and the balance in new Mila shares.
Transaction costs of GBP478,017 have also been capitalised. The
principal assets are leases with rights to exploration of those
leases in Western Australia. At the period end the capitalised
exploration and evaluation assets totalled GBP4.7m (2021: GBPnil).
All Exploration costs capitalised in the year relate to the
Kathleen Valley Project.
Exploration and evaluation assets are regularly reviewed for
indicators of impairment. If an indicator of impairment is found an
impairment test is required, where the carrying value of the asset
is compared with its recoverable amount. The recoverable amount is
the higher of the assets fair value less costs to sell and value in
use. The Directors are satisfied that no impairments are required
for the current year.
12. TRADE AND OTHER RECEIVABLES
2022 2021
GBP GBP
Prepayments and other receivables 22,568 24,185
22,568 24,185
------- -------
The Directors consider that the carrying value amount of trade
and other receivables approximates to their fair value.
13. CASH AND CASH EQUIVALENTS
2022 2021
GBP GBP
Cash at bank 1,096,084 329,628
1,096,084 329,628
---------- --------
Cash at bank comprises balances held by the Company in current
bank accounts. The carrying value of these approximates to their
fair value.
14. TRADE AND OTHER PAYABLES
2022 2021
GBP GBP
Trade payables 36,722 43,038
Accruals and other payables 174,038 135,272
210,760 178,309
-------- --------
15. SHARE CAPITAL / SHARE PREMIUM
Number Share Share
of shares capital premium Total
on issue GBP GBP GBP
Balance as at 1 July 2020 23,200,000 232,000 849,300 1,081,300
Balance as at 30 June 2021 23,200,000 232,000 849,300 1,081,300
Capital Raising 151,812,495 1,518,125 1,904,240 3,422,365
Acquisition of Kathleen Valley 83,543,197 835,432 1,169,605 2,005,037
Conversion of convertible
loan notes 47,775,365 477,754 382,203 859,957
Conversion of warrants 220,000 2,200 8,360 10,560
Warrants issued in lieu of
share issue costs - - (45,861) (45,861)
------------ ---------- ---------- ----------
Balance as at 30 June 2022 306,551,057 3,065,511 4,267,846 7,333,357
------------ ---------- ---------- ----------
The Company issued a total of 283,351,057 new fully paid
ordinary shares during the year.
In November 2021, the Company completed a placing of 145,833,329
new fully paid ordinary shares with a nominal value of GBP0.01,
raising gross proceeds of GBP3.5m before expenses. 5,979,166
ordinary shares were issued directors and certain advisors as set
out in the Prospectus dated 29 October 2021.
In November 2021, the Company acquired an initial 30% interest
in the Kathleen Valley Gold Project in Western Australia. As part
of the purchase consideration the Company issued 83,543,197
ordinary shares.
In November 2021, the Company converted the outstanding
convertible loan notes by issuing 47,775,365 ordinary shares in
order to settle the outstanding loan notes.
In May 2022, the received a Warrant conversion request and
subsequently converted 220,000 outstanding warrants to 220,000 new
ordinary shares.
The Directors held the following warrants at the beginning and
end of the year:
Director At 30 Granted during At 30 Exercise Earliest Last date
June 2021 the year (1) June 2022 price date of of exercise
exercise
22 Nov 31 Dec
M. Stephenson - 7,500,000 7,500,000 GBP0.024 2021 2026
22 Nov 31 Dec
L. Daniels - 7,500,000 7,500,000 GBP0.024 2021 2026
22 Nov 31 Dec
N. Hutchison - 5,000,000 5,000,000 GBP0.024 2021 2026
22 Nov 31 Dec
L. Mair - 2,000,000 2,000,000 GBP0.024 2021 2026
--------------- -----------
22,000,000 22,000,000
(1) as outlined in the prospectus dated 29 October
2021("Prospectus").
The Directors held the following EMI Options at the beginning
and end of the year:
Director At 30 Granted during At 30 Exercise Earliest Last date
June 2021 the year June 2022 price date of of exercise
exercise
10 Dec 10 Dec
M. Stephenson - 3,500,000 3,500,000 GBP0.024 2021 2026
10 Dec 10 Dec
L. Daniels - 2,500,000 2,500,000 GBP0.024 2021 2026
--------------- -----------
6,000,000 6,000,000
16. SHARE BASED PAYMENT RESERVE AND SHARE BASED PAYMENTS
SHARE BASED PAYMENT RESERVE
2022 2021
GBP GBP
At 1 July 4,720 4,720
Issue of Warrants per prospectus 479,435 -
Issue of EMI Options per prospectus 59,658 -
-------- ------
At 30 June 543,813 4,720
-------- ------
Warrants and Options Number of Number Weighted
in Issue Options in of Warrants average exercise
Issue in Issue price Expiry date
At 1 July 2020 (1) - 15,825,000 GBP0.048
------------ ------------- ------------------
Expired during the
year - 4,400,000
------------ ------------- ------------------
Balance at 30 June - 11,425,000 GBP0.048 31 Dec 2022
2021 (2)
Warrants issued during
the year - per the
prospectus - 242,264,111 GBP0.0432 31 Dec 2026
EMI options scheme
issued during the year
- per the prospectus 6,000,000 - GBP0.024 10 Dec 2026
Warrants exercised
during the year - (220,000)
------------ ------------- ------------------
At 30 June 2022 6,000,000 253,469,111 GBP0.0429
------------ ------------- ------------------
1. On 4 December 2020 the expiration date of the Series 2
warrants (350,000 warrants) and the IPO Investor warrants
(11,075,000 warrants) was extended to the 31(st) of December 2022.
The 4,400,000 founder warrants expired on 31 December 2020
2. The strike price for all of the remaining warrants at 30 June
2021, namely the Series 2 warrants and the IPO Investor warrants,
was reduced from 10 pence to 4.8 pence.
The market price of the shares at year end was GBP0.032 per
share.
During the year, the minimum and maximum prices were GBP0.026
and GBP0.062 per share respectively.
SHARE BASED PAYMENTS - WARRANTS AND OPTIONS
The Warrants below were issued or amended during the period
Issued Exercisable Expiry Number Exercise Share
from Date outstanding price Based Payment
Charge
Warrants -
12 September From date of 31 December
2016(1) issue 2022 350,000 4.8 pence GBP 60
Warrants -
26 September 31 December
2016(2) 7 October 2016 2022 10,855,000 4.8 pence -
Warrants -
22 November 22 November 31 December
2021 2021 2026 193,608,694 4.8 pence -
Warrants -
22 November 22 November 31 December
2021(3) 2021 2026 48,655,417 2.4 pence GBP 433,514
253,469,111 GBP 433,574
------------- ---------------
1. The warrants were issued conditionally upon the Ordinary
Shares being admitted to trading on the London Stock Exchange's
main market for listed securities which occurred on 7 October 2016.
On 23 November 2021 the strike price for these warrants was reduced
from 10 pence to 4.8 pence. The warrants are fully vested and
expire on the 31(st) of December 2022. The Share Warrant expense
charge to the Statement of Comprehensive income for the year ending
30 June 2022 was GBP60; this was calculated using the Black Scholes
model utilising the inputs listed below:
i. Number of warrants amended 0.35m
ii. Date of Amendment - 23 Nov 2021
iii. Expected Date of Exercise - 31 Dec 2022
iv. Exercise price 4.8 pence
v. Expiry - 31 December 2022
vi. Risk free rate .930%
vii. Volatility 66.24% (Historical Annualised Volatility). As
the entity has been suspended periodically throughout its life we
have selected exploration companies in the similar space to obtain
our annual sample volatility.
viii. Share price at measurement date 2.4 pence. This is the
fair value of shares based on initial re-listing price
ix. Dividend Yield 0%
x. Expected life 1.10 years
2. On 23 November 2021 the strike price for these warrants was
reduced from 10 pence to 4.8 pence.
3. On 23 November 2021, the Company granted 48,655,417 warrants,
on the terms and set out in the Prospectus dated 29 October 2021 to
brokers, certain advisors, and directors. The warrants are fully
vested and expire on the 31(st) of December 2026. The Share Warrant
expense charge to the Statement of Comprehensive income for the
year ending 30 June 2022 was GBP433,514; this was calculated using
the Black Scholes model utilising the inputs listed below:
i. Number of warrants issued 48.6m
ii. Date of Grant - 23 Nov 2021
iii. Expected Date of Exercise - 12 June 2024
iv. Exercise price 2.4 pence
v. Expiry - 31 December 2026
vi. Risk free rate .930%
vii. Volatility 66.24% (Historical Annualised Volatility). As
the entity has been suspended periodically throughout its life we
have selected exploration companies in the similar space to obtain
our annual sample volatility.
viii. Share price at measurement date 2.4 pence. This is the
fair value of shares based on initial re-listing price
ix. Dividend Yield 0%
x. Expected life 2.55 years
The Options below were issued during the period
Issued Exercisable Expiry Date Number Exercise Share Based
from outstanding price Payment
Charge
Options -
10 December 10 December 10 December
2021(4) 2021 2026 6,000,000 2.4 pence GBP 59,658
6,000,000 GBP 59,658
------------- ------------
4. Issued under the Company's EMI Scheme established on the 10th
of December 2021, as set out in the Prospectus dated 29 October
2021. The options are fully vested and expire on the 10(th) of
December 2026. The options expense charge to the Statement of
Comprehensive income for the year ending 30 June 2022 was
GBP59,658; this was calculated using the Black Scholes model
utilising the inputs listed below:
i. Number of options issued 6m
ii. Date of Grant - 9 Dec 2021
iii. Expected Date of Exercise - 9 June 2024
iv. Exercise price 2.4 pence
v. Expiry - 10 December 2026
vi. Risk free rate .810%
vii. Volatility 65.12% (Historical Annualised Volatility). As
the entity has been suspended periodically throughout its life we
have selected exploration companies in the similar space to obtain
our annual sample volatility.
viii. Share price at measurement date 2.45 pence.
ix. Dividend Yield 0%
x. Expected life 2.50 years
17. CAPITAL COMMITMENTS
There were no capital commitments at 30 June 2021 and 30 June
2022.
18. CONTINGENT LIABILITIES
There were no contingent liabilities at 30 June 2021 and 30 June
2022.
19. COMMITMENTS UNDER LEASES
There were no commitments under operating leases at 30 June 2021
and 30 June 2022.
20. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
The Company's financial instruments comprise primarily cash and
various items such as trade debtors and trade payables which arise
directly from operations. The main purpose of these financial
instruments is to provide working capital for the Company's
operations. The Company does not utilise complex financial
instruments or hedging mechanisms.
Financial assets by category
2022 2021
GBP GBP
Current Assets:
Cash and cash equivalents 1,096,084 329,628
Trade and other receivables 11,520 9,297
---------- --------
Categorised as financial assets at
amortised cost 1,107,604 338,925
---------- --------
Financial liabilities by category
2022 2021
GBP GBP
Current Liabilities:
Trade and other payables 210,760 166,355
Convertible Loan Notes - 348,692
Categorised as financial liabilities
measured at amortised cost 210,760 391,789
-------- --------
All amounts are short term and payable in 0 to 6 months.
Credit risk
The maximum exposure to credit risk at the reporting date by
class of financial asset was:
2022 2021
GBP GBP
Trade and other receivables 11,520 9,297
------- ------
- -
------- ------
Capital management
The Company considers its capital to be equal to the sum of its
total equity. The Company monitors its capital using a number of
key performance indicators including cash flow projections, working
capital ratios, the cost to achieve development milestones and
potential revenue from partnerships and ongoing licensing
activities.
The Company's objective when managing its capital is to ensure
it obtains sufficient funding for continuing as a going concern.
The Company funds its capital requirements through the issue of new
shares to investors.
Interest rate risk
The maximum exposure to interest rate risk at the reporting date
by class of financial asset was:
2022 2021
GBP GBP
Bank balances 1,096,084 329,628
---------- --------
The Company is not financially dependent on the income earned on
these resources and therefore the risk of interest rate
fluctuations is not significant to the business and the Directors
have not performed a detailed sensitivity analysis.
All deposits are placed with main clearing banks, with 'A'
ratings, to restrict both credit risk and liquidity risk. The
deposits are placed for the short term, between one and three
months, to provide flexibility and access to the funds.
Credit and liquidity risk
Credit risk is managed on a Company basis. Funds are deposited
with financial institutions with a credit rating equivalent to, or
above, the main UK clearing banks. The Company's liquid resources
are invested having regard to the timing of payment to be made in
the ordinary course of the Company's activities. All financial
liabilities are payable in the short term (between 0 to 3 months)
and the Company maintains adequate bank balances to meet those
liabilities.
Currency risk
The Company operates in a global market with income and costs
possibly arising in a number of currencies. The Company's strategic
aim of acquiring asset(s) or business(es) acting as a post
discovery accelerator, is not limited to any specific geo-political
area or jurisdiction. Currently the majority of the Company's
overhead costs are incurred in GBPGBP. The Kathleen Valley Project
is located in Western Australia, and hence the majority of the
exploration and evaluation costs relating to this project are
incurred in $AUD. The Company has not hedged against any currency
depreciation but continues to keep the matter under review. The
Company did not have foreign currency exposure at year end.
21. RELATED PARTY TRANSACTIONS
Key management personnel compensation
The Directors are considered to be key management personnel.
Detailed remuneration disclosures are provided in the remuneration
report on pages 23 - 25 of the annual report.
Amounts due from/to related parties
There were no amounts due to directors as at 30 June 2022 (2021:
GBP11,954). No amounts were due from directors as at 30 June 2022
(2021: GBPNil).
In the prior year, Mark Stephenson, subscribed to GBP50,000 of
the convertible loan notes disclosed in note 15. As at 30 June 2022
the balance due, to Mark Stephenson, in relation to this
convertible loan note, including the accrued interest, was GBPNil
(2021: GBP51,192)
There were no other related party transactions.
22. EVENTS SUBESQUENT TO YEAR
Fund Raise - post year end
Post year end, the Company announced on the 6(th) of October
2022 that it raised GBP696,000 (before expenses) through a Placing
of 23,199,984 New Ordinary Shares of GBP0.01 each ("Placing
Shares") at a price of 3 pence per Placing Share (the "Placing").
Investors in the Placing will also receive one three year warrant
per Placing Share to subscribe for one new ordinary share at a cost
of 4.8p per share ("Investor Warrants"). The Company has also
issued 524,000 broker warrants that are exercisable at 3p for a
period of 3 years ("Broker Warrants").
The Investor Warrants and Broker Warrants are conditional on the
publication of a Prospectus by the Company, which it anticipates
filing as soon as practicable, and shareholder approval to increase
the Company's share authorities.
23. CONTROL
In the opinion of the Directors there is no single ultimate
controlling party.
**S**
For more information visit www.milaresources.com or contact:
Mark Stephenson info@milaresources.com
Mila Resources Plc
Jonathan Evans
Tavira Financial +44 (0) 20 7100 5100
Nick Emerson
SI Capital +44 (0) 20 3143 0600
Susie Geliher / Max Bennett
St Brides Partners Limited +44 (0) 20 7236 1177
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END
FR UROWRUSUROAA
(END) Dow Jones Newswires
October 31, 2022 03:00 ET (07:00 GMT)
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