TIDMUMR
RNS Number : 3501L
Unicorn Mineral Resources plc
30 December 2022
Unicorn Mineral Resources Plc
Interim Results for period ending 30 September 2022
30 December 2022
Unicorn Mineral Resources Plc
("Unicorn" or the "Company")
Interim Results for the Period Ended 30 September 2022
Unicorn Mineral Resources Plc (LSE:UMR), a mineral exploration
and development company based in Ireland with its main focus at
present being exploration for zinc in the "Limerick basin" in
Ireland, is pleased to announce its unaudited interim results for
the six months ended 30 September 2022.
Operating Highlights
-- Unicorn identified previously unknown and prospective
geological features from a recent geophysical survey at its
Kilmallock block of licences along the southern margin of the
Limerick Basin in Ireland. This survey was carried out to narrow
down drill hole targets for the upcoming drill programme on the
property in the Spring of 2023 and the Company considers indicative
results to be very positive.
Financial Highlights
-- The loss for the period ended 30 September 2022 ("Period")
amounted to EUR139,737 (H1 2021: EUR39,236)
o The loss for the Period consisted mainly of the professional
fees incurred in preparation for being quoted on the London Stock
Exchange.
-- EUR76,236 in cash and cash equivalents at Period end (H1 2021: EUR2,264)
-- EUR158,483 carrying value of intangible assets at Period end (H2 2021: EUR386,631)
-- Loss per share for the Period was EUR0.76 (H1 2021: EUR0.31)
Post Period Highlights
-- On 27 October 2022, Unicorn was admitted to the Main Market
of the London Stock Exchange, raising GBP930,000 gross of new
capital;.
-- The placing proceeds will be used to further explore
Unicorn's flagship project at Kilmallock which is situated in the
"Limerick Basin" in Ireland. Exploration here will include an
initial 6-hole drilling programme. Exploration will also be carried
out at Unicorn's Lisheen Properties which are adjacent to the
recently operated but now closed Galmoy and Lisheen mines.
-- Previous drilling on the Kilmallock property has identified
significant intercepts of high-grade zinc, lead, and silver
mineralisation including one 3.8mtr intercept with 14.66% Zinc 4.8%
Lead and 133.79 g/t Silver at a depth of 325mtr.
Richard O'Shea, CEO of Unicorn Mineral Resources Plc,
commented:
"The listing of Unicorn on the London Stock Exchange was a
momentous occasion in the history of the Company. I believe we have
a portfolio with very strong prospects, particularly the Kilmallock
property in the Limerick Basin. This property is located 20km south
of the Pallasgreen project owned by Glencore and has had some
positive results from previous drilling. In addition, drilling by
other operators on some adjacent properties over the last two years
has produced some good results, which is encouraging for the
Limerick Basin in general. Kilmallock will be our main focus over
the coming months with an active exploration programme and I look
forward to being able to announce some good news for shareholders
in the future."
For additional information please contact:
Unicorn Mineral Resources plc Tel +353 87 256 0397
Richard O'Shea, CEO
Novum Securities +44 7399 9400
David Coffman / Dan Harris / George Duxberry
Colin Rowbury
HALF-YEAR REPORT
The Directors are pleased to present an update on the Company's
activities over the six-month period ended 30 September 2022.
Unicorn Mineral Resources Plc (LSE:UMR) is a company listed on
the Main Market of the London Stock Exchange incorporated in
Ireland under the Companies Acts 2014 (registered number 482509).
The Company is domiciled in Ireland and its registered address is
39 Castleyard, 20/21 St Patrick's Road, Dalkey, Co Dublin.
Historically the company has explored for zinc, lead, copper and
silver. The principal activity of Unicorn Mineral Resources Plc
during the period was exploration for zinc and associated minerals
on its projects in Ireland.
During the Period the Company reviewed several mineral property
exploration opportunities but did not expand its properties.
Furthermore, during the Period the Company progressed its
application to the London Stock Exchange, and subsequent to the
Period end, was admitted to the Exchange on 27 October 2022.
Financial Results & Review
The loss for the Period was EUR139,737 (H1 2021: EUR39,236). The
result for the period consisted mainly of EUR129,000 (H1 2021:
EUR30,902) of professional and other costs associated with the
application to the London Stock Exchange, and EUR10,737 (H1 2021:
EUR8,334) in administrative expenses. At the end of the Period,
there was EUR76,236 in cash in hand to be used in the short term to
cover listing and administrative costs, and other costs incidental
to development of mineral projects.
During the Period, the Company continued to review and develop
its mineral projects in Ireland.
During the Period, the Company issued 500,000 ordinary shares at
a price of GBP0.05 for cash, and a further 100,000 at a deemed
price of GBP0.05 for marketing services. The Company did not issue
any options to directors, management and consultants. On 27 October
2022, subsequent to the Period end, the Company completed a placing
of 9,300,000 ordinary shares at a price of GBP0.10 per share for
cash for gross proceeds of GBP930,000.
The Board monitors the activities and performance of the Company
on a regular basis.
Financial Position
The Company's Statement of Financial Position as at 30 September
2022 and comparatives at 30 September 2021 and 31 March 2022 are
summarised below:
6 months to 6 months to Year ended
30 September 2022 30 September 2021 31 March 2022
(unaudited) (unaudited) (audited)
EUR EUR EUR
Current assets 110,946 39,013 171,381
Non-current assets 158,483 386,631 95,512
Total assets 269,430 425,644 266,893
Current liabilities 261,821 105,425 119,547
Total liabilities 261,821 105,425 119,547
Net (liabilities)/assets 7,609 320,219 147,346
PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the
Company's strategy are subject to a number of risks. The key
business risks affecting the Company are set out below.
Risks are formally reviewed by the Board, and appropriate
processes are put in place to monitor and mitigate them. If more
than one event occurs, it is possible that the overall effect of
such events would compound the possible adverse effects on the
Company.
Exploration risks
The exploration and mining business are controlled by a number
of global factors, principally supply and demand which in turn is a
key driver of global mineral prices; these factors are beyond the
control of the Company. Exploration is a high-risk business and
there can be no guarantee that any mineralisation discovered will
result in proven and probable reserves or go on to be an operating
mine. At every stage of the exploration process the projects are
rigorously reviewed to determine if the results justify the next
stage of exploration expenditure ensuring that funds are only
applied to high priority targets.
Some of the principal assets of the Company comprising the
mineral exploration licences and options are subject to certain
financial and legal commitments, including environmental
requirements. If these commitments are not fulfilled the Company
could be subject to enforcement actions, including the licences
being revoked. They are also subject to option agreements and
legislation defined by the local government; if this legislation is
changed or option payments are not made on time, it could adversely
affect the value of the Company's assets.
Dependence on key personnel
The Company is dependent upon its executive management team and
various technical consultants. Whilst it has entered into
contractual agreements with the aim of securing the services of
these personnel, the retention of their services cannot be
guaranteed. The development and success of the Company depends on
its ability to recruit and retain high quality and experienced
staff. The loss of the service of key personnel or the inability to
attract additional qualified personnel as the Company grows could
have an adverse effect on future business and financial
conditions.
Uninsured risk
The Company, as a participant in exploration and development
programmes, may become subject to liability for hazards that cannot
be insured against or third-party claims that exceed the insurance
cover. The Company may also be disrupted by a variety of risks and
hazards that are beyond control, including geological, geotechnical
and seismic factors, environmental hazards, industrial accidents,
occupational and health hazards and weather conditions or other
acts of God.
Funding risk
The only sources of funding currently available to the Company
are its cash resources and the issue of additional equity capital
in the Company or through bringing in partners to fund exploration
and development costs. The Company's ability to raise further funds
will depend on the success of the Company's exploration activities
and its investment strategy. The Company may not be successful in
procuring funds on terms which are attractive and, if such funding
is unavailable, the Company may be required to reduce the scope of
its exploration activities or relinquish some of the exploration
licences held for which it may incur fines or penalties.
Financial risks
The Company's funding source is in Sterling and the majority of
it's expenditure is in Euro. The Company's operations are thus
exposed to a small degree of currency risk, which the Company
manages on a regular basis. The Company does not use derivative
financial instruments to manage the currency risk and, as such, no
hedge accounting is applied.
This report was approved by the Board on 30 December 2022 and
signed on its behalf.
On Behalf of the Board:
Richard O'Shea
Chief Executive Officer Unicorn Mineral Resources Plc
RESPONSIBILITY STATEMENT
FOR THE PERIODED 30 SEPTEMBER 2022
Responsibility Statement
We confirm that to the best of our knowledge:
-- the Half Year Report has been prepared in accordance with I
FRS as adopted by the European Union, as applied in accordance with
the provisions of the Companies Act 2014.. ; and
-- gives a true and fair view of the assets, liabilities,
financial position and loss of the Company; and
-- the Half Year Report includes a fair review of the
information required by DTR 4.2.7R of the Disclosure and
Transparency Rules, being an indication of important events that
have occurred during the first six months of the financial year and
their impact on the set of interim financial statements; and a
description of the principal risks and uncertainties for the
remaining six months of the year; and
-- the Half Year Report includes a fair review of the
information required by DTR 4.2.8R of the Disclosure and
Transparency Rules, being the information required on related party
transactions.
The Half Year Report was approved by the Board of Directors and
the above responsibility statement was signed on its behalf by:
Richard O'Shea
Chief Executive Officer Unicorn Mineral Resources Plc
STATEMENT OF FINANCIAL POSITION
-------------------------------------
As at September 30, 2022
------------------------------------------- -------------------- ---------------
2022 2021
------------------------------------------- -------------------- ---------------
Assets
Current Assets
Cash and cash equivalents (Note 9) EUR 76,236 EUR 2,264
Accounts receivable (Note 3) 34,711 36,748
------------------------------------------- -------------------- ---------------
Total Current Assets 110,947 39,013
Non-Current Assets
Intangible assets (Note 4) 158,483 386,631
------------------------------------------- -------------------- ---------------
Total Assets EUR 269,430 EUR 425,644
------------------------------------------- -------------------- ---------------
Liabilities and Equity
Current Liabilities
Accounts payable (Note 5) EUR 261,821 EUR 105,425
Total Current Liabilities 261,821 105,425
Total Liabilities 261,821 105,425
------------------------------------------- -------------------- ---------------
Equity
Share capital (Note 6) EUR 184,557 EUR 128,557
Reserves 1,166,601 919,000
Deficit (1,343,549) (727,338)
------------------------------------------- -------------------- ---------------
Total Equity 7,609 320,219
------------------------------------------- -------------------- ---------------
Total Liabilities and Equity EUR 269,430 EUR 425,644
------------------------------------------- -------------------- ---------------
Nature and continuance of operations (Note
1) Subsequent event (Note 10)
On behalf of the Board:
Patrick Doherty John O'Connor
Chairman Director
The accompanying notes are an integral part of these financial
statements.
STATEMENT OF LOSS AND COMPREHENSIVE LOSS
For the 6 months ended September 30, 2022
2022 2021
----------------------------------------------- ------------------ ----------------
Operating expenses
Impairment of exploration assets (Note 4) EUR - EUR -
Administrative expenses (Note 11) 139,737 36,236
Loss and comprehensive loss for the 6 months EUR (139,737) EUR (36,236)
----------------------------------------------- ------------------ ----------------
Loss attributable to:
Shareholders EUR (139,737) EUR (36,236)
EUR (139,737) EUR (36,236)
----------------------------------------------- ------------------ ----------------
The accompanying notes are an integral part of these financial
statements.
UNICORN MINERAL RESOURCES PLC
STATEMENT OF CHANGES IN EQUITY
For the 6 months ended September 30, 2022 and 2021
Share Capital
Shares Amount Reserves Deficit Total Equity
----------- ------------- ------------ --------------------- ---------------------------- --------------------------
Balance,
March 31,
2021 12,855,664 EUR 128,557 EUR 919,000 EUR (688,102) EUR 359,455
Loss for
the 6
months - - - (39,236) (39,236)
Net - - - - -
proceeds
of equity
ordinary
share
issue
----------- ------------- ------------ --------------------- ---------------------------- --------------------------
Balance,
September
30,
2021 12,855,664 EUR 128,557 EUR 919,000 EUR (727,338) EUR 320,219
Loss for
the 6
months - - - (476,474) (476,474)
Net
proceeds
of equity
ordinary
share
issue 5,000,000 50,000 222,940 - 272,940
----------- ------------- ------------ --------------------- ---------------------------- --------------------------
Balance,
March 31,
2022 17,855,664 EUR 178,557 EUR 1,141,940 EUR (1,203,812) EUR 116,685
Loss for
the 6
months - - - (139,737) (139,737)
Net
proceeds
of equity
ordinary
share
issue 600,000 EUR 6,000 EUR 24,661 - EUR 30,661
----------- ------------- ------------ --------------------- ---------------------------- --------------------------
Balance,
September
30,
2022 18,455,664 EUR 184,557 EUR 1,166,601 EUR (1,343,549) EUR 7,609
----------- ------------- ------------ --------------------- ---------------------------- --------------------------
The accompanying notes are an integral part of these financial
statements.
UNICORN MINERAL RESOURCES PLC
STATEMENT OF CASH FLOWS
----------------------------------------------
For the 6 months ended September 30, 2022
--------------------------------------------- ----------------------- ---------------------
2022 2021
--------------------------------------------- ----------------------- ---------------------
CASH FLOWS FROM OPERATING ACTIVITIES
Loss for the 6 months EUR (139,737) EUR (39,326)
Impairment of exploration assets - -
--------------------------------------------- ----------------------- ---------------------
Total Loss for the 6 months (139,737) (39,236)
Changes in non-cash working capital items:
Accounts receivable (16,906) (5,475)
Accounts payable 142,973 41,385
--------------------------------------------- ----------------------- ---------------------
Net cash used in operating activities (13,670) (3,326)
--------------------------------------------- ----------------------- ---------------------
CASH FLOWS FROM INVESTING ACTIVITIES
Payments to acquire intangible assets (62,971) (3,253)
Impairment of intangible asset - -
--------------------------------------------- ----------------------- ---------------------
Net cash incurred by investing activities (62,971) (3,253)
--------------------------------------------- ----------------------- ---------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of equity share capital 30,661 -
Net cash provided by financing activities 30,661 -
--------------------------------------------- ----------------------- ---------------------
Change in cash (45,980) (6,579)
Cash, beginning of the 6 months 122,216 8,842
--------------------------------------------- ----------------------- ---------------------
Cash, end of the 6 months EUR 76,236 EUR 2,264
--------------------------------------------- ----------------------- ---------------------
The accompanying notes are an integral part of these financial
statements.
1. NATURE AND CONTINUANCE OF OPERATIONS
Unicorn Mineral Resources PLC is a public limited Company
incorporated in the Republic of Ireland. 39 Castleyard, 20/21 St
Patrick's Road, Dalkey, Co Dublin is the registered office, which
is also the principal place of business of the Company. The
principal activity of the Company during the period was the
exploration for minerals and precious metals. The financial
statements have been presented in Euro (EUR) which is also the
functional currency of the Company.
These financial statements are prepared on a going concern basis
which assumes that the Company will be able to realise its assets
and discharge its liabilities in the normal course of business for
the foreseeable future. The Company has incurred ongoing losses
since inception and has no source of recurring revenue. The success
of the Company is dependent upon the ability of the Company to
obtain necessary financing to continue their exploration and
development activities, the confirmation of economically
recoverable reserves, and upon establishing future profitable
production, or realisation of proceeds on disposal. These financial
statements do not give effect to the adjustments that would be
necessary to the carrying value and classification of assets and
liabilities should the Company be unable to continue as a going
concern.
2. SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of Presentation
The financial statements have been prepared in accordance with
International Financial Reporting Standards ("IFRS") as issued by
the International Accounting Standards Board ("IASB") and
interpretations issued by the International Financial Reporting
Interpretations Committee ("IFRIC"). These financial statements
have been prepared on a historical cost basis, except for financial
instruments classified at fair value through profit or loss, which
are stated at fair value. In addition, these financial statements
have been prepared using the accrual basis of accounting, except
for cash flow information.
(b) Foreign Currencies
These financial statements are presented in the Euro. The
functional currency of the Company is also the Euro.
Foreign currency transactions are translated into the functional
currency using the exchange rates prevailing at the date of the
transaction. Foreign currency monetary items are translated at the
period- end exchange rate. Non-monetary items measured at
historical cost continue to be carried at the exchange rate at the
date of the transaction. Exchange differences arising on the
translation of monetary items or on settlement of monetary items
are recognised in profit or loss in the period in which they
arise.
(c) Cash
Cash is comprised of cash on hand and demand deposits.
(d) Financial Instruments
The Company applies the requirements of IFRS 9 - Financial
Instruments ("IFRS 9") which utilises a model for recognition and
measurement of financial instruments and a single, forward-looking
"expected loss" impairment model. The following is the Company's
accounting policy for financial instruments under IFRS 9:
Classification
The Company classifies its financial instruments in the
following categories: at fair value through profit and loss
("FVTPL"), at fair value through other comprehensive income (loss)
("FVTOCI"), or at amortised cost. The Company determines the
classification of financial assets at initial recognition. The
classification of receivable instruments is driven by the Company's
business model for managing the financial assets and their
contractual cash flow characteristics. Equity instruments that are
held for trading are classified as FVTPL. For other equity
instruments, on the day of acquisition the Company can make an
irrevocable election (on an instrument-by-instrument basis) to
designate them as at FVTOCI. Financial liabilities are measured at
amortised cost, unless they are required to be measured at FVTPL
(such as instruments held for trading or derivatives) or the
Company has opted to measure them at FVTPL.
Measurement
Financial assets and liabilities at amortised cost
Financial assets and liabilities at amortised cost are initially
recognised at fair value plus or minus transaction costs,
respectively, and subsequently carried at amortised cost less any
impairment. Other receivables, accounts payable and accrued
liabilities and exploration partner advances are measured at
amortised cost.
Financial assets and liabilities at FVTPL
Financial assets and liabilities carried at FVTPL are initially
recorded at fair value and transaction costs are expensed in profit
or loss. Realised and unrealised gains and losses arising from
changes in the fair value of the financial assets and liabilities
held at FVTPL are included in profit or loss in the period in which
they arise. Cash is measured at FVTPL.
Impairment of financial assets at amortised cost
An 'expected credit loss' impairment model applies which
requires a loss allowance to be recognised based on expected credit
losses. The estimated present value of future cash flows associated
with the asset is determined and an impairment loss is recognised
for the difference between this amount and the carrying amount as
follows: the carrying amount of the asset is reduced to estimated
present value of the future cash flows associated with the asset,
discounted at the financial asset's original effective interest
rate, either directly or through the use of an allowance account
and the resulting loss is recognised in profit or loss for the
period.
In a subsequent period, if the amount of the impairment loss
related to financial assets measured at amortised cost decreases,
the previously recognised impairment loss is reversed through
profit or loss to the extent that the carrying amount of the
investment at the date the impairment is reversed does not exceed
what the amortised cost would have been had the impairment not been
recognised.
Derecognition of financial assets
The Company derecognises financial assets only when the
contractual rights to cash flows from the financial assets expire,
or when it transfers the financial assets and substantially all the
associated risks and rewards of ownership to another entity. Gains
and losses on derecognition are generally recognised in profit or
loss.
Exploration and Evaluation Assets
All costs related to the acquisition of mineral properties are
capitalised by property. All exploration and evaluation
expenditures are expensed until properties are determined to have
economically recoverable resources. These direct expenditures
include such costs as materials used, surveying costs, geological
studies, drilling costs, payments made to contractors and
depreciation of equipment during the exploration phase.
Mineral property acquisition costs for each mineral property are
carried forward as an asset provided that one of the following
conditions is met:
- Such costs are expected to be recouped in full through
successful exploration and development of the mineral property or
alternatively, by sale; or
- Exploration and evaluation activities in the mineral property
have not reached a stage which permits a reasonable assessment of
the existence of economically recoverable reserves; however; active
and significant operations in relation to the mineral property are
continuing or planned for the future.
The carrying values of capitalised amounts are reviewed
annually, or when indicators of impairment are present. In the case
of undeveloped properties, there may be only inferred resources to
allow management to form a basis for the impairment review. The
review is based on the Company's intentions for the development of
such a property. If a mineral property does not prove viable, all
unrecoverable costs associated with the property are charged to
profit or loss at the time the determination is made.
Once the technical feasibility and commercial viability of
extracting the mineral resource has been determined and the Company
has made a decision to proceed with development, the property is
considered to be a mine under development and is classified as
"mining assets", within PP&E. Exploration and evaluation
acquisition costs accumulated are also tested for impairment before
they are transferred to development properties.
(e) Impairment of Tangible and Intangible Assets
At the end of each reporting period the carrying amounts of the
Company's assets are reviewed to determine whether there is any
indication that those assets are impaired. If any such indication
exists, the recoverable amount of the asset is estimated in order
to determine the extent of the impairment, if any. Where it is not
possible to estimate the recoverable amount of an individual asset,
the Company estimates the recoverable amount of the cash-generating
unit to which the asset belongs. The recoverable amount is the
higher of fair value less costs to sell and value in use. Fair
value is determined as the amount that would be obtained from the
sale of the asset in an arm's length transaction between
knowledgeable and willing parties. In assessing value in use, the
estimated future cash flows are discounted to their present value
using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to
the asset. If the recoverable amount of an asset is estimated to be
less than its carrying amount, the carrying amount of the asset is
reduced to its recoverable amount and the impairment loss is
recognised in profit or loss for the period. For an asset that does
not generate largely independent cash inflows, the recoverable
amount is determined for the cash generating unit to which the
asset belongs. Where an impairment loss subsequently reverses, the
carrying amount of the asset (or cash-generating unit) is increased
to the revised estimate of its recoverable amount, but to an amount
that does not exceed the carrying amount that would have been
determined had no impairment loss been recognised for the asset (or
cash-generating unit) in prior years. A reversal of an impairment
loss is recognised immediately in profit or loss.
(f) Share Capital
Financial instruments issued by the Company are classified as
equity only to the extent that they do not meet the definition of a
financial liability or financial asset. The Company's common shares
and options are classified as equity instruments. Incremental costs
directly attributable to the issue of new shares are shown in
equity as a deduction from the proceeds.
Equity financing transactions may involve issuance of common
shares or units. A unit comprises a certain number of common shares
and a certain number of share purchase warrants. Depending on the
terms and conditions of each equity financing agreement, the
warrants are exercisable into additional common shares prior to
expiry at a price stipulated by the agreement. Warrants that are
part of units are assigned value based on the residual value method
and included in share capital with the common shares that were
concurrently issued. Warrants that are issued as payment for agency
fees or other transactions costs are accounted for as share --
based payments.
(g) Loss per Share
Basic earnings (loss) per share is computed by dividing net
earnings (loss) available to common shareholders by the weighted
average number of shares outstanding during the reporting period.
Diluted earnings (loss) per share is computed similar to basic
earnings (loss) per share except that the weighted average shares
outstanding are increased to include additional shares for the
assumed exercise of stock options and warrants and convertible
loan, if dilutive. The number of additional shares is calculated by
assuming that outstanding stock options and warrants were exercised
and the convertible loans were converted and that the proceeds from
such exercises were used to acquire common stock at the average
market price during the reporting periods. For the periods
presented, the calculations proved to be anti-dilutive.
(h) Significant Accounting Estimates and Judgments
The preparation of these financial statements requires
management to make certain estimates, judgments and assumptions
that affect the reported amounts of assets and liabilities at the
date of the financial statements and reported amounts of expenses
during the reporting period. Actual outcomes could differ from
these estimates. These financial statements include estimates
which, by their nature, are uncertain. The impacts of such
estimates are pervasive throughout the financial statements and may
require accounting adjustments based on future occurrences.
Revisions to accounting estimates are recognised in the period in
which the estimate is revised and future periods if the revision
affects both current and future periods. These estimates are based
on historical experience, current and future economic conditions
and other factors, including expectations of future events that are
believed to be reasonable under the circumstances.
Critical accounting estimates
Significant assumptions about the future and other sources of
estimation uncertainty that management has made at the end of the
reporting period, that could result in a material adjustment to the
carrying amounts of assets and liabilities, in the event that
actual results differ from assumptions made, relate to, but are not
limited to, the following:
i. The carrying value and the recoverability of exploration and
evaluation assets, which are included in the statements of
financial position. The value of the exploration and evaluation
assets is based on the expenditures incurred. At every reporting
period, management assesses the potential impairment which involves
assessing whether facts or circumstances exist that suggest the
carrying amount exceeds the recoverable amount.
ii. The inputs used in calculating the fair value for
share-based payment expense included in profit or loss and
comprehensive loss and statement of shareholders' equity. The
share-based payment expense is estimated using the Black-Scholes
option-pricing model as measured on the grant date to estimate the
fair value of stock options. This model involves the input of
highly subjective assumptions, including the expected price
volatility of the Company's common shares, the expected life of the
options, and the estimated forfeiture rate.
Critical accounting judgments
Critical accounting judgments are accounting policies that have
been identified as being complex or involving subjective judgments
or assessments. The Company's principal critical accounting
judgment is the determination of functional currency for the parent
entity and each of its subsidiaries. Determination of functional
currency involves certain judgments to determine the primary
economic environment in which each entity operates. This
determination is reassessed if there is a change in events and
conditions which were used in the determination of the primary
economic environment.
3. ACCOUNTS RECEIVABLE
September 30 2022 2021
-------------------- ---------- ----------
Other debtors EUR - EUR 273
Prepaid Insurance - 808
-------------------- ---------- ----------
Taxation 34,711 35,667
-------------------- ---------- ----------
Accounts receivable EUR 34,711 EUR 36,748
-------------------- ---------- ----------
4. INTANGIBLE FIXED ASSETS
All of the Company's exploration and evaluation assets are
located in Ireland.
Exploration and Impairment of Total acquisition
Acquisition costs evaluation exploration costs
assets acquired assets
--------------------- ------------------- ------------------- --------------------
Cumulative to
31 March 2021
Change during
6 months to 30
September 2021
Cumulative to
30 September
2021
Cumulative to EUR 751,572 EUR 368,194 EUR 383,378
31 March 2022 3,253 - 3,253
Change during 754,825 368,194 386,631
6 months to 30
September 2022
Cumulative to EUR 755,325 EUR 659,813 EUR 95,512
30 September 62,971 - 62,971
2022 818,296 659,813 158,483
---------------------- ------------------- ------------------- --------------------
Exploration and evaluation assets relate to expenditure incurred
in the development of mineral exploration opportunities.
The realisation of intangible assets amounting to EUR212,943 at
the financial 6 months end, 30 September 2022, is dependent on the
further successful development and ultimate production of the
mineral reserves and availability of adequate finance to bring the
reserves to economic maturity and profitability. The directors have
considered the proposed work programmes for the underlying mineral
reserves. They are satisfied that there are no indicators of
impairment.
5. ACCOUNTS PAYABLE
September 30 2022 2021
---------------------- ----------- -----------
Accounts payable EUR 139,787 EUR 101,725
Other payables - 700
Accrued liabilities 122,034 3,000
---------------------- ----------- -----------
Accounts payable EUR 261,821 EUR 105,425
---------------------- ----------- -----------
6. SHARE CAPITAL
Authorised : 100,000,000 ordinary shares at EUR0.01 each.
Issued: 18,455,664 ordinary shares (2021: 12,855,664 ordinary
shares).
7. CAPITAL MANAGEMENT
The Company's objective when managing capital is to safeguard
the entity's ability to continue as a going concern. The Company
monitors its adjusted capital which comprises all components of
equity. The Company manages its capital structure and makes
adjustments to it in the light of changes in economic conditions
and the risk characteristics of the underlying assets. To maintain
or adjust the capital structure, the Company may issue common
shares through private placements. The Company is not exposed to
any externally imposed capital requirements. No changes were made
to the Company's capital management practices during the 6
months.
8. RELATED PARTY BALANCES AND TRANSACTIONS
The Company incurred costs of EUR54,460 (excl. VAT) (H12021:
EUR5,892) from BRG (Geotechnics) Limited ("BRG") during the 6
months. David Blaney who is a director of Unicorn is also a
director, and owns 50% of, BRG. BRG was owed EUR66,985 (H12021:
EUR26,270) at the periods end. The directors are satisfied that the
amounts charged by BRG to the Company were on an arm's length
basis.
9. CASH AND CASH EQUIVALENTS
September 30 2022 2021
-------------------------- ---------- ---------
Cash and bank balances EUR 76,236 EUR 2,264
Cash and cash equivalents EUR 76,236 EUR 2,264
-------------------------- ---------- ---------
10. SUBSEQUENT EVENT
The directors have welcomed the lifting of restrictions in the
aftermath of the Covid-19 pandemic, and are not aware of any
pandemic or other matters which would result in post balance sheet
adjusting events to the company's period-end financial position.
The company had already ensured its operations were maintained
during the pandemic.
The company was admitted to trading on the Main Market of the
London Stock Exchange on 27 October 2022, and on that date issued
9,300,000 new Ordinary Shares at GBP0.10 each to raise GBP930,000
before costs.
11. ADMINISTRATIVE EXPENSES
2022 2021
------------------------------------ ------------- -----------
Administrative expenses
Insurance EUR 284 EUR 405
Computer bureau costs 815 100
Funding costs 288 1,243
Flotation Costs 129,000 30,902
Office expense 1,572 1,572
Printing, postage and stationery 260 633
Telephone 1,020 1,020
Motor and travel expenses 6,567 3,130
Bank charges 217 91
General expenses (286) 140
Administrative expenses EUR 139,737 EUR 39,236
------------------------------------ ------------- -----------
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END
IR BGBDDXXXDGDG
(END) Dow Jones Newswires
December 30, 2022 05:37 ET (10:37 GMT)
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