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Notes to financial statements
1.\u2003 General information
Technology Minerals Plc (the \u2018Company\u2019) is a public limited company incorporated and domiciled in England under the Companies Act 2006 with registration number 13446965.
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The Company is listed on the main market of the London Stock Exchange. The Company\u2019s registered office is 18 Savile Row, London, England, W1S 3PW.
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The nature of the Group\u2019s operations and its principal activities are set out in the Directors\u2019 Report.
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2.\u2003 Basis of preparation
The principal accounting policies, methods of computation and presentation used in the preparation of the consolidated financial information are shown below. The policies have been consistently applied to all the years presented, unless otherwise stated.
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Technology Minerals Plc\u2019s consolidated financial statements are presented in Pounds Sterling (\u00a3), which is also the functional currency of the parent company. All amounts are rounded to nearest thousand.
\u00a0
There have been no changes to the reported figures as a result of any new reporting standards or interpretations.
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The Group\u2019s financial statements have been prepared in accordance with UK adopted international accounting standards (IFRSs) in conformity with the requirements of the Companies Act 2006.
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The consolidated financial statements have been prepared on the historical cost basis, except for the measurement to fair value of assets and financial instruments as described in the accounting policies below, and on a going concern basis.
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Going Concern
In March 2024, the Company entered into a Convertible Bond Facility with Atlas Capital in the total amount of \u00a35.5 million, of which \u00a32.5 million was drawn down at the year end and of this, \u00a30.7 million has been converted into ordinary shares in the Company. Previously, the Company had drawn \u00a30.6 million under a convertible bond facility with CLG Capital; at the date of this report, the settlement of this amount, by conversion into ordinary shares or in cash, was under negotiation following delays in CLG providing funds due under the agreement.
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At the date of this report, \u00a32.9 million of convertible loan notes are due for repayment over the next 12 months and the Company is considering its financing options to enable it to meet agreed repayment schedules. The Company is confident of cashflows from Recyclus in the coming year from loan repayments and has undertaken a cost review to reduce its cash requirements. At the date of this report, Recyclus is seeking funding from third party investors which will reduce the requirement for further loans from the Company.
\u00a0
On 24 November 2024, the Group signed an agreement to sell its Irish Lithium assets in return for stock in NASDAQ-listed Critical Metals Corp., such shares being available for sale from 28 February 2025. The gross amount of the sale before costs and the settlement of obligations is US$10 million and the Company expects to receive c.\u00a33.1 million net of capital gains tax in Ireland and after such costs, being introducer commission, settlement of joint venture partner interests and other related obligations subject to share price fluctuations.
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\n
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\u00a0
The Directors have a reasonable expectation that the Group\u2019s and the Company\u2019s cash resources will be adequate to enable them to meet their planned expenditure for at least 12 months from the date of approval of these consolidated financial statements. In determining this expectation, the Directors have considered their ability to raise additional funds should they be required, as well as the likelihood and timing of Recyclus Group loan repayments being received.
\u00a0
Although the Directors have been successful in raising finance in the past, no assurance can be given that funding will be available when it is required in future, or that it will be available on acceptable terms. Recyclus Group Ltd does not yet have a strong track record of repaying its loans to the Company. In view of the foregoing, the Directors consider that a material uncertainty exists as to the Group\u2019s and the Company\u2019s ability to continue as a going concern.
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Having carefully considered the foregoing, the Directors nonetheless maintain their reasonable expectation that the Group and the Company will be able to meet its planned expenditure for at least 12 months from the date of approval of these consolidated financial statements and the consolidated financial statement have therefore been prepared on a going concern basis.
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In reaching this conclusion, the Board has considered the magnitude of potential impacts resulting from uncertain future events or changes in conditions, the likelihood of their occurrence and the likely effectiveness of mitigating actions that the Directors would consider undertaking.
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The Board continues to monitor the impact of global conflict, including the Ukraine war, on the ability of the Group and the Company to pursue the strategy and will make appropriate changes should they be required. There is not considered to be any material impacts on the financial position or results of the Company or the Group as a result of the global conflict at the reporting date.
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The auditors have made reference to going concern by way of a material uncertainty within their audit report.
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Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company its subsidiaries as if they formed a single entity. Subsidiaries are entities over which the Group has control. Control exists when the Company:
\u2022
has power over the investee;
\u2022
is exposed, or has rights, to variable returns from its involvement with the investee; and
\u2022
has the ability to use its power to affect its returns.
\u00a0
On acquisition, in the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values if acquiring a business or assigned a carrying amount based on relative fair value if acquiring an asset. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date on which control ceases. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the Group financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.
\u00a0
Investments in subsidiaries are accounted for at cost less impairment within the Company financial statements. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by other members of the Group.
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation.
\u00a0
Acquisitions and disposals of non-controlling interests in subsidiaries that do not result in a loss of control are accounted as transactions within equity. The difference between the fair value of the consideration paid or received and the amount by which the non-controlling interests are adjusted is recognised in equity and attributed to equity holders of the parent company.
\u00a0
3.\u2003 New standards, amendments and interpretations adopted by the Company
The following IFRS or IFRIC interpretations were effective for the first time for the financial year beginning 1 July 2023. Their adoption has not had any material impact on the disclosures or on the amounts reported in this financial information:
\u00a0
Standards/interpretations
Application
Effective from
IAS 12 amendments
Deferred Tax related to Assets and Liabilities arising from a Single Transaction
1 January 2023
IAS 1 amendments
Materiality of Accounting Policy Disclosure
1 January 2023
IAS 1
Presentation of Financial Statements
1 January 2023
IFRS 17
Insurance Contracts
1 January 2023
IAS 8 amendments
Definition of accounting estimates
1 January 2023
IAS 1 amendments
Presentation of Financial Statements
1 January 2024
IAS 1 amendments
Non-current liabilities with covenants
1 January 2024
IFRS 16 (Amendments)
Lease liability in a sale and leaseback
1 January 2024
\u00a0
Investment in subsidiaries
Investments in subsidiaries are initially measured as cost and reviewed for impairment at each reporting period. An investor controls an investee when the investor is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control is obtained up to the date that control ceases.
Intra-group balances and any unrealised gains, losses, income or expenses arising from intra-group transactions are eliminated in preparing the consolidated financial statements.
\u00a0
Investment in associates
Where the Group has the power to participate in (but not control) the financial and operating policy decisions of another entity, it is classified as an associate. Associates are initially recognised in the consolidated statement of financial position at cost. Subsequently associates are accounted for using the equity method, where the Group's share of post-acquisition profits and losses and other comprehensive income is recognised in the consolidated statement of profit and loss and other comprehensive income (except for losses in excess of the Group's investment in the associate unless there is an obligation to make good those losses).
\u00a0
Profits and losses arising on transactions between the Group and its associates are recognised only to the extent of unrelated investors' interests in the associate. The investor's share in the associate's profits and losses resulting from these transactions is eliminated against the carrying value of the associate.
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\n
\n
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\u00a0
Financial instruments
\u00a0
Financial assets
The Company classifies its financial assets in the following measurement categories:
\u2022
those to be measured subsequently at fair value through profit or loss;
\u2022
those to be measured at amortised cost; and
\u2022
those to be measured at fair value through other comprehensive income (FVTOCI).
The classification depends on the business model for managing the financial assets and the contracted terms of the cash flows. Financial assets are classified as at amortised cost only if both of the following criteria are met:
\u2022
the asset is held within a business model whose objective is to collect contracted cash flows; and
\u2022
the contractual terms give rise to cash flows that are solely payments of principal and interest.
Financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
\u00a0
Such assets are subsequently carried at amortised cost using the effective interest method.
\u00a0
At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset\u2019s original effective interest rate. The impairment loss is recognised in the consolidated income statement.
\u00a0
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the consolidated income statement.
\u00a0
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
\u00a0
On initial recognition, the Group may make an irrevocable election (on an instrument-by-instrument basis) to designate investments in equity instruments as at FVTOCI. Investments in equity instruments at FVTOCI are initially measured at fair value. Subsequently, they are measured at fair value with net changes in fair value recognised in other comprehensive income. Gains and losses on these financial assets are never recycled to profit or loss.
\u00a0
Fair Value Measurement
\u00a0
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of financial assets is determined based on the fair value hierarchy which prioritises the inputs to valuation techniques used to measure fair value into three broad levels:
\u00a0
\uf0b7
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
\uf0b7
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).
\uf0b7
Level 3: Unobservable inputs for the asset or liability.
\u00a0
\n
\n
\u00a0
\u00a0
The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined based on the lowest level input that is significant to the entire measurement.
\u00a0
Financial Liabilities
Basic financial liabilities, being trade and other payables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. The Company does not hold or issue derivative financial instruments.
\u00a0
Assets held for sale
The Group classifies non-current assets (or disposal groups) as held for sale when their carrying amounts are expected to be recovered primarily through a sale transaction rather than through continuing use. Such assets or disposal groups are measured at the lower of their carrying amount and fair value less costs to sell and are not depreciated or amortised once classified as held for sale. The classification and measurement of assets held for sale are carried out in accordance with IFRS 5 \u2013 Non-current Assets Held for Sale and Discontinued Operations. The Group has determined that its wholly owned subsidiary LRH Resources Ltd (LRH) is classified as held for sale. See note 20.
\u00a0
Criteria for Classification as Held for Sale
A non-current asset (or disposal group) is classified as held for sale if it meets the following conditions:
\u00a0
1.
The asset (or disposal group) is available for immediate sale in its present condition, subject only to terms that are usual and customary for such sales.
2.
The sale is highly probable. For the sale to be highly probable, the following conditions must be met:
\uf0b7
Management is committed to a plan to sell the asset (or disposal group).
\uf0b7
An active program to locate a buyer and complete the plan has been initiated.
\uf0b7
The asset (or disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value.
\uf0b7
The sale is expected to be completed within one year from the date of classification.
\uf0b7
Actions required to complete the sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
\u00a0
Measurement of Assets Held for Sale
Upon classification as held for sale, non-current assets (or disposal groups) are measured at the lower of:
\uf0b7
Their carrying amount before classification as held for sale, or
\uf0b7
Fair value less costs to sell.
\u00a0
If the carrying amount of the asset (or disposal group) exceeds its fair value less costs to sell, an impairment loss is recognised in the income statement. Gains are only recognised to the extent that they reverse previously recognised losses on the same asset.
\u00a0
\u00a0
\u00a0
\u00a0
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\n
\n
\u00a0
\u00a0
Disposal of the Asset (or Disposal Group)
When a sale is completed, the Group derecognises the asset (or disposal group) and recognises any resulting gain or loss on disposal in the income statement. The gain or loss is calculated as the difference between the carrying amount of the asset (or disposal group) and the sale proceeds, less costs to sell.
\u00a0
Reclassifications and Changes in Plans
If the criteria for classification as held for sale are no longer met, the Group ceases to classify the asset (or disposal group) as held for sale. The asset (or disposal group) is remeasured at the lower of:
\uf0b7
Its carrying amount before classification as held for sale, adjusted for any depreciation or amortisation that would have been recognised had the asset not been classified as held for sale, and
\uf0b7
Its recoverable amount at the date of the subsequent decision not to sell.
\u00a0
Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the date of the consolidated statement of financial position are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in profit or loss.
\u00a0
Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at foreign exchange rates ruling at the dates the fair value was determined.
\u00a0
Financial statements of foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to Pound Sterling at exchange rates ruling at the date of the consolidated statement of financial position. The revenues and expenses of operations are translated to Pound Sterling at rates approximating to the exchange rates ruling at the dates of the transactions. Foreign exchange differences arising on retranslation are recognised in other comprehensive income. They are reclassified to profit or loss upon disposal.
\u00a0
On disposal of a foreign operation, the cumulative exchange differences recognised in the foreign exchange reserve relating to that operation up to the date of disposal are reclassified to the profit or loss as part of the profit or loss on disposal.
\u00a0
Current and deferred income tax
Current income tax is calculated on the basis of the tax laws enacted or substantively enacted at the statement of financial position date in the country where the Company operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
\u00a0
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial information. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the statement of financial position date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets
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\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
\u00a0
Earnings per share
The Group presents basic and diluted earnings per share (\u201cEPS\u201d) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to shareholders of the Company by the weighted average number of ordinary shares outstanding during the period.
\u00a0
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment.
\u00a0
Office equipment is depreciated straight line over three years.
\u00a0
Intangible assets
Intangible assets not acquired as part of an asset acquisition are initially carried at cost. 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.
\u00a0
Intangible assets acquired as part of a business combination, and separately recognised from goodwill, are capitalised and measured at their fair value at the date of acquisition.
\u00a0
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.
\u00a0
Exploration and evaluation costs
These comprise costs directly incurred in exploration and evaluation as well as the cost of mineral licences. Mineral evaluation and exploration costs which are capitalised as intangible assets include costs of licence acquisition, technical services and studies, exploration drilling and testing and appropriate technical and administrative. Exploration costs are capitalised as intangible assets pending the determination of the feasibility and the commercial viability of the project.
\u00a0
When the decision is taken to develop a mine, the related intangible assets are transferred to mines under development within property, plant and equipment and the exploration and evaluation costs are amortised over the estimated life of the project upon commercial production. Prior to reclassification to property, plant and equipment exploration and evaluation assets are assessed for impairment and any impairment loss is recognised immediately in the statement of comprehensive income.
\u00a0
Where a project is abandoned or is determined not economically viable, the related costs are written off.
\u00a0
The recoverability of deferred exploration and evaluation costs is dependent upon a number of factors common to the natural resource sector. These include the extent to which the Company can establish mineral reserves on its properties, the ability of the Company to obtain necessary financing to complete the development of such reserves and the future profitable production or proceeds from the disposition thereof.
\u00a0
Impairment of non-financial assets
The carrying amounts of the Group\u2019s assets are reviewed at the date of each consolidated statement of financial position to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. Impairment is measured by comparing the carrying
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\n
\n
\u00a0
\u00a0
values of the asset with its recoverable amount. The recoverable amount of the asset is the higher of the asset\u2019s fair value less costs to sell and its value-in-use, which is measured by reference to discounted future cash flow.
\u00a0
An impairment loss is recognised in the income statement immediately.
\u00a0
When there is a change in the estimates used to determine the recoverable amount, a subsequent increase in the recoverable amount of an asset is treated as a reversal of the previous impairment loss and is recognised to the extent of the carrying amount of the asset that would have been determined (net of amortisation and depreciation) had no impairment loss been recognised. The reversal is recognised in the income statement immediately, unless the asset is carried at its revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
\u00a0
Trade and other receivables\u00a0
Trade and other receivables are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.\u00a0
\u00a0
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, demand deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. The carrying amount of these assets approximates their fair value.
\u00a0
Trade and other payables\u00a0
Trade and other payables are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.
\u00a0
Borrowings
Interest bearing debt facilities are initially recognised at fair value, net of directly attributable transaction costs. Transaction costs are recognised in the income statement on a straight-line basis over the term of the facility.
\u00a0
Borrowings with embedded derivative
Borrowings with embedded derivative liability held at fair value through profit and loss (\u2018FVTPL\u2019)
Convertible debt with an embedded derivative liability pertains to borrowing where the holder has the right to convert the debt into a variable number of shares of the Company or a variable cash amount, such that the conversion feature does not meet the definition of equity under IAS 32 'Financial Instruments: Presentation'.
\u00a0
Initial recognition
The convertible debt is initially recognised by separating it into the host contract and the embedded derivative. The embedded derivative is measured at its fair value at initial recognition. The value of the host contract is determined as the difference between the proceeds received (net of transaction costs directly attributable to the issuance of the instrument) and the fair value of the embedded derivative.
\u00a0
Subsequent measurement
\uf0b7
Liability Component (Host Contract): After initial recognition, the liability component of the convertible debt (excluding the embedded derivative) is measured at amortised cost using the effective interest method. Interest expense, as calculated using the effective interest rate, is recognised in profit or loss.
\uf0b7
Embedded Derivative Liability: The embedded derivative is measured at fair value using a Monte Carlo based option pricing model for the convertible loans issued to ACM and CLG, with
\u00a0
\n
\n
\u00a0
\u00a0
\u00a0
changes in fair value recognised immediately in profit or loss. The derivative is revalued at each reporting date.
\u00a0
Conversion
\uf0b7
If the conversion option is exercised, the carrying amount of the liability component and the fair value of the embedded derivative at the date of conversion are transferred to equity, assuming the shares are issued. Any difference between the combined carrying amount and the number of shares issued multiplied by the share price at the conversion date is recognised in profit and loss.
\uf0b7
If the bondholders choose not to convert and the debt matures, the embedded derivative is derecognised and settled together with the host contract.
\u00a0
Equity-classified borrowings with embedded derivative
Borrowings with embedded derivatives classified as equity refer to debt instruments that include a derivative component allowing for conversion into a fixed number of the Company\u2019s own equity instruments in exchange for a fixed principal amount, such a conversion feature meets the definition of an equity instrument, rather than a financial liability.
\u00a0
Initial Recognition and Measurement
At initial recognition, the borrowing is separated into two components: (i) the liability component, which reflects the present value of future cash flows of the debt, and (ii) the equity component, representing the embedded derivative that allows conversion into equity. The equity component is recorded in a separate reserve within equity.
\u00a0
Subsequent Measurement
The liability component is subsequently measured at amortised cost using the effective interest method. The equity component is not remeasured after initial recognition, in accordance with IAS 32.
\u00a0
Conversion
Upon conversion of the borrowing into the Company\u2019s equity instruments, the carrying amount of the liability component and the equity component are transferred to share capital and share premium, as applicable.
\u00a0
Equity instruments and reserves description
An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all its liabilities. Equity instruments issued by the Company are recorded at the proceeds received net of direct issue costs.
\u00a0
Ordinary shares are classified as equity and rank in full for all dividends or other distributions declared, made or paid on the ordinary share capital of the Company.
\u00a0
Share capital account represents the nominal value of the ordinary shares issued.
\u00a0
The share premium account represents premiums received on the initial issuing of the share capital. Any transaction costs associated with the issuing of shares are deducted from share premium, net of any related income tax benefits.
\u00a0
Warrant reserve represents equity-settled share-based payments made to third parties until such warrants are exercised. Only equity-settled share-based payments that will be settled by the Company exchanging a fixed amount of cash (or another financial asset) for a fixed number of its own equity instruments will be included in the Warrant reserve.
\u00a0
\u00a0
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\n
\n
\u00a0
\u00a0
The convertible loan reserve represents the equity component of convertible loan instruments issued by the Company. This reserve arises from instruments that can be converted into a fixed number of the Company\u2019s own equity instruments in exchange for a fixed principal amount, reflecting an equity-settled component in accordance with IAS 32 Financial Instruments: Presentation. The reserve is recorded at initial recognition of the convertible instrument and remains in equity until the conversion option is exercised or the instrument is redeemed. Upon conversion, the related balance in the reserve is transferred to share capital and share premium as applicable; if the instrument is redeemed, the reserve balance is transferred to retained earnings.
\u00a0
Share-based payment reserve represents equity-settled share-based payments made to directors and employees until such share-based payments are exercised.
\u00a0
Foreign exchange reserve represents:
\uf0b7
differences arising on the opening net assets retranslation at a closing rate that differs from opening rate; and
\uf0b7
differences arising from retranslating the income statement at exchange rates at the dates of transactions at average rates and assets and liabilities at the closing rate.
\u00a0
Retained earnings include all current and prior period results as disclosed in the Statement of Comprehensive Income.
\u00a0
Warrants
The Company estimates the fair value of share warrants using the Black-Scholes pricing model considering the terms and conditions upon which the warrants were issued. Warrants relating to equity finance are recorded as a reduction of capital stock based on the fair value of the warrants.
\u00a0
Share-based payments
Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instrument at the grant date. Fair value is measured by use of the Black-Scholes model. Where the value of the goods or services received in exchange for the share-based payment cannot be reliably estimated the fair value is measured by use of a Black-Scholes model.
\u00a0
The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest.
\u00a0
Equity-settled share-based payment transactions with other parties are measured at the fair value of the goods and services received, except where the fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service.
\u00a0
All equity-settled share-based payments are ultimately recognised as an expense in the profit or loss with a corresponding credit to \u201cShare-based payments reserve\".
\u00a0
Upon exercise of share options, the proceeds received net of attributable transaction costs are credited to share capital, and where appropriate share premium. No adjustment is made to any expense recognised in prior periods if share options ultimately exercised are different to that estimated on vesting or if the share options vest but are not exercised.
\u00a0
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\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
When share options lapse or are forfeited the respective amount recognised in the Share-based payment reserve is reversed and credited to accumulated profit and loss reserve.
\u00a0
4.\u2003 Financial risk
The following represent the key financial risks that the Company faces:
Financial risk factors
The Company\u2019s operations exposed it to a variety of financial risks that had included the effects of credit risk, liquidity risk and interest rate risk. The Company had in place a risk management programme that attempted to limit the adverse effects on the financial performance of the Company by monitoring levels of debt finance and the related finance costs. The Company did not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting was applied.
\u00a0
Given the size of the Company, the Directors did not delegate the responsibility of monitoring financial risk management to a sub-committee of the Board. The policies set by the Board of Directors were implemented by the Company\u2019s finance department:
(a) Credit risk
The Company\u2019s credit risk was primarily attributable to its trade receivables balance. The amounts presented in the statement of financial position are net of allowances for impairment.
\u00a0
(b) Liquidity risk
Liquidity risk was the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Company\u2019s financial liabilities included its trade and other payables shown in Note 23;
\u00a0
(c) Interest rate cash flow risk
The Company had interest-bearing assets. Interest-bearing assets comprised cash balances and unsecured loans, which earned interest at floating rates. See note 28.
\u00a0
Capital risk management
The Company monitors capital which comprises all components of equity (i.e., share capital, share premium and retained earnings/losses). See note 28
\u00a0
5.\u2003 Critical accounting estimates and judgements
The preparation of the financial statements require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions.
\u00a0
Information about such judgements and estimates are contained in the accounting policies and/or the notes to the consolidated financial statements. Areas of judgement that have the most significant effect on the amounts recognised in the consolidated financial statements are as follows:
\u00a0
Recyclus Accounted for as an Associated Company
The Company, considering IAS 28 - Investments in Associates and Joint Ventures and IFRS 10 - Consolidated Financial Statements, has determined that whilst it does have significant influence over Recyclus it does not control and direct it, and the directors of Recyclus who are also directors of the Company are excluded from any Company decisions relating to Recyclus. Therefore, the Company believes that it is reasonable to account for Recyclus as an associated company.
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
The Company is in correspondence with the Financial Reporting Council (\u201cFRC\u201d) in respect of the Company\u2019s financial statements for the year ended 30 June 2023 regarding the treatment of Recyclus as an Associate company, and in respect of the accounting treatment of loans made to Recyclus. As set out in Note 18 to the financial statements, the Company has treated Recyclus as an Associate company as it has judged that it does not control Recyclus and has also announced that it is not currently pursuing the takeover of Recyclus as it would not be able to meet the reverse takeover re-listing rules of the London Stock Exchange.
\u00a0
In respect of the loans made to Recyclus, when the loan agreement was entered into in 2021 interest rates were low and it was judged that no equity portion of the loan was required to be recognised. Since then, as set out in Note 19, due to interest rate differentials in the market and considering Company borrowing costs, the Company has assessed that it is fair for a portion of these loans to be classified as equity in accordance with IFRS 9 in the current year, and to make an adjustment to the prior year.
\u00a0
Valuation of warrants and share options \u2013 see note 25
The Company estimates the fair value of the future liability relating to issued warrants and share options using the Black-Scholes pricing model taking into account the terms and conditions upon which the warrants and share options were issued, if the warrant or share option was granted on its own.
\u00a0
Loan to associate- see note 19
Determination as to whether, the loan to associate is recoverable involves management estimates and judgement. Management reviewed the cashflow forecasts of the associate to determine whether an impairment of the loan is required. The Company has considered a range of sensitivities in respect of sales, cost of sales and discount rates and has assumed that the relevant environmental permits will be issued to enable the achievement of sales. The Company has concluded that there is considerable headroom over the carrying value of the loan provided commercial production can be achieved.
\u00a0
Equity Element of Loans to Associates (IFRS 9)
The loan provided to the associate has been split into debt and equity components in accordance with IFRS 9 (Financial Instruments). Determining the split between the loan\u2019s debt and equity components involves estimating the present value of future cash flows and selecting an appropriate discount rate. For the years ended 30 June 2024 and 30 June 2023, the company used a 20% discount rate, being the estimated interest rate that the company would be charged for borrowings with no conversion premium. For the year ended 30 June 2022 the company used a discount rate of 12% being the estimated return on its equity as the Company had no borrowings during that year.
\u00a0
The company has also made a prior year adjustment to account for the equity component of the loan in the financial statements for the years ended 30 June 2022 and 30 June 2023, which was not recognised in prior periods. This adjustment is discussed in Note 31 and Note 19.
\u00a0
Unquoted financial assets \u2013 see note 16
The Company holds certain unquoted investments which are held at fair value through other comprehensive income in the financial statements. The determination of whether the carrying amount of these investments, currently being cost, approximates their fair value requires significant estimates and judgments by management. The following describes the basis and considerations made by management in this determination:
\u00a0
Operating activities and future plans of the Investee: Management reviewed the operating activities and future plans of the investees. The information provided evidence to support the view that the fair value has not significantly changed from cost.
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
Market and Economic Indicators: Management considered relevant market and economic indicators, industry trends, and other macroeconomic factors that might impact the fair value of the investments.
\u00a0
Impairment Indicators: Management continuously evaluates for any indications of impairment. If there were any external or internal indicators suggesting that the investment might be impaired, a detailed impairment assessment would be undertaken.
\u00a0
Based on the above considerations and the information available, management determined that the carrying amount of the unquoted investments in the financial statements as at 30 June 2024 should be impaired as follows:
\u00a0
My Club Betting (MCB) - having reviewed the carrying value of MCB and taking into account the last price at which the company has raised funds, the carrying value has been impaired to \u00a330k.
\u00a0
Dunraven - Whilst the economics of the oil licences held by Dunraven are strong, there are impairment indicators and therefore the Company has impaired 100% of the value of its holding pending Dunraven securing funding and licence renewals.
\u00a0
Impairment of exploration and evaluation costs \u2013 see note 15
Determination as to whether, and by how much, an asset or cash generating unit is impaired involves management estimates. Management uses the following triggers to assess whether impairment has occurred (the list is not exhaustive):
\u2022
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.
\u2022
Substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned.
\u2022
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.
\u2022
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 on successful development or by sale.
\u00a0
The Management used the above triggers to evaluate each mineral exploration licence held by the group and determined carrying value of the mineral exploration licences did not need to be impaired.
Assets held for sale \u2013 see note 20
\u00a0
The classification of assets (or disposal groups) as held for sale involves the use of significant judgements in assessing whether the criteria set out under IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations are met. For the financial year ended 30 June 2024, management has applied critical judgements to determine whether a specific disposal group should be classified as held for sale based on the status and timing of a negotiated sale agreement.
\u00a0
Assessment of Sale Probability and Timing
Management has exercised judgement in determining whether the sale of LRH Resources Ltd (\u2018LRH\u2019) is highly probable as at 30 June 2024. The following factors were considered:
\uf0b7
Binding Heads of Terms Signed in April 2024: A binding heads of terms agreement (HoT), outlining the key commercial terms and conditions of the sale, was signed in April 2024. This formalised commitment by both parties indicates that the sale was highly probable as at 30 June 2024.
\uf0b7
SPA Signed in October 2024: Although the formal Sale and Purchase Agreement (\u2018SPA\u2019) was signed in October 2024, after the reporting date, the key terms (including purchase price,
\u00a0
\n
\n
\u00a0
\u00a0
\u00a0\u00a0
significant conditions, and timeline) were already agreed and documented in the HoT. This indicates that the SPA execution was a procedural formality, and management\u2019s commitment to sell LRH existed as of 30 June 2024.
\uf0b7
Management\u2019s Commitment to Sell: The Group demonstrated a clear commitment to sell by initiating an active plan to locate a buyer, with no indications of significant changes or delays in the plan.
\uf0b7
Expected Completion: The sale is expected to be completed within one year from the classification date, satisfying the timing requirement of IFRS 5.
\u00a0
Based on these factors, management concluded that as of 30 June 2024, the criteria for classification as held for sale were met, even though the SPA was signed post-reporting date. Therefore, the disposal group has been classified as held for sale as at 30 June 2024.
\u00a0
Measurement at Fair Value Less Costs to Sell
Upon classification as held for sale, LRH is measured at the lower of its carrying amount of \u00a3878k (total assets of \u00a3905k less total liabilities of \u00a327k) and fair value less costs to sell. Given the binding nature of the HoT signed in April 2024, management used the agreed-upon sale price of US$10m in the HoT as a basis for estimating fair value, adjusted for directly attributable costs to sell, such as legal and transaction fees. Therefore, the carrying value used for LRH is \u00a3878k.
\u00a0
Judgement in Determining Discontinued Operations
IFRS 5 requires a disposal group to be classified as a discontinued operation if it represents a separate major line of business or a geographical area of operations that is material to the Group\u2019s overall financial performance. Management has applied significant judgement to assess whether the sale of the subsidiary constitutes a discontinued operation.
\u00a0
For the year ended 30 June 2024, management concluded that the subsidiary does qualify as a discontinued operation because it represents the disposal of a separate major line of business being the Group\u2019s Lithium exploration activities in Ireland. See note 20.
\u00a0
Impact of Judgements and Estimates
The judgements applied in classifying LRH as held for sale and measuring fair value less costs to sell can significantly impact the financial position and results for the year ended 30 June 2024. Any changes in the terms of the sale, expected costs, or market conditions could lead to material adjustments to the carrying value and presentation of LRH in future periods.
\u00a0
Judgement Applied in Classification of Derivative as Equity or Liability
The Group issues convertible loans (CLNs) with embedded derivative features, which necessitates significant judgement in determining the classification of the derivative as either equity or a financial liability. This judgement considers the contractual terms of the conversion option, assessing whether the derivative meets the criteria for classification as equity. Where classified as a derivative financial liability (DFL), it is held at fair value through profit or loss (FVTPL), whereas derivatives classified as equity are not remeasured after initial recognition.
\u00a0
Judgement Applied in Selection of Valuation Method
For convertible loans where the embedded derivative is classified as equity, the Group applies a net present value (NPV) approach to the valuation of the CLN. Conversely, for CLNs where the embedded derivative is classified as a financial liability, an option-pricing model is applied to determine fair value, considering the complex terms and variability of the conversion feature.
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
Estimation Applied in Valuation of Derivative Financial Liability
For CLNs classified as containing a DFL held at FVTPL, the Group uses a Monte Carlo simulation model to estimate the fair value of the DFL on initial recognition, at each reporting date, and upon conversion events. This approach is deemed appropriate due to the simulation\u2019s ability to model a range of possible outcomes, capturing the inherent variability in conversion terms and share price volatility. Key inputs in the Monte Carlo model include the Company\u2019s share price, share price volatility, the risk-free interest rate, and assumptions regarding the timing and probability of conversion.
\u00a0
Changes in any of these assumptions may significantly impact the fair value of the derivative liability, potentially resulting in profit or loss variations. Management regularly reassesses these inputs, utilising historical data and market-based assumptions to ensure that the fair value estimation reflects the economic substance of the convertible instrument.
\u00a0
6.\u2003 Operating Segments
\u00a0
In accordance with IFRS 8 \u2018Operational Segments,\u2019 the Group determines and presents operating segments based on the information that is provided internally to the Executive Directors, who are the Group's chief operating decision makers (\u201cCODM\u201d). The operating segments are aggregated if they meet certain criteria.
\u00a0
Identification of Segments:
An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group's other components, and is:
\u00a0
\u00a0
a)
Expected to generate revenues and incur expenses.
\u00a0
b)
Regularly reviewed by the CODM to make decisions about resources to be allocated to the segment and assess its performance.
\u00a0
c)
For which discrete financial information is available.
\u00a0
Based on the above criteria, the Group has identified its reportable segments as:
\uf0b7
Mineral Exploration: This segment is engaged in the exploration and assessment of mineral deposits.
\uf0b7
Battery Recycling: This segment is involved in the recycling of batteries to recover valuable materials.
\uf0b7
Other: This segment includes expenditure, corporate assets and corporate liabilities that are managed on a group basis, including the loan to its associate undertaking, Recyclus Group Ltd.
\u00a0
Measurement:
The CODM assesses the performance of the operating segments based on a measure of operating profit/loss. Interest income and expenditure are not included in the results for each operating segment that is reviewed by the CODM.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
Below is a summary of the Group's results, assets and liabilities by reportable segment as presented to the Executive Board.
\u00a0
\u00a0\u00a0
Mineral exploration
Battery recycling
Other
Total
\u00a0
\u00a0
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a0
Year ended 30 June 2024:
\u00a0\u00a0\u00a0\u00a0
\u00a0
Operating expenses
(354)
(887)
(5,388)
(6,629)
\u00a0
Total segment operating loss
(354)
(887)
(5,388)
(6,629)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Year ended 30 June 2023 (as restated):
\u00a0\u00a0\u00a0\u00a0
\u00a0
Operating expenses
(281)
(736)
(3,300)
(4,317)
\u00a0
Total segment operating loss
(281)
(736)
(3,300)
(4,317)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Total segment assets
\u00a0\u00a0\u00a0\u00a0
\u00a0
At 30 June 2024
15,197
-
8,376
23,573
\u00a0
At 30 June 2023 (as restated)
15,359
-
7,239
22,598
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Total segment liabilities
\u00a0\u00a0\u00a0\u00a0
\u00a0
At 30 June 2024
(33)
-
(8,188)
(8,221)
\u00a0
At 30 June 2023
(37)
-
(2,188)
(2,225)
Included in the Mineral exploration segment in total segment assets is intangible asset additions of \u00a3406k (FY2023: \u00a3420k). There were no other intangible asset additions in other segments.
\u00a0
7.
Administrative expenses
\u00a0
\u00a0
2024
\u00a0
2023
\u00a0
\u00a3000
\u00a3000
Legal and professional fees
1,143
536
Employee benefit expense
674
689
Share-based payment charge
102
2,218
Advertising and marketing
189
312
Audit and Tax
68
65
Depreciation
2
1
Other administrative expenses
230
35
\u00a0
2,408
3,856
\u00a0
8.
Auditors\u2019 remuneration
\u00a0
\u00a0
2024
\u00a0
2023
\u00a0
\u00a3000
\u00a3000
\u00a0
\u00a0
\u00a0
Fees payable for the audit of the Group
84
65
\u00a0
84
65
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
9.
Employees and Directors
During the period key management personnel were the Directors of the Company.
\u00a0
The average number of persons employed by the Company during the period (including Directors that receive remuneration) was 5 (2023: 5).
\u00a0
The following table sets out the total employee and Director costs.
\u00a0
2024
2023
\u00a0
\u00a3000
\u00a3000
Director and consulting fees
614
605
Wages and salaries
-
6
Share based payment charge
102
2,218
Social security costs
60
78
\u00a0
776
2,907
The Directors\u2019 remuneration is set out in the Directors\u2019 Remuneration Report on page 41.
\u00a0
10. Other income
\u00a0
2024
2023
\u00a0
\u00a3000
\u00a3000
Management fees
17
47
\u00a0
61
47
\u00a0
11. Finance income and other finance costs
Finance income
2024
As restated
2023
\u00a0
\u00a3000
\u00a3000
Interest charged to related parties
550
535
Fair value movement on derivative financial liability
-
128
\u00a0
550
663
The loan to associate has an annual interest rate of 2.5%.
\u00a0
\u00a0
2024
2023
Finance charges
\u00a3000
\u00a3000
Interest payable
618
72
Unwinding of discount on convertible loans inclusive of loan
fees
799
322
Fair value movement on derivative financial liability
1,132
-
\u00a0
2,549
394
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
12. Taxation
\u00a0
\u00a0
2024
As restated
2023
\u00a0
\u00a3000
\u00a3000
Current tax
-
-
Deferred tax
-
-
Total income tax expense
-
-
\u00a0
\u00a0
\u00a0
2024
As restated
2023
\u00a0
\u00a3000
\u00a3000
Loss before tax from continuing operations
(6,642)
(4,313)
Profit/(loss) before tax from discontinued operations
13
(4)
Loss for the year
(6,629)
(4,317)
\u00a0
\u00a0
\u00a0
Tax using the Company\u2019s domestic tax rate 25% (20.5%)
(1,657)
(885)
Effect of non-deductible expenses
545
455
Utilisation of tax losses
(5)
-
Differences in overseas tax rates
5
(2)
Tax losses carried forward
1,112
432
Total tax expense
-
-
\u00a0
\u00a0
Effective tax rate
The effective tax rate was 25% (2023: 20.5%). Tax charges are affected by the mix of profits and tax jurisdictions in which the Group operates. The impact of unrecognised tax losses and non-deductible items increases the Group\u2019s overall effective tax rate.
\u00a0
At the year end, the Group had estimated tax losses of \u00a38,699,000 (2023 as restated: \u00a35,118,000) available for carry forward against future trading profits. As legislation has been enacted whereby the corporation tax rate is 25% from April 2023, the tax losses would have resulted in an additional deferred tax asset of \u00a32,175,000 (2023 as restated: \u00a31,280,000) which has not been recognised in the financial statements due to the uncertainty of the recoverability of the amount.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
13. Earnings per share
Basic earnings per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.
\u00a0
\u00a0
2024
As restated
2023
\u00a0
\u00a3000
\u00a3000
Profit/(loss) for the year attributable to equity holders of the
company
\u00a0\u00a0
Continuing operations
(6,641)
(4,302)
Discontinued operations
13
(4)
Total operations
(6,628)
(4,306)
Weighted average number of ordinary shares in issue
1,527,518,534
1,344,710,781
\u00a0
\u00a0\u00a0
Basic and fully diluted loss per share in pence
\u00a0\u00a0
- from continuing operations
(0.43)
(0.32)
- from discontinued operations
-
-
Total operations
(0.43)
(0.32)
\u00a0
As the Company has not generated a net profit for either the reporting period or the prior year, diluted EPS is not stated.
\u00a0
14. Property, plant and equipment \u2013 Group
\u00a0
Cost
\u00a0
Office equipment
\u00a3000
Total
\u00a3000
\u00a0
1 July 2022
\u00a0
8
8
\u00a0
Additions
\u00a0
-
-
\u00a0
30 June 2023
\u00a0
8
8
\u00a0
Additions
\u00a0
2
2
\u00a0
30 June 2024
\u00a0
10
10
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Depreciation
\u00a0
\u00a0
\u00a0
\u00a0
1 July 2022
\u00a0
3
3
\u00a0
Depreciation charge
\u00a0
1
1
\u00a0
30 June 2023
\u00a0
4
4
\u00a0
Depreciation charge
\u00a0
1
1
\u00a0
30 June 2024
\u00a0
5
5
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Net book value 30 June 2024
\u00a0
5
5
\u00a0
Net book value 30 June 2023
\u00a0
4
4
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
Property, plant and equipment \u2013 Company
\u00a0
Cost
Office equipment
\u00a3000
Total
\u00a3000
\u00a0
1 July 2022
-
-
\u00a0
Additions
3
3
\u00a0
30 June 2023
3
3
\u00a0
Additions
2
2
\u00a0
30 June 2024
5
5
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Depreciation
\u00a0
\u00a0
\u00a0
1 July 2022
-
-
\u00a0
Depreciation charge
1
1
\u00a0
30 June 2023
1
1
\u00a0
Depreciation charge
1
1
\u00a0
30 June 2024
2
2
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Net book value 30 June 2024
3
3
\u00a0
Net book value 30 June 2023
2
2
\u00a0
15. Intangible assets
\u00a0\u00a0
Mineral
\u00a0
\u00a0\u00a0
exploration
Total
\u00a0
Cost
\u00a3000
\u00a3000
\u00a0
1 July 2022
15,409
15,409
\u00a0
Additions
420
420
\u00a0
FX
(40)
(40)
\u00a0
Disposals
-
-
\u00a0
30 June 2023
15,789
15,789
\u00a0
Additions
406
406
\u00a0
FX
(8)
(8)
\u00a0
Transferred to asset held for sale
(889)
(889)
\u00a0
Impairment
(163)
(163)
\u00a0
Disposals
-
-
\u00a0
30 June 2024
15,135
15,135
\u00a0\u00a0\u00a0\u00a0
\u00a0
Accumulated amortisation
\u00a0\u00a0
\u00a0
1 July 2022 and 1 July 2023
-
-
\u00a0
Amortisation
-
-
\u00a0
30 June 2024
-
-
\u00a0\u00a0\u00a0\u00a0
\u00a0
Net book value 30 June 2024
15,135
15,135
\u00a0
Net book value 30 June 2023
15,789
15,789
\u00a0
In April 2024 the Group signed a binding head of agreement to sell its interest in exploration licences in Leinster, Republic of Ireland. This is envisaged to be affected by the sale of 100% of the issued share capital of LRH Resources Limited (\"LRH\") held by the Company to European Lithium Limited (ASX: EUR, FRA: PF8, OTC: EULIF) (\"European Lithium\") for a gross consideration of US$10 million. For further information see note 20.
\u00a0
In 2022, the Company elected not to proceed with further exploration at its Oacama project in South Dakota but retained a 15% interest through a now-expired earn-in agreement with North American Strategic Minerals, Inc. Following an impairment review at the 2024 year-end, the carrying value of this project was fully impaired, at \u00a3163k, the licences having now been allowed to lapse.
\u00a0
\n
\n
\u00a0
\u00a0
16. Financial assets measured at Fair Value through Other Comprehensive Income
The Group holds certain equity investments that are not held for trading purposes. Management has elected to classify these investments as being measured at fair value through other comprehensive income (\u201cFVOCI\u201d) because these equities represent investments that the Group intends to hold for the foreseeable future for strategic purposes.
\u00a0
\u00a0
Group
\u00a3000
Company
\u00a3000
\u00a0
1 July 2022
\u00a0
1,221
-
\u00a0
Additions
\u00a0
-
1,219
\u00a0
Fair value gains/(losses) recognised in OCI
\u00a0
-
-
\u00a0
30 June 2023
\u00a0
1,221
1,219
\u00a0
Additions
\u00a0
-
-
\u00a0
Impairment
\u00a0
(1,189)
(1,189)
\u00a0
FX
\u00a0
(2)
-
\u00a0
Fair value gains/(losses) recognised in OCI
\u00a0
-
-
\u00a0
30 June 2024
\u00a0
30
30
\u00a0
The financial assets at FVOCI are measured based on level three inputs of the fair value hierarchy i.e. unobservable inputs, used when relevant observable inputs are not available. Management determined the fair value by reviewing the operating activities and future plans of the investee and by taking into consideration the market and economic indicators, industry trends, and other macroeconomic factors that might impact the fair value of the investments.
\u00a0
Impairment
My Club Betting (MCB) - having reviewed the carrying value of MCB and taking into account the last price at which the company has raised funds, the carrying value has been impaired to \u00a329k.
\u00a0
Dunraven - Whilst the economics of the oil licences held by Dunraven are strong, there are impairment indicators and therefore the Company has impaired 100% of the value of its holding pending Dunraven securing funding and licence renewals.
\u00a0
\u00a0
17. Investment in subsidiaries
\u00a0
Investment in subsidiaries \u2013 Company
\u00a0
\u00a0
Company
\u00a3000
1 June 2022
\u00a0
14,905
Additions/disposals
\u00a0
-
30 June 2023
\u00a0
14,905
Additions/disposals
\u00a0
-
Transfer of asset held for sale
\u00a0
(605)
30 June 2024
\u00a0
14,300
\u00a0
In April 2024 the Group agreed to sell LRH please see note 20 for further information.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
As at 30 June 2024, the Company held interests in the following subsidiary companies:
\u00a0
Company
Country of registration
Proportion
held
Nature of business
Techmin Limited
18 Savile Row, London, England, W1S 3PW
United Kingdom
100%
Mineral exploration
Onshore Energy Limited
18 Savile Row, London, England, W1S 3PW
United Kingdom
100%
Mineral exploration
Cornish Battery Metals Ltd
18 Savile Row, London, England, W1S 3PW
United Kingdom
100%
Mineral exploration
Emperium 1 Holdings Corporation
10100, Santa Monica Boulevard
#300, Century City, Los Angeles, CA90067
USA
90%
Mineral exploration
Technology Minerals Idaho Limited
10100, Santa Monica Boulevard
#300, Century City, Los Angeles, CA90067
USA
90%
Mineral exploration
LRH Resources Ltd
Unit E, Kells Business Park,
Cavan Road, Kells Meath
A82 HK12, IRELAND
Ireland
100%
Mineral exploration
Asturmet Recursos S.L.
Avenida de Galicia, Oviedo
Asturias, SPAIN
Spain
100%
Mineral exploration
Technology Minerals Cameroon Limited
PO Box 666
Yaounde
Cameroon
Cameroon
100%
Mineral exploration
LRH Resources Ltd has been classified as held for sale
\u00a0
18. Investment in associates
In September 2021, the Company acquired 48.35% of a battery-recycling business, Recyclus Group Ltd (\u201cRecyclus\u201d) for nil consideration. Under the equity method the initial investment is recognised at cost being nil.
\u00a0
As there are common Directors between Technology Minerals Plc and Recyclus Group Ltd, Technology Minerals Plc is able to influence Recyclus Group Ltd, however, it does not control the Recyclus Group, which has its own operating, technical and financial management, as well as separate financial, human resources and other policies. Recyclus Group Ltd has raised loan and equity funding from third parties, and Technology Minerals Plc does not hold rights to favourable returns from its shareholding in Recyclus Group Ltd under IAS 28 and IFRS 10 criteria. Therefore, management has concluded that its investment in Recyclus is an investment in an associate and it did not control Recyclus as at year ended 30 June 2024. See note 5 for further information.
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
Summarised financial information for Recyclus Group (100% basis):
\u00a0
Group and Company
\u00a0
\u00a0
2024
\u00a3000
As restated
2023
\u00a3000
\u00a0
Non-current assets
\u00a0
4,691
4,209
\u00a0
Current assets
\u00a0
456
525
\u00a0
Current liabilities
\u00a0
(1,827)
(784)
\u00a0
Non-current liabilities
\u00a0
(7,920)
(6,524)
\u00a0
Revenue for the year
\u00a0
547
33
\u00a0
Loss for the year
\u00a0
(2,828)
(2,744)
\u00a0
\u00a0
The Group\u2019s share of the reported loss of Recyclus for the year amounts to \u00a31.4m (2023: \u00a31.3m as restated).
\u00a0
Equity loan support
While the investment in the associate remains at nil, the company has provided loans to the associate. A portion of these loans has been classified as equity in accordance with IFRS 9 due to the terms of the loan, as discussed in Note 19.
\u00a0
This accounting treatment has been applied to prior periods see note 31 prior year adjustments.
\u00a0
Carrying amount of investment
\u00a0
Group and Company
\u00a0
\u00a0
\u00a3000
\u00a0
1 July 2022
\u00a0
-
\u00a0
Loan funding recognised as equity, debited to investment
\u00a0
736
\u00a0
Group\u2019s share of loss
\u00a0
(736)
\u00a0
30 June 2023
\u00a0
-
\u00a0
Loan funding recognised as equity, debited to investment
\u00a0
887
\u00a0
Group\u2019s share of loss
\u00a0
(887)
\u00a0
30 June 2024
\u00a0
-
\u00a0
\u00a0
As the Group\u2019s share of the losses in Recyclus exceeds its interest in the associate, it has not recognised its share of further losses. Once Recyclus subsequently reports profits, the Group will resume recognising its share of those profits only after its share of the profits equals the share of losses not recognised.
\u00a0
There were no significant transactions between the Group and Recyclus other than the loans provided. See note 19.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
19. Loans to associates
During the period the Company provided an unsecured loan to Recyclus which was initially recognised at amortised cost at the coupon rate in FY2022 and FY2023. Upon review, the Group has determined that a portion of the loan should be classified as equity in accordance with IFRS 9 due to the terms of the loan, which are favourable to the associate and carry a below-market interest rate.
\u00a0
The equity element represents the difference between the present value of forecasted future loan repayment cash flows and the nominal loan amount. The discount rate used for the 30 June 2024 and 30 June 2023 financial statements was 20%, reflecting interest rate that the company would be charged for borrowings with no conversion premium. As the Group had no borrowings for the 30 June 2022 period, the rate used was 12% reflecting the Group\u2019s estimated equity return and the risk-free rate was the lowest due to Covid. A prior year adjustment was made to reflect the equity element for 30 June 2022 and 30 June 2023, which was not recognised in those years, as an investment in an associate accounted for under the equity method (see Note 31).
\u00a0
Group and Company
\u00a0
\u00a3000
\u00a0
1 July 2022
4,538
\u00a0
Loan funding recognised as equity and debited to investment
(911)
\u00a0
1 July 2022 (as restated)
3,627
\u00a0
Additions
1,859
\u00a0
Accrued interest
435
\u00a0
Loan funding recognised as equity and debited to investment
(736)
\u00a0
30 June 2023 (as restated)
5,185
\u00a0
Additions
2,203
\u00a0
Accrued interest
550
\u00a0
Loan funding recognised as equity and debited to investment
(887)
\u00a0
30 June 2024
7,051
\u00a0
\u00a0
Loans to associates generally bear 2.5% interest. The loan is repayable in monthly instalments when funds are available and if repayments are not made then the Group is entitled to additional interest of 2%, which has been accrued in FY2024.
\u00a0
20. Assets held for sale
In April 2024, the Company signed a binding heads of agreement to sell 100% of LRH to European Lithium (\u2018Proposed Transaction\u2019), which includes 100% of its rights, title and interest in the following:
\uf0b7
the 23 licences that comprise the Leinster Lithium Project (the \"Licences\") (see Table 1 below);
\uf0b7
all associated technical information, including geological, geochemical and geophysical reports, surveys, mosaics, aerial photographs, samples, drill core, drill logs, drill pulp, assay results, maps and plans, whether in physical, written or electronic form relating to the Licences; and
\uf0b7
statutory licences, approvals, consents, authorisations, rights or permits relating to the Licences.
\u00a0
The Company will retain LRH's 100% interest in the Asturmet Ni-Cu-Co Project in, N. Spain, which will be held through a wholly-owned subsidiary, Technology Minerals (Ireland) Limited, which was incorporated following the year-end.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
In consideration for the Proposed Transaction, European Lithium will transfer to Technology Minerals US$10 million worth of fully paid ordinary shares in the capital of Critical Metals Corp (a company incorporated under the laws of Delaware in the United States and listed on NASDAQ) (\u201cCRML\u201d) currently held by European Lithium, at an issue price equal to 90% of the closing price of CRML shares on the day prior to the date on which the last of the parties enters into the Agreement signed date). The Consideration Shares will be held in escrow until 28 February 2025.
\u00a0
The sale agreement was signed on 24 November 2024. Completion of the transaction is conditional upon completion of due diligence by European Lithium as soon as practicable, Technology Minerals and CRML and its shareholders agreeing the detailed terms of the escrow, and European Lithium obtaining any necessary third-party approvals or consents to complete the transaction. Completion will occur five business days after the last Condition Precedent has been satisfied.
\u00a0
Technology Minerals is obliged to maintain the tenements in good standing and meet all obligations in respect of the licences up until completion.
\u00a0
Accordingly, LRH has been reclassified from \u2018Investment in Subsidiaries\u2019 to \u2018Assets Held for Sale\u2019. See notes 3 and 5 for further information on the accounting treatment applied to an Asset Held for Sale.
\u00a0
Assets and liabilities held for sale as at 30 June 2024
\u00a0
\u00a0
Group
\u00a3000
Company
\u00a3000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Non-current assets
\u00a0
\u00a0
\u00a0
\u00a0
Intangible assets
\u00a0
889
-
\u00a0
Financial assets
\u00a0
2
-
\u00a0
Investment in subsidiaries
\u00a0
-
605
\u00a0
\u00a0
\u00a0
891
605
\u00a0
Current assets
\u00a0
\u00a0
\u00a0
\u00a0
Trade and other receivables
\u00a0
14
-
\u00a0
Total assets held for sale
\u00a0
905
605
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Current liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Trade and other payables
\u00a0
27
-
\u00a0
Liabilities directly associated with assets held for sale
\u00a0
27
-
\u00a0
\u00a0
\u00a0
21. Trade and other receivables
\u00a0
Group
2024
\u00a3000
Company
2024
\u00a3000
Group
2023
\u00a3000
Company
2023
\u00a3000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Non-current assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Amounts due from subsidiaries
-
3,087
-
2,452
\u00a0
\u00a0
-
3,087
-
2,452
\u00a0
Current assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Other debtors
375
369
1
1
\u00a0
VAT receivable
37
34
27
28
\u00a0
Prepayments and accrued income
20
20
53
52
\u00a0
\u00a0
432
423
81
81
\u00a0
See note 29 for details of the amounts due from subsidiaries.
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
22. Cash and cash equivalent
\u00a0
Group
2024
\u00a3000
Company
2024
\u00a3000
Group
2023
\u00a3000
Company
2023
\u00a3000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
15
1
318
-
\u00a0
\u00a0
15
1
318
-
\u00a0
\u00a0
The majority of the Group\u2019s funds are held with Revolut Ltd, which is authorised to issue e-money by the Financial Conduct Authority under the Electronic Money Regulations 2011. Revolut Ltd is not a bank.
\u00a0
23. Trade and other payables
\u00a0
Group
2024
\u00a3000
Company
2024
\u00a3000
Group
2023
\u00a3000
Company
2023
\u00a3000
\u00a0
Current liabilities
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Trade and other payables
604
597
230
200
\u00a0
Taxation and social security
157
156
106
104
\u00a0
Accruals
737
737
102
98
\u00a0
\u00a0
1,498
1,490
438
402
\u00a0
Non-current liabilities
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Amounts due to subsidiaries
-
1,102
-
-
\u00a0
\u00a0
-
1,102
-
-
\u00a0
See note 29 for details of the amounts due to subsidiaries.
\u00a0
24. Borrowings and derivative financial liabilities
\u00a0
Group
2024
\u00a3000
Company
2024
\u00a3000
Group
2023
\u00a3000
Company
2023
\u00a3000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Amount owed to third parties
-
-
-
-
\u00a0
Convertible loan notes
3,605
3,605
1,557
1,557
\u00a0
Total borrowings
3,605
3,605
1,557
1,557
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Current
3,109
3,109
-
-
\u00a0
Non-current
496
496
1,557
1,557
\u00a0
Total borrowings
3,605
3,605
1,557
1,557
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Derivative financial liability
3,092
3,092
230
230
\u00a0
\u00a0
For the year ended 30 June 2024
During the year the Company entered into a number of convertible bond facilities (\u2018CLNs\u2019). Each of these have accounted for as a financial liability with a related embedded derivative being the fair value of the convertible feature. Details of the CLNs issued are described below.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
Convertible bonds issued during the year:
Issue date
Repayment date
Amount borrowed
\u00a3000s
Annual Interest rate
%
\u00a0
Debt at amortised cost
\u00a3000s
Derivative financial liability
\u00a3000s
\u00a0
Embedded derivative classified as equity
\u00a3000s
Fair value of warrants at amortised cost
\u00a3000s
04/07/2023
See below
500
12%
482
-
18
-
31/08/2023
See below
735
12%
301
-
49
385
03/01/2024
03/01/2026
600
8.25%
171
361
-
68
22/03/2024
22/03/2027
1,500
10.25%
311
1,050
-
139
30/05/2024
30/05/2027
600
10.25%
-
540
-
60
28/06/2024
28/06/2027
400
10.25%
-
371
-
29
Total
\u00a0
4,335
\u00a0
1,265
2,322
67
681
\u00a0
The fair value of the warrants issued has been treated as a transaction cost associated with the issuance of the CLNs. This amount has therefore been debited to the CLN and amortised over its term. Additionally, since the warrants have a fixed conversion ratio, they meet the 'fixed-for-fixed' criterion for equity classification and have been credited to equity.
\u00a0
4 July 2023 - \u00a3500,000 convertible bonds
The company raised \u00a3500,000 from the issue of convertible bonds with a 12% annual interest rate and a repayment date of 4 January 2024. Conversion of the bonds into shares in the Company can occur from 6 months from the issue date at a price of 1.8 pence per share. As the conversion ratio is fixed the embedded derivative has been classified as equity. On 4 January 2024, it was agreed with the bondholder to extend the redemption date to 4 July 2024. As part of the extension the interest rate was increased to 15% per annum. Post year end, a revised repayment schedule has been agreed with the lender to repay the amount due plus accrued interest in monthly instalments.
\u00a0
31 August 2023 \u2013 \u00a3735,000 convertible bonds
The company raised \u00a3735,000 from the issue of convertible bonds with a 12% annual interest rate and a repayment date of 31 August 2024. Conversion of the bonds into shares in the Company can occur from 6 months from the issue date at a price of 1.4 pence per share. As the conversion ratio is fixed the embedded derivative has been classified as equity. In addition, 73,500,000 share warrants were issued as part of this facility see not note 26 for further information.
\u00a0
The Company has agreed a schedule of repayment of interest and principal with the holder of the 4 July 2023 \u00a3500,000 convertible bonds, the 31 August 2023 \u00a3735,000 convertible bonds and the \u00a31,700,000 convertible bonds issued in the previous year. Post year end, a revised repayment schedule has been agreed with the lender to repay the amount due plus accrued interest in monthly instalments.
\u00a0
3 January 2024 - \u00a3600,000 convertible bonds
On 3 January 2024, the Company entered into a convertible bond facility with CLG Capital LLC for \u00a35 million, drawable in agreed tranches. The bonds are repayable within 2 years from drawdown and have an annual interest rate of 3% fixed plus the prevailing Bank of England base rate (as at the date immediately preceding the publication of this report, 5%). Conversion of the bonds into shares in the Company can occur from 40 days from the issue date. The conversion price is set at 95% of the average of the Volume Weighted Average Price (VWAP) of the shares over three (3) trading days chosen by the bondholder, during the ten (10) consecutive trading days prior to the Company receiving a conversion
\u00a0
\n
\n
\u00a0
\u00a0
notice from the bondholder. As the conversion ratio is variable, the embedded derivative has been classified as a derivative financial liability at fair value through profit and loss (FVTPL).
\u00a0
At the 30 June 2024, a gross amount of \u00a3600,000 had been drawn down from the convertible bond facility with CLG Capital LLC and share warrants over an aggregate of 18,126,495 Ordinary shares had been issued. The number of warrants issued had been calculated on the expectation of \u00a31 million having been drawn and has therefore since been adjusted down to 10,117,429. See note 26 for further details on the share warrants.
\u00a0
20 March 2024 - \u00a35.5 million convertible bond facility
On 20 March 2024, the Company entered into a Convertible Bond Facility with Atlas Capital Markets (\u2018ACM\u2019) in the total amount of \u00a35.5 million, drawable in agreed tranches. Share warrants attach to each drawdown. The annual interest rate is 5% fixed plus the prevailing Bank of England base rate (as at the date immediately preceding the publication of this report, 5%). Conversion of the bonds into shares in the Company can occur from 20 days from the issue date. The conversion price is set at 90% of the average of the VWAP of the shares over three (3) trading days chosen by the bondholder during the twenty (20) consecutive trading days prior to the Company receiving a conversion notice from the bondholder. As the conversion ratio is variable, the embedded derivative has been classified as a derivative financial liability at fair value through profit and loss (FVTPL).
\u00a0
The following tranches have been drawn as at both 30 June 2024:
\u00a0
Tranche
Issue date
Term
Amount borrowed
\u00a3000s
Warrants issued
\u00a0
1
22/03/2024
3 years
1,500
21,193,266
\u00a0
2
30/05/2024
3 years
600
20,469,153
\u00a0
3
28/06/2024
3 years
400
17,646,955
\u00a0
Total
\u00a0
\u00a0
2,500
59,309,374
\u00a0
\u00a0
During the period between 2 May 2024 and 24 June 2024, \u00a3420,000 of ACM tranche 1 was converted into 84,950,867 Ordinary Shares of \u00a30.001 each. See note 32 for information on loan conversions and drawdowns that occurred after 30 June 2024.
\u00a0
Breach of loan covenants
Unpaid coupon interest
The CLG and ACM bonds require the payment of coupon interest on a monthly basis. If coupon interest is not paid on time, penalty interest becomes due at a rate of 2% per month on the outstanding principal balance. Accordingly, the penalty interest has been accrued and is included in other finance costs. See note 11.
\u00a0
Post year end the Company\u2019s market capitalisation fell below \u00a35 million which caused a breach of the agreement triggering ACM\u2019s option for early redemption and the application of a premium of 20% and additional interest of 20%, plus a discount of 25% to the conversion price. ACM has waived such remedies for a year and a day in respect of each bond issued.
\u00a0
Derivative Financial Liability
The CLG and ACM convertible loan instruments issued during the year, each contain three embedded derivative financial liabilities (DFLs). This DFLs arise from conversion features that allow the holder to convert the loan into a variable number of the Company\u2019s equity instruments based on the market price at the date of conversion and also arises from a default event linked to the market capitalisation of the
\u00a0
\n
\n
\u00a0
\u00a0
Group. Due to the variability in conversion terms, the embedded derivative is classified as a financial liability.
\u00a0
Initial recognition and measurement
At initial recognition, the DFL is measured at fair value. The fair value of the DFL at the date of issuance of the convertible loans has been determined using a Monte Carlo simulation model, which considered multiple variables, including:
\u00a0
\uf0b7
Expected share price volatility
\uf0b7
Risk-free interest rate
\uf0b7
Expected life of the instrument
\uf0b7
Conversion probabilities and potential share price performance
\uf0b7
Subsequent measurement
\u00a0
Subsequent to initial recognition, the DFL is remeasured at fair value at each conversion event and at each reporting date, with any changes in fair value recognised immediately in profit or loss as a financial expense or income.
\u00a0
Critical judgements and key sources of estimation uncertainty
The fair value measurement of the DFL involves significant judgements and estimates, specifically in terms of share price volatility, risk-free rate, and timing of possible conversions. Due to the complexity of the instrument, the Group uses a Monte Carlo simulation, as described in Note 5 - Critical accounting estimates and judgements.
\u00a0
As at 30 June 2024, the fair value of the DFL was as follows:
\u00a0
Group and Company
\u00a0
\u00a0
\u00a0
\u00a3000
\u00a0
1 July 2022
\u00a0
\u00a0
-
\u00a0
Initial recognition
\u00a0
\u00a0
358
\u00a0
Derecognition on conversion to equity
\u00a0
\u00a0
(139)
\u00a0
Fair value through income statement
\u00a0
\u00a0
11
\u00a0
30 June 2023
\u00a0
\u00a0
230
\u00a0
Reclassified to equity
\u00a0
\u00a0
(230)
\u00a0
Initial recognition
\u00a0
\u00a0
2,275
\u00a0
Derecognition on conversion to equity
\u00a0
\u00a0
(405)
\u00a0
Fair value through income statement
\u00a0
\u00a0
1,222
\u00a0
30 June 2024
\u00a0
\u00a0
3,092
\u00a0
The \u00a3230k was incorrectly classified as a liability in the prior year rather than equity. This has been corrected in the current year. The prior year has not been restated as the classification and the amount is not considered material for restatement.
\u00a0
For the year ended 30 June 2023
Bond Facility
The bond facility outstanding as at 30 June 2023 was for \u00a31.7m which was accounted for as a financial liability with a related embedded derivative being the fair value of the convertible feature. The host contract is measured at amortised cost and the derivative at fair value through equity.
\u00a0
Interest accrues on this bond at 12% compounding annually. The bond can be converted at any time by the holder at 3.5 pence per share. The repayment date of this bond is 27 March 2025. Post year end, a revised repayment schedule has been agreed with the lender to repay the amount due plus accrued interest in monthly instalments.
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
25. Share capital and share premium
\u00a0
Group and Company
Number of ordinary shares of 0.1p
Share
capital
\u00a3000
Share premium
\u00a3000
\u00a0
At 1 July 2022
1,271,423,593
1,271
19,770
\u00a0
Share issue - placings
123,000,000
123
1,187
\u00a0
Share issue \u2013 conversion of CLNs
118,186,302
118
942
\u00a0
Share issue \u2013 in lieu of services provided
1,100,000
1
20
\u00a0
Share issue \u2013 costs
-
-
(59)
\u00a0
At 1 July 2023
1,513,709,895
1,513
21,860
\u00a0
Share issue \u2013 exercise of warrants
11,062,783
11
122
\u00a0
Share issue \u2013 conversion of CLNs
84,950,867
85
335
\u00a0
Issue costs
-
-
(32)
\u00a0
At 30 June 2024
1,609,723,545
1,609
22,285
\u00a0
The detailed history of the Company\u2019s share capital the year ended 30 June 2023 is provided in the 2023 Annual Report and Accounts. Transactions related to the year ended 30 June 2024 are as follows:
\u00a0
Date
Transaction
Price
No. Shares issued
Proceeds
\u00a3000
26/01/2024
Exercise of share warrants
\u00a30.01200
11,062,783
133
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
02/05/2024
ACM CLN Conversion
\u00a30.00612
40,849,673
250
11/06/2024
ACM CLN Conversion
\u00a30.00435
18,384,043
80
24/06/2024
ACM CLN Conversion
\u00a30.00350
25,717,151
90
\u00a0
\u00a0
\u00a0
84,950,867
420
\u00a0
\u00a0
26. Share Based Payments
\u00a0
Warrants Issued
As described in note 24, the Company issued a number of convertible loans to various third parties. The terms and conditions of some of the convertible loans issued including those issued to CLG and ACM resulted in the issuance of share warrants in the Company as follows:
Date
Exercise price
Number of
warrants issued
Aggregate
fair value
\u00a3000
31/08/2023
\u00a30.020000
73,500,000
385
05/01/2024
\u00a30.018484
8,115,162
57
18/01/2024
\u00a30.014983
2,002,267
11
20/03/2024
\u00a30.014200
21,193,266
139
30/05/2024
\u00a30.005900
20,469,153
60
28/06/2024
\u00a30.004500
17,646,955
30
Total
\u00a0
142,926,803
682
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
The fair value of the warrants issued during the year ended 30 June 2024 was calculated using the Black-Scholes model using the following information:
Issue date
31/08/2023
05/01/2024
18/01/2024
Number of shares that could be acquired on the exercise of the warrant
\u00a0
73,500,000
\u00a0
8,115,162
\u00a0
2,002,267
Fair value of one CLN Warrant
\u00a30.005200
\u00a30.007000
\u00a30.005400
Warrant Share exercise price
\u00a30.020000
\u00a30.018484
\u00a30.014983
Date of grant
31/08/2023
05/01/2024
18/01/2024
Time to maturity, years
2
3
3
Share price
\u00a30.0145
\u00a30.0140
\u00a30.0110
Expected volatility*,%
79%
85%
85%
Expected dividend growth rate,%
0%
0%
0%
Risk-free interest rate (2 & 3 year bond),%
5.15%
3.87%
3.94%
\u00a0
\u00a0
Issue date
20/03/2024
30/05/2024
28/06/2024
Number of shares that could be acquired on the exercise of the warrant
\u00a0
21,193,266
\u00a0
20,469,153
\u00a0
17,646,955
Fair value of one CLN Warrant
\u00a30.006600
\u00a30.003000
\u00a30.001700
Warrant Share exercise price
\u00a30.014200
\u00a30.005900
\u00a30.004500
Date of grant
20/03/2024
30/05/2024
28/06/2024
Time to maturity, years
3
3
3
Share price
\u00a30.0120
\u00a30.0053
\u00a30.0033
Expected volatility*,%
89%
89%
89%
Expected dividend growth rate,%
0%
0%
0%
Risk-free interest rate (3 year bond),%
3.90%
4.34%
4.12%
*Calculation of volatility involves significant judgement by the Directors due to the absence of the historical trading data for the Company at the date of the grant.
\u00a0
The fair value of the warrants issued during the year was \u00a3681,000 (2023: \u00a379,000) and has been treated as transaction costs for the issue of the CLNs and is amortised over the term of the CLNs
\u00a0
Warrants exercised
On 26 January 2024, 11,062,783 share warrants were exercised at a price of \u00a30.012 each. See note 25 for further information.
\u00a0
For the year ended 30 June 2023:
Detailed information on the share warrants issued in the year ended 30 June 2023 is provided in the 2023 Annual Report and Accounts.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
\u00a0
At 30 June 2024, the Company had outstanding warrants to subscribe for Ordinary shares as follows:
Warrant exercise price
Expiry date
Fair value
of individual warrant
At 01/07/2023
Issued
Exercised/
lapsed
At 30/06/2024
\u00a30.033750
29/07/2023
\u00a30.003937
306,229,366
-
(306,229,366)
-
\u00a30.033750
17/11/2023
\u00a30.004010
49,808,280
-
(49,808,280)
-
\u00a30.001000
17/11/2023
\u00a30.021510
666,667
-
(666,667)
-
\u00a30.021672
16/12/2024
\u00a30.005300
6,921,527
-
-
6,921,527
\u00a30.017446
30/01/2025
\u00a30.004600
4,298,980
-
-
4,298,980
\u00a30.016900
24/02/2025
\u00a30.004100
5,494,471
-
-
5,494,471
\u00a30.020000
31/08/2025
\u00a30.005200
-
73,500,000
-
73,500,000
\u00a30.018484
05/01/2027
\u00a30.007000
-
8,115,162
-
8,115,162
\u00a30.014983
18/01/2027
\u00a30.005400
-
2,002,267
-
2,002,267
\u00a30.014200
20/03/2027
\u00a30.006600
-
21,193,266
-
21,193,266
\u00a30.005900
30/05/2027
\u00a30.003000
-
20,469,153
-
20,469,153
\u00a30.004500
28/06/2027
\u00a30.001700
-
17,646,955
-
17,646,955
\u00a0
\u00a0
\u00a0
373,419,291
142,926,803
(356,704,313)
159,641,781
\u00a0
Share options
No share options were issued during the year ended 30 June 2024. \u00a3102,085 (2023: \u00a32,218,160) was expensed in FY2024.
\u00a0
Detailed information on the share options issued in the year ended 30 June 2023 is provided in the 2023 Annual Report and Accounts.
\u00a0
At 30 June 2024, the Company had outstanding share options to subscribe for Ordinary shares as follows:
\u00a0
Exercise price
Expiry date
Fair value of individual share option
At 01/07/2023
Issued
Exercised
At 30/06/2024
\u00a30.02325
13/04/2033
\u00a30.0192
128,534,322
-
-
128,534,322
\u00a0
\u00a0
\u00a0
128,534,322
-
-
128,534,322
\u00a0
Information on the share options granted to each Director is shown in the remuneration report.
\u00a0
27. Non-controlling interests
Non-controlling interests that are material to the Group are reflected in the table below.
\u00a0
Emperium 1 Holdings Corporation (\u2018Emperium\u2019)
On 20 May 2022 Technology Minerals Plc sold a 10% interest in its wholly owned subsidiary Emperium, through which it holds its interest in the US cobalt/copper project: the Blackbird Creek Project and the Emperium Project (collectively \"the Properties\"), to Bluebird Metals LLC, taking the Company\u2019s ownership down to 90%. The consideration received for the 10% disposal was \u00a3860,000.
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
\u00a0
Technology Minerals Idaho Limited (\u2018TM Idaho\u2019)
Post period, the Company entered into heads of agreement, subject to conditions precedent, by which Bluebird Metals LLC would acquire a further 70% interest in the Company\u2019s cobalt interest in Idaho, USA.
\u00a0
Summarised below is the financial information for Emperium and TM Idaho, before intragroup eliminations together with amounts attributable to NCI:
\u00a0
\u00a0
\u00a0
2024
\u00a3000
2023
\u00a3000
Non-current assets
\u00a0
1,024
459
Current assets
\u00a0
-
-
Non-current liabilities
\u00a0
-
-
Current liabilities
\u00a0
(900)
(298)
Net assets
\u00a0
124
161
Attributable to owners of the parent
\u00a0
111
147
Attributable to non-controlling interests
\u00a0
13
14
\u00a0
\u00a0
Attributable to non-controlling interests
\u00a0
2024
\u00a3000
2023
\u00a3000
Loss for the year
\u00a0
(6)
(12)
\u00a0
\u00a0
\u00a0
\u00a0
Net (decrease)/increase in cash and cash equivalents
\u00a0
-
-
\u00a0
28. Financial risk management
The Group\u2019s activities expose it to a variety of financial risks which result from its operating and investing activities, market risk (foreign currency exchange risk), liquidity risk, capital risk and credit risk. These risks are mitigated wherever possible by the Group\u2019s financial management policies and practices described below. The Group\u2019s financial risk management is carried out by the finance team led by the Chief Financial Officer and under policies approved by the Board. Group Finance identifies, evaluates and mitigates financial risks in close co-operation with the Group\u2019s senior management team.
\u00a0
Financial instruments by category
Group
Group
2024
\u00a3000
Company
2024
\u00a3000
Group
2023
\u00a3000
Company
2023
\u00a3000
Financial assets at amortised costs:
\u00a0
\u00a0
\u00a0
\u00a0
Trade and other receivables
432
423
81
81
Cash
15
1
318
-
Loan receivable
7,051
7,051
5,185
6,493
Financial liabilities at amortised costs:
\u00a0
\u00a0
\u00a0
\u00a0
Trade and other payables
1,498
1,490
438
402
Borrowings
3,605
3,605
1,557
1,557
Financial assets at fair value through other comprehensive income:
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
30
30
1,221
1,219
Financial liabilities at fair value through comprehensive income
\u00a0
3,092
\u00a0
3,092
\u00a0
1,557
\u00a0
1,557
\u00a0
\n
\n
\u00a0
\u00a0
Investments in equity instruments at FVTOCI are measured at cost, less impairments, which is considered to be equal to their fair values.
\u00a0
Capital risk
Capital risk refers to the risk associated with a Company\u2019s ability to maintain an appropriate level of capital to support its operations and absorb potential losses.
\u00a0
The Group\u2019s objectives when managing capital risk are:
\uf0b7
to safeguard the Group\u2019s ability to continue as a going concern, so that it continues to provide returns and benefits for shareholders;
\uf0b7
to support the Group\u2019s growth; and
\uf0b7
to provide capital for the purpose of strengthening the Group\u2019s risk management capability.
\u00a0
The Group actively and regularly reviews and manages its capital structure to ensure an optimal capital structure and equity holder returns, taking into consideration the future capital requirements of the Group and capital efficiency, prevailing and projected profitability, projected operating cash flows, projected capital expenditures and projected strategic investment opportunities. Management regards total equity as capital and reserves, for capital management purposes. The Group is not subject to externally imposed capital requirements.
\u00a0
Credit risk
Credit risk refers to the risk that the Group\u2019s financial assets will be impaired by the default of a third party (being non-payment within the agreed credit terms). The Group is exposed to credit risk primarily on its cash and cash equivalent balances as set out in note 22 and on its trade and other receivable balances as set out in note 21. The Group\u2019s credit risk is primarily attributable to its other receivables, being royalty receivables. It is the policy of the Group to present the amounts in the balance sheet net of allowances for doubtful receivables, estimated by the Group\u2019s management based on prior experience and the current economic environment. In certain cases, the Group has the right to audit the reported royalty income.
\u00a0
For banks and financial institutions, only parties with a minimum credit rating of BBB are accepted. The majority of cash is held with Revolut Limited in the UK.
\u00a0
The Directors have considered the credit exposures and do not consider that they pose a material risk at the present time. The credit risk for cash and cash equivalents is managed by ensuring that all surplus funds are deposited only with financial institutions with high quality credit ratings. There are currently no expected credit losses in respect of cash balances held.
\u00a0
Liquidity risk
Liquidity risk relates to the ability of the Group to meet future obligations and financial liabilities as and when they fall due. The Group currently has access to sufficient cash resources to pay the trade and other payables and contingent consideration as and when they fall due.
\u00a0
Future expected payments
Group
\u00a0
2024
\u00a3000
2023
\u00a3000
Trade and other payables within one year
\u00a0
1,498
438
Current tax liabilities within one year
\u00a0
-
-
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
Foreign exchange risk
The Group is exposed to foreign exchange risk arising from currency exposures, primarily with respect to the United States Dollar (USD) and the Euro (EUR).
\u00a0
The following table highlights the major currencies the Group operates in and the movements against the Great British Pound (GBP) during the course of the year:
\u00a0
Average rate
Reporting spot rate
\u00a0
2024
2023
\u00a0
Movement
2024
2023
\u00a0
Movement
United States Dollar
1.26
1.20
0.06
1.26
1.27
(0.01)
Euro
1.17
1.15
0.02
1.18
1.16
0.02
\u00a0
The Group\u2019s exposure to foreign currency risk based on GBP equivalent carrying amounts of monetary items at the reported date:
\u00a0
2024
\u00a3000
USD
2024
\u00a3000
EUR
2023
\u00a3000
USD
\u00a0
2023
\u00a3000
EUR
Cash and cash equivalents
-
8
1
33
Trade and other receivables
-
7
-
4
Trade and other payables
(8)
(61)
(8)
(88)
Net exposure
(8)
(46)
(7)
(51)
\u00a0
The Group does not hedge against foreign exchange movements.
\u00a0
Exchange rate sensitivity
The Group is mainly exposed to foreign exchange risk on the cash balances and trade and other payables denominated in currencies other than GBP as detailed above. A +/- 10% change in the GBP:EUR and GBP:USD rate and the impact of a +/- 10% change on the exchange rates on the translation of foreign subsidiaries into the Group\u2019s presentation currency would result in the following changes:
\u00a0
\u00a0
2024
\u00a3000
2024
\u00a3000
2023
\u00a3000
\u00a0
2023
\u00a3000
\u00a0
Profit/(loss)
+10%/-10%
Equity
+10%/-10%
Profit/(loss)
+10%/-10%
\u00a0
Equity
+10%/-10%
USD
(1) / 1
1 / (1)
(11) / 11
16 / (16)
EUR
(33) / 33
16 / (16)
(18) / 18
25 / (25)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
29. Related party transactions
Aggregate base salaries paid to the Executive Directors incurred during the year ended 30 June 2024 were \u00a3535k (2023: \u00a3545k). See note 9 for further details.
\u00a0
The aggregate amount paid to the Non-Executive Directors for services for the year ended 30 June 2024 was \u00a354k (2023: \u00a354k).
\u00a0
During the year, the Company provided additional loans totalling \u00a32.2 million to its associate company, Recyclus Group, bringing the total amount lent, to approximately \u00a37.1 million (2023 as restated: \u00a35.1million) after recognising an equity element as further set out in Note 19.
\u00a0
Alex Stanbury and Robin Brundle are each Directors of Recyclus Group Limited. The coupon interest on the loan between the Company and Recyclus Group is 2.5% per annum, or in the case of late repayments, 4.5%. The amount charged for the year ended 30 June 2024 was \u00a3162,000 (2023: \u00a3196,000) including the recognition of overcharges recorded in the year ended 30 June 2023. See notes 18 and 19 for further information.
\u00a0
During the year the Company charged \u00a3406,216 (2023: \u00a3356,884) for the provision of management services to its subsidiaries.
\u00a0
During the year the Company provided an aggregate of \u00a33.1 million (2023: \u00a32.5 million) of loans to its subsidiaries and associates. The interest charged on the loans was 2.5% per annum and the amount charged for the period was \u00a366,862 (2023: \u00a340,075). See note 21.
\u00a0
During the year the Company had an outstanding payable of \u00a31.1 million (2023: \u00a31.1 million) due to its wholly owned subsidiary, Onshore Energy Limited. See note 23.
\u00a0
As at 30 June 2024 amounts receivable and payable from and to subsidiary undertakings was as follows:
\u00a0
Company
2024
\u00a3000
2023
\u00a3000
Techmin Limited
301
558
Onshore Energy Limited
(1,102)
(1,087)
Emperium 1 Holdings Corporation
429
298
Technology Minerals Idaho Limited
471
461
Technology Minerals Cameroon
518
241
LRH Resources Ltd
547
362
Asturmet Recursos S.L.
808
531
Cornish Battery Metals Ltd
13
-
\u00a0
1,985
1,364
\u00a0
\u00a0
30. Notes supporting statement of cashflows
Significant non-cash transactions from financing activities are as follows:
\u00a0
2024
\u00a3000
2023
\u00a3000
Conversion of loan notes to equity
420
1,060
\u00a0
See note 24 for further information.
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
\u00a0
Reconciliation of net cash flow to movement in net debt
Group
2024
\u00a3000
2023
\u00a3000
\u00a0
Cash and cash equivalents
15
318
\u00a0
Borrowings
(3,605)
(1,557)
\u00a0
Net debt
(3,590)
(1,239)
\u00a0
\u00a0
Net (decrease)/increase in cash and cash equivalents in the period
(303)
(53)
\u00a0
Cash inflow from increase in borrowings
(3,944)
(2,675)
\u00a0
Other non-cash changes
1,476
58
\u00a0
Conversion of borrowing to equity
420
1,060
\u00a0
Change in net debt resulting from cashflows
(2,351)
(1,610)
\u00a0
Net debt at the start of the year
(1,239)
371
\u00a0
Net debt at the end of the year
(3,590)
(1,239)
\u00a0
\u00a0
Other non-cash changes relate to the recognition and movement of the embedded derivative and the fair value of the warrants granted in relation to convertible loan notes.
\u00a0
\u00a0
31. Prior year adjustments
In the prior year financial statements, loans provided to the Group\u2019s associate, Recyclus Group, were fully recognised as a loan to associate and measured at amortised cost using the mark up rate of 2.5%, which was deemed to be at market rate. No equity component of the loans was identified or accounted for.
\u00a0
During the current financial year, it was determined that a portion of these loans should have been recognised as equity in the associate due to the material difference between the company\u2019s borrowing rate, as noted below, and the mark up rate of 2.5% and considering the change in management\u2019s decision in the current year not to acquire the remaining shares of the Recyclus Group. Consequently, a change in the accounting treatment was made to ensure the financial statements more accurately reflect the substance of the arrangements and current intention of not to acquire the remaining share of Recyclus.
\u00a0
This updated treatment has been applied retrospectively, and prior period figures for the years ended 30 June 2022 and 2023 have been restated to reflect the recognition of the equity component of the loans, as further explained below.
\u00a0
30 June 2022: A portion of the loan amounting to \u00a3911k, was reclassified as equity using a 12% discount rate, which represented the Group\u2019s estimated cost of equity for that period. This equity portion was reduced to nil by the recognition of a part of the Group\u2019s share of the loss in Recyclus Group.
\u00a0
30 June 2023: A portion of the loan, amounting to \u00a3736k, was reclassified as equity using a 20% discount rate, representing the Group\u2019s estimated cost of equity for that period. This equity portion was reduced to nil by the recognition of a part of the Group\u2019s share of the loss in Recyclus Group.
\u00a0
Additional finance income of \u00a3339k was recognised reflecting the unwinding of the 12% and 20% discount rate. The \u00a31,308k adjustment is the aggregate of FY2022 and FY2023.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
The retained earnings, investment and loan balances in the associate for prior periods have been adjusted to reflect the equity component and the share of loss in the associate as of 30 June 2022 and 30 June 2023. The impact of these adjustments is summarised below:
\u00a0
\u00a0
Year ended 30 June 2023\u00a0
Previous
2023
Adjustment
Restated
2023
\u00a0
\u00a0\u00a0
\u00a3000
\u00a3000
\u00a3000
\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Non-current assets
\u00a0\u00a0\u00a0\u00a0
\u00a0
Property, plant and equipment
4
-
4
\u00a0
\u00a0
Intangible assets
15,789
-
15,789
\u00a0
\u00a0
Financial assets
1,221
-
1,221
\u00a0
\u00a0
Investment in associates
-
-
-
\u00a0
\u00a0
Loans to associates
6,493
(1,308)
5,185
\u00a0
\u00a0
Total non-current assets
23,507
(1,308)
22,199
\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Current assets
\u00a0\u00a0\u00a0\u00a0
\u00a0
Trade and other receivables
81
-
81
\u00a0
\u00a0
Cash and cash equivalents
318
-
318
\u00a0
\u00a0
Current assets
399
-
399
\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Total assets
23,906
(1,308)
22,598
\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Current liabilities
\u00a0\u00a0\u00a0\u00a0
\u00a0
Trade and other payables
438
-
438
\u00a0
\u00a0
Borrowings
-
-
-
\u00a0
\u00a0
Total current liabilities
438
-
438
\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Non-current liabilities
\u00a0\u00a0\u00a0\u00a0
\u00a0
Borrowings
1,557
-
1,557
\u00a0
\u00a0
Derivative financial liability
230
-
230
\u00a0
\u00a0
Total non-current liabilities
1,787
-
1,787
\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Total liabilities
2,225
-
2,225
\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Net assets
21,681
(1,308)
20,373
\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Equity
\u00a0\u00a0\u00a0\u00a0
\u00a0
Share Capital
1,513
-
1,513
\u00a0
\u00a0
Share Premium
21,860
-
21,860
\u00a0
\u00a0
Warrants reserve
1,499
-
1,499
\u00a0
\u00a0
Share-based payments reserve
2,218
-
2,218
\u00a0
\u00a0
Foreign exchange reserve
28
-
28
\u00a0
\u00a0
Accumulated deficit
(5,451)
(1,308)
(6,759)
\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Equity attributable to owners of the parent
21,667
(1,308)
20,359
\u00a0
\u00a0
Non-controlling interests
14
-
14
\u00a0
\u00a0
Total equity
21,681
(1,308)
20,373
\u00a0
\u00a0
\u00a0
\n
\n
Technology Minerals Plc
\u00a0
\u00a0
\u00a0
Year ended 30 June 2022\u00a0
Previous
2022
Adjustment
Restated
2022
\u00a0
\u00a0
\u00a3000
\u00a3000
\u00a3000
\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Non-current assets
\u00a0\u00a0\u00a0
\u00a0
Property, plant and equipment
5
-
5
\u00a0
Intangible assets
15,409
-
15,409
\u00a0
Financial assets
1,221
-
1,221
\u00a0
Investment in associates
-
-
-
\u00a0
Loans to associates
4,538
(911)
3,627
\u00a0
Total non-current assets
21,173
(911)
20,262
\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Current assets
\u00a0\u00a0\u00a0
\u00a0
Trade and other receivables
67
-
67
\u00a0
Cash and cash equivalents
371
-
371
\u00a0
Current assets
438
-
438
\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Total assets
21,611
(911)
20,700
\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Current liabilities
\u00a0\u00a0\u00a0
\u00a0
Trade and other payables
602
-
602
\u00a0
Borrowings
21
-
21
\u00a0
Total current liabilities
623
-
623
\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Total liabilities
623
-
623
\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Net assets
20,988
(911)
20,077
\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Equity
\u00a0\u00a0\u00a0
\u00a0
Share Capital
1,271
-
1,271
\u00a0
Share Premium
19,770
-
19,770
\u00a0
Warrants reserve
1,420
-
1,420
\u00a0
Share-based payments reserve
-
-
-
\u00a0
Foreign exchange reserve
30
-
30
\u00a0
Accumulated deficit
(1,529)
(911)
(2,440)
\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Equity attributable to owners of the parent
20,962
-
20,051
\u00a0
Non-controlling interests
26
-
26
\u00a0
Total equity
20,988
(911)
20,077
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\n
\u00a0
\u00a0
32. Events occurring after the reporting date
On 30 August 2024, the Company entered into a heads of agreement with BlueBird Metals LLC under which it was agreed, subject to conditions precedents, that BlueBird Metals would pay for the U$184,000 to meet the cost of renewing the licences and would keep the licences in good standing, as consideration for which, it was agreed Bluebird Metals would receive an additional 70% interest in the Idaho projects. The Company will retain 20% interest in the asset and will incur a loss on disposal of \u00a35.9 million.
\u00a0
On 4 October 2024, the Company incorporated a new subsidiary, Technology Minerals (Ireland) Limited into which it is intended to transfer title to the Group\u2019s Asturmet Ni-Cu-Co Project, N. Spain
\u00a0
On 24 November 2024, the Group signed an agreement to sell its Irish Lithium assets in return for stock in NASDAQ-listed Critical Metals Corp. , such shares being available for sale from 28 February 2025. The gross amount of the sale before introducer commission, settlement of joint venture partner interests and other related obligations is US$10 million.
\u00a0
Following the year-end, the Company issued such number of Ordinary shares as is set out in the table below in settlement of conversion notices received from its CLN holder, Atlas Capital Markets LLC.
\u00a0
\u00a0
Date
Price
No. Shares
\u00a0
\u00a0
1 July /2024
\u00a30.003293
27,328,958
\u00a0
\u00a0
22 July 2024
\u00a30.002442
36,855,036
\u00a0
\u00a0
17 September 2024
\u00a30.001596
31,328,320
\u00a0
\u00a0
15 October 2024
\u00a30.001000
99,854,656
\u00a0
\u00a0
\u00a0
\u00a0
195,366,656
\u00a0
\u00a0
\u00a0
33. Ultimate controlling party
The company does not have a single controlling party.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_E61_CY": { "value": "
1.\u2003 General information
Technology Minerals Plc (the \u2018Company\u2019) is a public limited company incorporated and domiciled in England under the Companies Act 2006 with registration number 13446965.
\u00a0
The Company is listed on the main market of the London Stock Exchange. The Company\u2019s registered office is 18 Savile Row, London, England, W1S 3PW.
\u00a0
The nature of the Group\u2019s operations and its principal activities are set out in the Directors\u2019 Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "ifrs-full_LegalFormOfEntity_E6_CY": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "ifrs-full_DomicileOfEntity_E5_CY": { "value": "England", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "ifrs-full_CountryOfIncorporation_E7_CY": { "value": "England", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "ifrs-full_PrincipalPlaceOfBusiness_E9_CY": { "value": "England", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "ifrs-full_AddressOfRegisteredOfficeOfEntity_E8_CY": { "value": "18 Savile Row, London, England, W1S 3PW", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_E11_CY": { "value": "
2.\u2003 Basis of preparation
The principal accounting policies, methods of computation and presentation used in the preparation of the consolidated financial information are shown below. The policies have been consistently applied to all the years presented, unless otherwise stated.
\u00a0
Technology Minerals Plc\u2019s consolidated financial statements are presented in Pounds Sterling (\u00a3), which is also the functional currency of the parent company. All amounts are rounded to nearest thousand.
\u00a0
There have been no changes to the reported figures as a result of any new reporting standards or interpretations.
\u00a0
The Group\u2019s financial statements have been prepared in accordance with UK adopted international accounting standards (IFRSs) in conformity with the requirements of the Companies Act 2006.
\u00a0
The consolidated financial statements have been prepared on the historical cost basis, except for the measurement to fair value of assets and financial instruments as described in the accounting policies below, and on a going concern basis.
Going Concern
In March 2024, the Company entered into a Convertible Bond Facility with Atlas Capital in the total amount of \u00a35.5 million, of which \u00a32.5 million was drawn down at the year end and of this, \u00a30.7 million has been converted into ordinary shares in the Company. Previously, the Company had drawn \u00a30.6 million under a convertible bond facility with CLG Capital; at the date of this report, the settlement of this amount, by conversion into ordinary shares or in cash, was under negotiation following delays in CLG providing funds due under the agreement.
\u00a0
At the date of this report, \u00a32.9 million of convertible loan notes are due for repayment over the next 12 months and the Company is considering its financing options to enable it to meet agreed repayment schedules. The Company is confident of cashflows from Recyclus in the coming year from loan repayments and has undertaken a cost review to reduce its cash requirements. At the date of this report, Recyclus is seeking funding from third party investors which will reduce the requirement for further loans from the Company.
\u00a0
On 24 November 2024, the Group signed an agreement to sell its Irish Lithium assets in return for stock in NASDAQ-listed Critical Metals Corp., such shares being available for sale from 28 February 2025. The gross amount of the sale before costs and the settlement of obligations is US$10 million and the Company expects to receive c.\u00a33.1 million net of capital gains tax in Ireland and after such costs, being introducer commission, settlement of joint venture partner interests and other related obligations subject to share price fluctuations.
The Directors have a reasonable expectation that the Group\u2019s and the Company\u2019s cash resources will be adequate to enable them to meet their planned expenditure for at least 12 months from the date of approval of these consolidated financial statements. In determining this expectation, the Directors have considered their ability to raise additional funds should they be required, as well as the likelihood and timing of Recyclus Group loan repayments being received.
\u00a0
Although the Directors have been successful in raising finance in the past, no assurance can be given that funding will be available when it is required in future, or that it will be available on acceptable terms. Recyclus Group Ltd does not yet have a strong track record of repaying its loans to the Company. In view of the foregoing, the Directors consider that a material uncertainty exists as to the Group\u2019s and the Company\u2019s ability to continue as a going concern.
\u00a0
Having carefully considered the foregoing, the Directors nonetheless maintain their reasonable expectation that the Group and the Company will be able to meet its planned expenditure for at least 12 months from the date of approval of these consolidated financial statements and the consolidated financial statement have therefore been prepared on a going concern basis.
\u00a0
In reaching this conclusion, the Board has considered the magnitude of potential impacts resulting from uncertain future events or changes in conditions, the likelihood of their occurrence and the likely effectiveness of mitigating actions that the Directors would consider undertaking.
\u00a0
The Board continues to monitor the impact of global conflict, including the Ukraine war, on the ability of the Group and the Company to pursue the strategy and will make appropriate changes should they be required. There is not considered to be any material impacts on the financial position or results of the Company or the Group as a result of the global conflict at the reporting date.
\u00a0
The auditors have made reference to going concern by way of a material uncertainty within their audit report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfGoingConcernExplanatory_E62_CY": { "value": "
Going Concern
In March 2024, the Company entered into a Convertible Bond Facility with Atlas Capital in the total amount of \u00a35.5 million, of which \u00a32.5 million was drawn down at the year end and of this, \u00a30.7 million has been converted into ordinary shares in the Company. Previously, the Company had drawn \u00a30.6 million under a convertible bond facility with CLG Capital; at the date of this report, the settlement of this amount, by conversion into ordinary shares or in cash, was under negotiation following delays in CLG providing funds due under the agreement.
\u00a0
At the date of this report, \u00a32.9 million of convertible loan notes are due for repayment over the next 12 months and the Company is considering its financing options to enable it to meet agreed repayment schedules. The Company is confident of cashflows from Recyclus in the coming year from loan repayments and has undertaken a cost review to reduce its cash requirements. At the date of this report, Recyclus is seeking funding from third party investors which will reduce the requirement for further loans from the Company.
\u00a0
On 24 November 2024, the Group signed an agreement to sell its Irish Lithium assets in return for stock in NASDAQ-listed Critical Metals Corp., such shares being available for sale from 28 February 2025. The gross amount of the sale before costs and the settlement of obligations is US$10 million and the Company expects to receive c.\u00a33.1 million net of capital gains tax in Ireland and after such costs, being introducer commission, settlement of joint venture partner interests and other related obligations subject to share price fluctuations.
The Directors have a reasonable expectation that the Group\u2019s and the Company\u2019s cash resources will be adequate to enable them to meet their planned expenditure for at least 12 months from the date of approval of these consolidated financial statements. In determining this expectation, the Directors have considered their ability to raise additional funds should they be required, as well as the likelihood and timing of Recyclus Group loan repayments being received.
\u00a0
Although the Directors have been successful in raising finance in the past, no assurance can be given that funding will be available when it is required in future, or that it will be available on acceptable terms. Recyclus Group Ltd does not yet have a strong track record of repaying its loans to the Company. In view of the foregoing, the Directors consider that a material uncertainty exists as to the Group\u2019s and the Company\u2019s ability to continue as a going concern.
\u00a0
Having carefully considered the foregoing, the Directors nonetheless maintain their reasonable expectation that the Group and the Company will be able to meet its planned expenditure for at least 12 months from the date of approval of these consolidated financial statements and the consolidated financial statement have therefore been prepared on a going concern basis.
\u00a0
In reaching this conclusion, the Board has considered the magnitude of potential impacts resulting from uncertain future events or changes in conditions, the likelihood of their occurrence and the likely effectiveness of mitigating actions that the Directors would consider undertaking.
\u00a0
The Board continues to monitor the impact of global conflict, including the Ukraine war, on the ability of the Group and the Company to pursue the strategy and will make appropriate changes should they be required. There is not considered to be any material impacts on the financial position or results of the Company or the Group as a result of the global conflict at the reporting date.
\u00a0
The auditors have made reference to going concern by way of a material uncertainty within their audit report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfBasisOfConsolidationExplanatory_E10_CY": { "value": "
The Directors have a reasonable expectation that the Group\u2019s and the Company\u2019s cash resources will be adequate to enable them to meet their planned expenditure for at least 12 months from the date of approval of these consolidated financial statements. In determining this expectation, the Directors have considered their ability to raise additional funds should they be required, as well as the likelihood and timing of Recyclus Group loan repayments being received.
\u00a0
Although the Directors have been successful in raising finance in the past, no assurance can be given that funding will be available when it is required in future, or that it will be available on acceptable terms. Recyclus Group Ltd does not yet have a strong track record of repaying its loans to the Company. In view of the foregoing, the Directors consider that a material uncertainty exists as to the Group\u2019s and the Company\u2019s ability to continue as a going concern.
\u00a0
Having carefully considered the foregoing, the Directors nonetheless maintain their reasonable expectation that the Group and the Company will be able to meet its planned expenditure for at least 12 months from the date of approval of these consolidated financial statements and the consolidated financial statement have therefore been prepared on a going concern basis.
\u00a0
In reaching this conclusion, the Board has considered the magnitude of potential impacts resulting from uncertain future events or changes in conditions, the likelihood of their occurrence and the likely effectiveness of mitigating actions that the Directors would consider undertaking.
\u00a0
The Board continues to monitor the impact of global conflict, including the Ukraine war, on the ability of the Group and the Company to pursue the strategy and will make appropriate changes should they be required. There is not considered to be any material impacts on the financial position or results of the Company or the Group as a result of the global conflict at the reporting date.
\u00a0
The auditors have made reference to going concern by way of a material uncertainty within their audit report.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company its subsidiaries as if they formed a single entity. Subsidiaries are entities over which the Group has control. Control exists when the Company:
\u2022
has power over the investee;
\u2022
is exposed, or has rights, to variable returns from its involvement with the investee; and
\u2022
has the ability to use its power to affect its returns.
\u00a0
On acquisition, in the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values if acquiring a business or assigned a carrying amount based on relative fair value if acquiring an asset. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date on which control ceases. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the Group financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.
\u00a0
Investments in subsidiaries are accounted for at cost less impairment within the Company financial statements. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with those used by other members of the Group.
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation.
\u00a0
Acquisitions and disposals of non-controlling interests in subsidiaries that do not result in a loss of control are accounted as transactions within equity. The difference between the fair value of the consideration paid or received and the amount by which the non-controlling interests are adjusted is recognised in equity and attributed to equity holders of the parent company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations_D400885279_CY": { "value": "
3.\u2003 New standards, amendments and interpretations adopted by the Company
The following IFRS or IFRIC interpretations were effective for the first time for the financial year beginning 1 July 2023. Their adoption has not had any material impact on the disclosures or on the amounts reported in this financial information:
\u00a0
Standards/interpretations
Application
Effective from
IAS 12 amendments
Deferred Tax related to Assets and Liabilities arising from a Single Transaction
1 January 2023
IAS 1 amendments
Materiality of Accounting Policy Disclosure
1 January 2023
IAS 1
Presentation of Financial Statements
1 January 2023
IFRS 17
Insurance Contracts
1 January 2023
IAS 8 amendments
Definition of accounting estimates
1 January 2023
IAS 1 amendments
Presentation of Financial Statements
1 January 2024
IAS 1 amendments
Non-current liabilities with covenants
1 January 2024
IFRS 16 (Amendments)
Lease liability in a sale and leaseback
1 January 2024
Investment in subsidiaries
Investments in subsidiaries are initially measured as cost and reviewed for impairment at each reporting period. An investor controls an investee when the investor is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control is obtained up to the date that control ceases.
Intra-group balances and any unrealised gains, losses, income or expenses arising from intra-group transactions are eliminated in preparing the consolidated financial statements.
Investment in associates
Where the Group has the power to participate in (but not control) the financial and operating policy decisions of another entity, it is classified as an associate. Associates are initially recognised in the consolidated statement of financial position at cost. Subsequently associates are accounted for using the equity method, where the Group's share of post-acquisition profits and losses and other comprehensive income is recognised in the consolidated statement of profit and loss and other comprehensive income (except for losses in excess of the Group's investment in the associate unless there is an obligation to make good those losses).
\u00a0
Profits and losses arising on transactions between the Group and its associates are recognised only to the extent of unrelated investors' interests in the associate. The investor's share in the associate's profits and losses resulting from these transactions is eliminated against the carrying value of the associate.
\n
\u00a0
\u00a0
Financial instruments
\u00a0
Financial assets
The Company classifies its financial assets in the following measurement categories:
\u2022
those to be measured subsequently at fair value through profit or loss;
\u2022
those to be measured at amortised cost; and
\u2022
those to be measured at fair value through other comprehensive income (FVTOCI).
The classification depends on the business model for managing the financial assets and the contracted terms of the cash flows. Financial assets are classified as at amortised cost only if both of the following criteria are met:
\u2022
the asset is held within a business model whose objective is to collect contracted cash flows; and
\u2022
the contractual terms give rise to cash flows that are solely payments of principal and interest.
Financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
\u00a0
Such assets are subsequently carried at amortised cost using the effective interest method.
\u00a0
At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset\u2019s original effective interest rate. The impairment loss is recognised in the consolidated income statement.
\u00a0
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the consolidated income statement.
\u00a0
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
\u00a0
On initial recognition, the Group may make an irrevocable election (on an instrument-by-instrument basis) to designate investments in equity instruments as at FVTOCI. Investments in equity instruments at FVTOCI are initially measured at fair value. Subsequently, they are measured at fair value with net changes in fair value recognised in other comprehensive income. Gains and losses on these financial assets are never recycled to profit or loss.
\u00a0
Fair Value Measurement
\u00a0
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of financial assets is determined based on the fair value hierarchy which prioritises the inputs to valuation techniques used to measure fair value into three broad levels:
\u00a0
\uf0b7
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
\uf0b7
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).
\uf0b7
Level 3: Unobservable inputs for the asset or liability.
\u00a0
\n
\u00a0
\u00a0
The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined based on the lowest level input that is significant to the entire measurement.
\u00a0
Financial Liabilities
Basic financial liabilities, being trade and other payables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. The Company does not hold or issue derivative financial instruments.
\u00a0
Assets held for sale
The Group classifies non-current assets (or disposal groups) as held for sale when their carrying amounts are expected to be recovered primarily through a sale transaction rather than through continuing use. Such assets or disposal groups are measured at the lower of their carrying amount and fair value less costs to sell and are not depreciated or amortised once classified as held for sale. The classification and measurement of assets held for sale are carried out in accordance with IFRS 5 \u2013 Non-current Assets Held for Sale and Discontinued Operations. The Group has determined that its wholly owned subsidiary LRH Resources Ltd (LRH) is classified as held for sale. See note 20.
\u00a0
Criteria for Classification as Held for Sale
A non-current asset (or disposal group) is classified as held for sale if it meets the following conditions:
\u00a0
1.
The asset (or disposal group) is available for immediate sale in its present condition, subject only to terms that are usual and customary for such sales.
2.
The sale is highly probable. For the sale to be highly probable, the following conditions must be met:
\uf0b7
Management is committed to a plan to sell the asset (or disposal group).
\uf0b7
An active program to locate a buyer and complete the plan has been initiated.
\uf0b7
The asset (or disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value.
\uf0b7
The sale is expected to be completed within one year from the date of classification.
\uf0b7
Actions required to complete the sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
\u00a0
Measurement of Assets Held for Sale
Upon classification as held for sale, non-current assets (or disposal groups) are measured at the lower of:
\uf0b7
Their carrying amount before classification as held for sale, or
\uf0b7
Fair value less costs to sell.
\u00a0
If the carrying amount of the asset (or disposal group) exceeds its fair value less costs to sell, an impairment loss is recognised in the income statement. Gains are only recognised to the extent that they reverse previously recognised losses on the same asset.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\u00a0
\u00a0
Disposal of the Asset (or Disposal Group)
When a sale is completed, the Group derecognises the asset (or disposal group) and recognises any resulting gain or loss on disposal in the income statement. The gain or loss is calculated as the difference between the carrying amount of the asset (or disposal group) and the sale proceeds, less costs to sell.
\u00a0
Reclassifications and Changes in Plans
If the criteria for classification as held for sale are no longer met, the Group ceases to classify the asset (or disposal group) as held for sale. The asset (or disposal group) is remeasured at the lower of:
\uf0b7
Its carrying amount before classification as held for sale, adjusted for any depreciation or amortisation that would have been recognised had the asset not been classified as held for sale, and
\uf0b7
Its recoverable amount at the date of the subsequent decision not to sell.
\u00a0
Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the date of the consolidated statement of financial position are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in profit or loss.
\u00a0
Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at foreign exchange rates ruling at the dates the fair value was determined.
\u00a0
Financial statements of foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to Pound Sterling at exchange rates ruling at the date of the consolidated statement of financial position. The revenues and expenses of operations are translated to Pound Sterling at rates approximating to the exchange rates ruling at the dates of the transactions. Foreign exchange differences arising on retranslation are recognised in other comprehensive income. They are reclassified to profit or loss upon disposal.
\u00a0
On disposal of a foreign operation, the cumulative exchange differences recognised in the foreign exchange reserve relating to that operation up to the date of disposal are reclassified to the profit or loss as part of the profit or loss on disposal.
\u00a0
Current and deferred income tax
Current income tax is calculated on the basis of the tax laws enacted or substantively enacted at the statement of financial position date in the country where the Company operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
\u00a0
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial information. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the statement of financial position date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets
\u00a0
\u00a0
\u00a0
\n
\u00a0
\u00a0
are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
\u00a0
Earnings per share
The Group presents basic and diluted earnings per share (\u201cEPS\u201d) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to shareholders of the Company by the weighted average number of ordinary shares outstanding during the period.
\u00a0
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment.
\u00a0
Office equipment is depreciated straight line over three years.
\u00a0
Intangible assets
Intangible assets not acquired as part of an asset acquisition are initially carried at cost. 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.
\u00a0
Intangible assets acquired as part of a business combination, and separately recognised from goodwill, are capitalised and measured at their fair value at the date of acquisition.
\u00a0
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.
\u00a0
Exploration and evaluation costs
These comprise costs directly incurred in exploration and evaluation as well as the cost of mineral licences. Mineral evaluation and exploration costs which are capitalised as intangible assets include costs of licence acquisition, technical services and studies, exploration drilling and testing and appropriate technical and administrative. Exploration costs are capitalised as intangible assets pending the determination of the feasibility and the commercial viability of the project.
\u00a0
When the decision is taken to develop a mine, the related intangible assets are transferred to mines under development within property, plant and equipment and the exploration and evaluation costs are amortised over the estimated life of the project upon commercial production. Prior to reclassification to property, plant and equipment exploration and evaluation assets are assessed for impairment and any impairment loss is recognised immediately in the statement of comprehensive income.
\u00a0
Where a project is abandoned or is determined not economically viable, the related costs are written off.
\u00a0
The recoverability of deferred exploration and evaluation costs is dependent upon a number of factors common to the natural resource sector. These include the extent to which the Company can establish mineral reserves on its properties, the ability of the Company to obtain necessary financing to complete the development of such reserves and the future profitable production or proceeds from the disposition thereof.
\u00a0
Impairment of non-financial assets
The carrying amounts of the Group\u2019s assets are reviewed at the date of each consolidated statement of financial position to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. Impairment is measured by comparing the carrying
\u00a0
\u00a0
\n
\u00a0
\u00a0
values of the asset with its recoverable amount. The recoverable amount of the asset is the higher of the asset\u2019s fair value less costs to sell and its value-in-use, which is measured by reference to discounted future cash flow.
\u00a0
An impairment loss is recognised in the income statement immediately.
\u00a0
When there is a change in the estimates used to determine the recoverable amount, a subsequent increase in the recoverable amount of an asset is treated as a reversal of the previous impairment loss and is recognised to the extent of the carrying amount of the asset that would have been determined (net of amortisation and depreciation) had no impairment loss been recognised. The reversal is recognised in the income statement immediately, unless the asset is carried at its revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
\u00a0
Trade and other receivables\u00a0
Trade and other receivables are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.\u00a0
\u00a0
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, demand deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. The carrying amount of these assets approximates their fair value.
\u00a0
Trade and other payables\u00a0
Trade and other payables are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.
\u00a0
Borrowings
Interest bearing debt facilities are initially recognised at fair value, net of directly attributable transaction costs. Transaction costs are recognised in the income statement on a straight-line basis over the term of the facility.
\u00a0
Borrowings with embedded derivative
Borrowings with embedded derivative liability held at fair value through profit and loss (\u2018FVTPL\u2019)
Convertible debt with an embedded derivative liability pertains to borrowing where the holder has the right to convert the debt into a variable number of shares of the Company or a variable cash amount, such that the conversion feature does not meet the definition of equity under IAS 32 'Financial Instruments: Presentation'.
\u00a0
Initial recognition
The convertible debt is initially recognised by separating it into the host contract and the embedded derivative. The embedded derivative is measured at its fair value at initial recognition. The value of the host contract is determined as the difference between the proceeds received (net of transaction costs directly attributable to the issuance of the instrument) and the fair value of the embedded derivative.
\u00a0
Subsequent measurement
\uf0b7
Liability Component (Host Contract): After initial recognition, the liability component of the convertible debt (excluding the embedded derivative) is measured at amortised cost using the effective interest method. Interest expense, as calculated using the effective interest rate, is recognised in profit or loss.
\uf0b7
Embedded Derivative Liability: The embedded derivative is measured at fair value using a Monte Carlo based option pricing model for the convertible loans issued to ACM and CLG, with
\u00a0
\n
\u00a0
\u00a0
\u00a0
changes in fair value recognised immediately in profit or loss. The derivative is revalued at each reporting date.
\u00a0
Conversion
\uf0b7
If the conversion option is exercised, the carrying amount of the liability component and the fair value of the embedded derivative at the date of conversion are transferred to equity, assuming the shares are issued. Any difference between the combined carrying amount and the number of shares issued multiplied by the share price at the conversion date is recognised in profit and loss.
\uf0b7
If the bondholders choose not to convert and the debt matures, the embedded derivative is derecognised and settled together with the host contract.
\u00a0
Equity-classified borrowings with embedded derivative
Borrowings with embedded derivatives classified as equity refer to debt instruments that include a derivative component allowing for conversion into a fixed number of the Company\u2019s own equity instruments in exchange for a fixed principal amount, such a conversion feature meets the definition of an equity instrument, rather than a financial liability.
\u00a0
Initial Recognition and Measurement
At initial recognition, the borrowing is separated into two components: (i) the liability component, which reflects the present value of future cash flows of the debt, and (ii) the equity component, representing the embedded derivative that allows conversion into equity. The equity component is recorded in a separate reserve within equity.
\u00a0
Subsequent Measurement
The liability component is subsequently measured at amortised cost using the effective interest method. The equity component is not remeasured after initial recognition, in accordance with IAS 32.
\u00a0
Conversion
Upon conversion of the borrowing into the Company\u2019s equity instruments, the carrying amount of the liability component and the equity component are transferred to share capital and share premium, as applicable.
\u00a0
Equity instruments and reserves description
An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all its liabilities. Equity instruments issued by the Company are recorded at the proceeds received net of direct issue costs.
\u00a0
Ordinary shares are classified as equity and rank in full for all dividends or other distributions declared, made or paid on the ordinary share capital of the Company.
\u00a0
Share capital account represents the nominal value of the ordinary shares issued.
\u00a0
The share premium account represents premiums received on the initial issuing of the share capital. Any transaction costs associated with the issuing of shares are deducted from share premium, net of any related income tax benefits.
\u00a0
Warrant reserve represents equity-settled share-based payments made to third parties until such warrants are exercised. Only equity-settled share-based payments that will be settled by the Company exchanging a fixed amount of cash (or another financial asset) for a fixed number of its own equity instruments will be included in the Warrant reserve.
\u00a0
\u00a0
\u00a0
\n
\u00a0
\u00a0
The convertible loan reserve represents the equity component of convertible loan instruments issued by the Company. This reserve arises from instruments that can be converted into a fixed number of the Company\u2019s own equity instruments in exchange for a fixed principal amount, reflecting an equity-settled component in accordance with IAS 32 Financial Instruments: Presentation. The reserve is recorded at initial recognition of the convertible instrument and remains in equity until the conversion option is exercised or the instrument is redeemed. Upon conversion, the related balance in the reserve is transferred to share capital and share premium as applicable; if the instrument is redeemed, the reserve balance is transferred to retained earnings.
\u00a0
Share-based payment reserve represents equity-settled share-based payments made to directors and employees until such share-based payments are exercised.
\u00a0
Foreign exchange reserve represents:
\uf0b7
differences arising on the opening net assets retranslation at a closing rate that differs from opening rate; and
\uf0b7
differences arising from retranslating the income statement at exchange rates at the dates of transactions at average rates and assets and liabilities at the closing rate.
\u00a0
Retained earnings include all current and prior period results as disclosed in the Statement of Comprehensive Income.
\u00a0
Warrants
The Company estimates the fair value of share warrants using the Black-Scholes pricing model considering the terms and conditions upon which the warrants were issued. Warrants relating to equity finance are recorded as a reduction of capital stock based on the fair value of the warrants.
\u00a0
Share-based payments
Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instrument at the grant date. Fair value is measured by use of the Black-Scholes model. Where the value of the goods or services received in exchange for the share-based payment cannot be reliably estimated the fair value is measured by use of a Black-Scholes model.
\u00a0
The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest.
\u00a0
Equity-settled share-based payment transactions with other parties are measured at the fair value of the goods and services received, except where the fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service.
\u00a0
All equity-settled share-based payments are ultimately recognised as an expense in the profit or loss with a corresponding credit to \u201cShare-based payments reserve\".
\u00a0
Upon exercise of share options, the proceeds received net of attributable transaction costs are credited to share capital, and where appropriate share premium. No adjustment is made to any expense recognised in prior periods if share options ultimately exercised are different to that estimated on vesting or if the share options vest but are not exercised.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
When share options lapse or are forfeited the respective amount recognised in the Share-based payment reserve is reversed and credited to accumulated profit and loss reserve.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_E2_CY": { "value": "
3.\u2003 New standards, amendments and interpretations adopted by the Company
The following IFRS or IFRIC interpretations were effective for the first time for the financial year beginning 1 July 2023. Their adoption has not had any material impact on the disclosures or on the amounts reported in this financial information:
\u00a0
Standards/interpretations
Application
Effective from
IAS 12 amendments
Deferred Tax related to Assets and Liabilities arising from a Single Transaction
1 January 2023
IAS 1 amendments
Materiality of Accounting Policy Disclosure
1 January 2023
IAS 1
Presentation of Financial Statements
1 January 2023
IFRS 17
Insurance Contracts
1 January 2023
IAS 8 amendments
Definition of accounting estimates
1 January 2023
IAS 1 amendments
Presentation of Financial Statements
1 January 2024
IAS 1 amendments
Non-current liabilities with covenants
1 January 2024
IFRS 16 (Amendments)
Lease liability in a sale and leaseback
1 January 2024
Investment in subsidiaries
Investments in subsidiaries are initially measured as cost and reviewed for impairment at each reporting period. An investor controls an investee when the investor is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control is obtained up to the date that control ceases.
Intra-group balances and any unrealised gains, losses, income or expenses arising from intra-group transactions are eliminated in preparing the consolidated financial statements.
Investment in associates
Where the Group has the power to participate in (but not control) the financial and operating policy decisions of another entity, it is classified as an associate. Associates are initially recognised in the consolidated statement of financial position at cost. Subsequently associates are accounted for using the equity method, where the Group's share of post-acquisition profits and losses and other comprehensive income is recognised in the consolidated statement of profit and loss and other comprehensive income (except for losses in excess of the Group's investment in the associate unless there is an obligation to make good those losses).
\u00a0
Profits and losses arising on transactions between the Group and its associates are recognised only to the extent of unrelated investors' interests in the associate. The investor's share in the associate's profits and losses resulting from these transactions is eliminated against the carrying value of the associate.
\n
\u00a0
\u00a0
Financial instruments
\u00a0
Financial assets
The Company classifies its financial assets in the following measurement categories:
\u2022
those to be measured subsequently at fair value through profit or loss;
\u2022
those to be measured at amortised cost; and
\u2022
those to be measured at fair value through other comprehensive income (FVTOCI).
The classification depends on the business model for managing the financial assets and the contracted terms of the cash flows. Financial assets are classified as at amortised cost only if both of the following criteria are met:
\u2022
the asset is held within a business model whose objective is to collect contracted cash flows; and
\u2022
the contractual terms give rise to cash flows that are solely payments of principal and interest.
Financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
\u00a0
Such assets are subsequently carried at amortised cost using the effective interest method.
\u00a0
At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset\u2019s original effective interest rate. The impairment loss is recognised in the consolidated income statement.
\u00a0
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the consolidated income statement.
\u00a0
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
\u00a0
On initial recognition, the Group may make an irrevocable election (on an instrument-by-instrument basis) to designate investments in equity instruments as at FVTOCI. Investments in equity instruments at FVTOCI are initially measured at fair value. Subsequently, they are measured at fair value with net changes in fair value recognised in other comprehensive income. Gains and losses on these financial assets are never recycled to profit or loss.
\u00a0
Fair Value Measurement
\u00a0
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of financial assets is determined based on the fair value hierarchy which prioritises the inputs to valuation techniques used to measure fair value into three broad levels:
\u00a0
\uf0b7
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
\uf0b7
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).
\uf0b7
Level 3: Unobservable inputs for the asset or liability.
\u00a0
\n
\u00a0
\u00a0
The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined based on the lowest level input that is significant to the entire measurement.
\u00a0
Financial Liabilities
Basic financial liabilities, being trade and other payables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. The Company does not hold or issue derivative financial instruments.
\u00a0
Assets held for sale
The Group classifies non-current assets (or disposal groups) as held for sale when their carrying amounts are expected to be recovered primarily through a sale transaction rather than through continuing use. Such assets or disposal groups are measured at the lower of their carrying amount and fair value less costs to sell and are not depreciated or amortised once classified as held for sale. The classification and measurement of assets held for sale are carried out in accordance with IFRS 5 \u2013 Non-current Assets Held for Sale and Discontinued Operations. The Group has determined that its wholly owned subsidiary LRH Resources Ltd (LRH) is classified as held for sale. See note 20.
\u00a0
Criteria for Classification as Held for Sale
A non-current asset (or disposal group) is classified as held for sale if it meets the following conditions:
\u00a0
1.
The asset (or disposal group) is available for immediate sale in its present condition, subject only to terms that are usual and customary for such sales.
2.
The sale is highly probable. For the sale to be highly probable, the following conditions must be met:
\uf0b7
Management is committed to a plan to sell the asset (or disposal group).
\uf0b7
An active program to locate a buyer and complete the plan has been initiated.
\uf0b7
The asset (or disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value.
\uf0b7
The sale is expected to be completed within one year from the date of classification.
\uf0b7
Actions required to complete the sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
\u00a0
Measurement of Assets Held for Sale
Upon classification as held for sale, non-current assets (or disposal groups) are measured at the lower of:
\uf0b7
Their carrying amount before classification as held for sale, or
\uf0b7
Fair value less costs to sell.
\u00a0
If the carrying amount of the asset (or disposal group) exceeds its fair value less costs to sell, an impairment loss is recognised in the income statement. Gains are only recognised to the extent that they reverse previously recognised losses on the same asset.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\n
\u00a0
\u00a0
Disposal of the Asset (or Disposal Group)
When a sale is completed, the Group derecognises the asset (or disposal group) and recognises any resulting gain or loss on disposal in the income statement. The gain or loss is calculated as the difference between the carrying amount of the asset (or disposal group) and the sale proceeds, less costs to sell.
\u00a0
Reclassifications and Changes in Plans
If the criteria for classification as held for sale are no longer met, the Group ceases to classify the asset (or disposal group) as held for sale. The asset (or disposal group) is remeasured at the lower of:
\uf0b7
Its carrying amount before classification as held for sale, adjusted for any depreciation or amortisation that would have been recognised had the asset not been classified as held for sale, and
\uf0b7
Its recoverable amount at the date of the subsequent decision not to sell.
\u00a0
Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the date of the consolidated statement of financial position are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in profit or loss.
\u00a0
Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at foreign exchange rates ruling at the dates the fair value was determined.
\u00a0
Financial statements of foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to Pound Sterling at exchange rates ruling at the date of the consolidated statement of financial position. The revenues and expenses of operations are translated to Pound Sterling at rates approximating to the exchange rates ruling at the dates of the transactions. Foreign exchange differences arising on retranslation are recognised in other comprehensive income. They are reclassified to profit or loss upon disposal.
\u00a0
On disposal of a foreign operation, the cumulative exchange differences recognised in the foreign exchange reserve relating to that operation up to the date of disposal are reclassified to the profit or loss as part of the profit or loss on disposal.
\u00a0
Current and deferred income tax
Current income tax is calculated on the basis of the tax laws enacted or substantively enacted at the statement of financial position date in the country where the Company operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
\u00a0
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial information. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the statement of financial position date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets
\u00a0
\u00a0
\u00a0
\n
\u00a0
\u00a0
are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
\u00a0
Earnings per share
The Group presents basic and diluted earnings per share (\u201cEPS\u201d) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to shareholders of the Company by the weighted average number of ordinary shares outstanding during the period.
\u00a0
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment.
\u00a0
Office equipment is depreciated straight line over three years.
\u00a0
Intangible assets
Intangible assets not acquired as part of an asset acquisition are initially carried at cost. 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.
\u00a0
Intangible assets acquired as part of a business combination, and separately recognised from goodwill, are capitalised and measured at their fair value at the date of acquisition.
\u00a0
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.
\u00a0
Exploration and evaluation costs
These comprise costs directly incurred in exploration and evaluation as well as the cost of mineral licences. Mineral evaluation and exploration costs which are capitalised as intangible assets include costs of licence acquisition, technical services and studies, exploration drilling and testing and appropriate technical and administrative. Exploration costs are capitalised as intangible assets pending the determination of the feasibility and the commercial viability of the project.
\u00a0
When the decision is taken to develop a mine, the related intangible assets are transferred to mines under development within property, plant and equipment and the exploration and evaluation costs are amortised over the estimated life of the project upon commercial production. Prior to reclassification to property, plant and equipment exploration and evaluation assets are assessed for impairment and any impairment loss is recognised immediately in the statement of comprehensive income.
\u00a0
Where a project is abandoned or is determined not economically viable, the related costs are written off.
\u00a0
The recoverability of deferred exploration and evaluation costs is dependent upon a number of factors common to the natural resource sector. These include the extent to which the Company can establish mineral reserves on its properties, the ability of the Company to obtain necessary financing to complete the development of such reserves and the future profitable production or proceeds from the disposition thereof.
\u00a0
Impairment of non-financial assets
The carrying amounts of the Group\u2019s assets are reviewed at the date of each consolidated statement of financial position to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. Impairment is measured by comparing the carrying
\u00a0
\u00a0
\n
\u00a0
\u00a0
values of the asset with its recoverable amount. The recoverable amount of the asset is the higher of the asset\u2019s fair value less costs to sell and its value-in-use, which is measured by reference to discounted future cash flow.
\u00a0
An impairment loss is recognised in the income statement immediately.
\u00a0
When there is a change in the estimates used to determine the recoverable amount, a subsequent increase in the recoverable amount of an asset is treated as a reversal of the previous impairment loss and is recognised to the extent of the carrying amount of the asset that would have been determined (net of amortisation and depreciation) had no impairment loss been recognised. The reversal is recognised in the income statement immediately, unless the asset is carried at its revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
\u00a0
Trade and other receivables\u00a0
Trade and other receivables are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.\u00a0
\u00a0
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, demand deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. The carrying amount of these assets approximates their fair value.
\u00a0
Trade and other payables\u00a0
Trade and other payables are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.
\u00a0
Borrowings
Interest bearing debt facilities are initially recognised at fair value, net of directly attributable transaction costs. Transaction costs are recognised in the income statement on a straight-line basis over the term of the facility.
\u00a0
Borrowings with embedded derivative
Borrowings with embedded derivative liability held at fair value through profit and loss (\u2018FVTPL\u2019)
Convertible debt with an embedded derivative liability pertains to borrowing where the holder has the right to convert the debt into a variable number of shares of the Company or a variable cash amount, such that the conversion feature does not meet the definition of equity under IAS 32 'Financial Instruments: Presentation'.
\u00a0
Initial recognition
The convertible debt is initially recognised by separating it into the host contract and the embedded derivative. The embedded derivative is measured at its fair value at initial recognition. The value of the host contract is determined as the difference between the proceeds received (net of transaction costs directly attributable to the issuance of the instrument) and the fair value of the embedded derivative.
\u00a0
Subsequent measurement
\uf0b7
Liability Component (Host Contract): After initial recognition, the liability component of the convertible debt (excluding the embedded derivative) is measured at amortised cost using the effective interest method. Interest expense, as calculated using the effective interest rate, is recognised in profit or loss.
\uf0b7
Embedded Derivative Liability: The embedded derivative is measured at fair value using a Monte Carlo based option pricing model for the convertible loans issued to ACM and CLG, with
\u00a0
\n
\u00a0
\u00a0
\u00a0
changes in fair value recognised immediately in profit or loss. The derivative is revalued at each reporting date.
\u00a0
Conversion
\uf0b7
If the conversion option is exercised, the carrying amount of the liability component and the fair value of the embedded derivative at the date of conversion are transferred to equity, assuming the shares are issued. Any difference between the combined carrying amount and the number of shares issued multiplied by the share price at the conversion date is recognised in profit and loss.
\uf0b7
If the bondholders choose not to convert and the debt matures, the embedded derivative is derecognised and settled together with the host contract.
\u00a0
Equity-classified borrowings with embedded derivative
Borrowings with embedded derivatives classified as equity refer to debt instruments that include a derivative component allowing for conversion into a fixed number of the Company\u2019s own equity instruments in exchange for a fixed principal amount, such a conversion feature meets the definition of an equity instrument, rather than a financial liability.
\u00a0
Initial Recognition and Measurement
At initial recognition, the borrowing is separated into two components: (i) the liability component, which reflects the present value of future cash flows of the debt, and (ii) the equity component, representing the embedded derivative that allows conversion into equity. The equity component is recorded in a separate reserve within equity.
\u00a0
Subsequent Measurement
The liability component is subsequently measured at amortised cost using the effective interest method. The equity component is not remeasured after initial recognition, in accordance with IAS 32.
\u00a0
Conversion
Upon conversion of the borrowing into the Company\u2019s equity instruments, the carrying amount of the liability component and the equity component are transferred to share capital and share premium, as applicable.
\u00a0
Equity instruments and reserves description
An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all its liabilities. Equity instruments issued by the Company are recorded at the proceeds received net of direct issue costs.
\u00a0
Ordinary shares are classified as equity and rank in full for all dividends or other distributions declared, made or paid on the ordinary share capital of the Company.
\u00a0
Share capital account represents the nominal value of the ordinary shares issued.
\u00a0
The share premium account represents premiums received on the initial issuing of the share capital. Any transaction costs associated with the issuing of shares are deducted from share premium, net of any related income tax benefits.
\u00a0
Warrant reserve represents equity-settled share-based payments made to third parties until such warrants are exercised. Only equity-settled share-based payments that will be settled by the Company exchanging a fixed amount of cash (or another financial asset) for a fixed number of its own equity instruments will be included in the Warrant reserve.
\u00a0
\u00a0
\u00a0
\n
\u00a0
\u00a0
The convertible loan reserve represents the equity component of convertible loan instruments issued by the Company. This reserve arises from instruments that can be converted into a fixed number of the Company\u2019s own equity instruments in exchange for a fixed principal amount, reflecting an equity-settled component in accordance with IAS 32 Financial Instruments: Presentation. The reserve is recorded at initial recognition of the convertible instrument and remains in equity until the conversion option is exercised or the instrument is redeemed. Upon conversion, the related balance in the reserve is transferred to share capital and share premium as applicable; if the instrument is redeemed, the reserve balance is transferred to retained earnings.
\u00a0
Share-based payment reserve represents equity-settled share-based payments made to directors and employees until such share-based payments are exercised.
\u00a0
Foreign exchange reserve represents:
\uf0b7
differences arising on the opening net assets retranslation at a closing rate that differs from opening rate; and
\uf0b7
differences arising from retranslating the income statement at exchange rates at the dates of transactions at average rates and assets and liabilities at the closing rate.
\u00a0
Retained earnings include all current and prior period results as disclosed in the Statement of Comprehensive Income.
\u00a0
Warrants
The Company estimates the fair value of share warrants using the Black-Scholes pricing model considering the terms and conditions upon which the warrants were issued. Warrants relating to equity finance are recorded as a reduction of capital stock based on the fair value of the warrants.
\u00a0
Share-based payments
Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instrument at the grant date. Fair value is measured by use of the Black-Scholes model. Where the value of the goods or services received in exchange for the share-based payment cannot be reliably estimated the fair value is measured by use of a Black-Scholes model.
\u00a0
The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest.
\u00a0
Equity-settled share-based payment transactions with other parties are measured at the fair value of the goods and services received, except where the fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service.
\u00a0
All equity-settled share-based payments are ultimately recognised as an expense in the profit or loss with a corresponding credit to \u201cShare-based payments reserve\".
\u00a0
Upon exercise of share options, the proceeds received net of attributable transaction costs are credited to share capital, and where appropriate share premium. No adjustment is made to any expense recognised in prior periods if share options ultimately exercised are different to that estimated on vesting or if the share options vest but are not exercised.
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
When share options lapse or are forfeited the respective amount recognised in the Share-based payment reserve is reversed and credited to accumulated profit and loss reserve.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForSubsidiariesExplanatory_E88_CY": { "value": "
Investment in subsidiaries
Investments in subsidiaries are initially measured as cost and reviewed for impairment at each reporting period. An investor controls an investee when the investor is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control is obtained up to the date that control ceases.
Intra-group balances and any unrealised gains, losses, income or expenses arising from intra-group transactions are eliminated in preparing the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociates_E57_CY": { "value": "
Investment in associates
Where the Group has the power to participate in (but not control) the financial and operating policy decisions of another entity, it is classified as an associate. Associates are initially recognised in the consolidated statement of financial position at cost. Subsequently associates are accounted for using the equity method, where the Group's share of post-acquisition profits and losses and other comprehensive income is recognised in the consolidated statement of profit and loss and other comprehensive income (except for losses in excess of the Group's investment in the associate unless there is an obligation to make good those losses).
\u00a0
Profits and losses arising on transactions between the Group and its associates are recognised only to the extent of unrelated investors' interests in the associate. The investor's share in the associate's profits and losses resulting from these transactions is eliminated against the carrying value of the associate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_E39_CY": { "value": "
\n
\u00a0
\u00a0
Financial instruments
\u00a0
Financial assets
The Company classifies its financial assets in the following measurement categories:
\u2022
those to be measured subsequently at fair value through profit or loss;
\u2022
those to be measured at amortised cost; and
\u2022
those to be measured at fair value through other comprehensive income (FVTOCI).
The classification depends on the business model for managing the financial assets and the contracted terms of the cash flows. Financial assets are classified as at amortised cost only if both of the following criteria are met:
\u2022
the asset is held within a business model whose objective is to collect contracted cash flows; and
\u2022
the contractual terms give rise to cash flows that are solely payments of principal and interest.
Financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
\u00a0
Such assets are subsequently carried at amortised cost using the effective interest method.
\u00a0
At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset\u2019s original effective interest rate. The impairment loss is recognised in the consolidated income statement.
\u00a0
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the consolidated income statement.
\u00a0
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
\u00a0
On initial recognition, the Group may make an irrevocable election (on an instrument-by-instrument basis) to designate investments in equity instruments as at FVTOCI. Investments in equity instruments at FVTOCI are initially measured at fair value. Subsequently, they are measured at fair value with net changes in fair value recognised in other comprehensive income. Gains and losses on these financial assets are never recycled to profit or loss.
\u00a0
Fair Value Measurement
\u00a0
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of financial assets is determined based on the fair value hierarchy which prioritises the inputs to valuation techniques used to measure fair value into three broad levels:
\u00a0
\uf0b7
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
\uf0b7
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).
\uf0b7
Level 3: Unobservable inputs for the asset or liability.
\u00a0
The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined based on the lowest level input that is significant to the entire measurement.
\u00a0
Financial Liabilities
Basic financial liabilities, being trade and other payables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. The Company does not hold or issue derivative financial instruments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForFinancialAssetsExplanatory_E37_CY": { "value": "
Financial assets
The Company classifies its financial assets in the following measurement categories:
\u2022
those to be measured subsequently at fair value through profit or loss;
\u2022
those to be measured at amortised cost; and
\u2022
those to be measured at fair value through other comprehensive income (FVTOCI).
The classification depends on the business model for managing the financial assets and the contracted terms of the cash flows. Financial assets are classified as at amortised cost only if both of the following criteria are met:
\u2022
the asset is held within a business model whose objective is to collect contracted cash flows; and
\u2022
the contractual terms give rise to cash flows that are solely payments of principal and interest.
Financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
\u00a0
Such assets are subsequently carried at amortised cost using the effective interest method.
\u00a0
At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset\u2019s original effective interest rate. The impairment loss is recognised in the consolidated income statement.
\u00a0
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the consolidated income statement.
\u00a0
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
\u00a0
On initial recognition, the Group may make an irrevocable election (on an instrument-by-instrument basis) to designate investments in equity instruments as at FVTOCI. Investments in equity instruments at FVTOCI are initially measured at fair value. Subsequently, they are measured at fair value with net changes in fair value recognised in other comprehensive income. Gains and losses on these financial assets are never recycled to profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory_E33_CY": { "value": "
Fair Value Measurement
\u00a0
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of financial assets is determined based on the fair value hierarchy which prioritises the inputs to valuation techniques used to measure fair value into three broad levels:
\u00a0
\uf0b7
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
\uf0b7
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).
\uf0b7
Level 3: Unobservable inputs for the asset or liability.
The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined based on the lowest level input that is significant to the entire measurement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory_E41_CY": { "value": "
Financial Liabilities
Basic financial liabilities, being trade and other payables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. The Company does not hold or issue derivative financial instruments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory_D1057519940_CY": { "value": "
Assets held for sale
The Group classifies non-current assets (or disposal groups) as held for sale when their carrying amounts are expected to be recovered primarily through a sale transaction rather than through continuing use. Such assets or disposal groups are measured at the lower of their carrying amount and fair value less costs to sell and are not depreciated or amortised once classified as held for sale. The classification and measurement of assets held for sale are carried out in accordance with IFRS 5 \u2013 Non-current Assets Held for Sale and Discontinued Operations. The Group has determined that its wholly owned subsidiary LRH Resources Ltd (LRH) is classified as held for sale. See note 20.
\u00a0
Criteria for Classification as Held for Sale
A non-current asset (or disposal group) is classified as held for sale if it meets the following conditions:
\u00a0
1.
The asset (or disposal group) is available for immediate sale in its present condition, subject only to terms that are usual and customary for such sales.
2.
The sale is highly probable. For the sale to be highly probable, the following conditions must be met:
\uf0b7
Management is committed to a plan to sell the asset (or disposal group).
\uf0b7
An active program to locate a buyer and complete the plan has been initiated.
\uf0b7
The asset (or disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value.
\uf0b7
The sale is expected to be completed within one year from the date of classification.
\uf0b7
Actions required to complete the sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
\u00a0
Measurement of Assets Held for Sale
Upon classification as held for sale, non-current assets (or disposal groups) are measured at the lower of:
\uf0b7
Their carrying amount before classification as held for sale, or
\uf0b7
Fair value less costs to sell.
\u00a0
If the carrying amount of the asset (or disposal group) exceeds its fair value less costs to sell, an impairment loss is recognised in the income statement. Gains are only recognised to the extent that they reverse previously recognised losses on the same asset.
Disposal of the Asset (or Disposal Group)
When a sale is completed, the Group derecognises the asset (or disposal group) and recognises any resulting gain or loss on disposal in the income statement. The gain or loss is calculated as the difference between the carrying amount of the asset (or disposal group) and the sale proceeds, less costs to sell.
\u00a0
Reclassifications and Changes in Plans
If the criteria for classification as held for sale are no longer met, the Group ceases to classify the asset (or disposal group) as held for sale. The asset (or disposal group) is remeasured at the lower of:
\uf0b7
Its carrying amount before classification as held for sale, adjusted for any depreciation or amortisation that would have been recognised had the asset not been classified as held for sale, and
\uf0b7
Its recoverable amount at the date of the subsequent decision not to sell.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_E42_CY": { "value": "
Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the date of the consolidated statement of financial position are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in profit or loss.
\u00a0
Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at foreign exchange rates ruling at the dates the fair value was determined.
\u00a0
Financial statements of foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated to Pound Sterling at exchange rates ruling at the date of the consolidated statement of financial position. The revenues and expenses of operations are translated to Pound Sterling at rates approximating to the exchange rates ruling at the dates of the transactions. Foreign exchange differences arising on retranslation are recognised in other comprehensive income. They are reclassified to profit or loss upon disposal.
\u00a0
On disposal of a foreign operation, the cumulative exchange differences recognised in the foreign exchange reserve relating to that operation up to the date of disposal are reclassified to the profit or loss as part of the profit or loss on disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory_E52_CY": { "value": "
Current and deferred income tax
Current income tax is calculated on the basis of the tax laws enacted or substantively enacted at the statement of financial position date in the country where the Company operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial information. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the statement of financial position date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets
are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory_E17_CY": { "value": "
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial information. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the statement of financial position date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets
are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory_E26_CY": { "value": "
Earnings per share
The Group presents basic and diluted earnings per share (\u201cEPS\u201d) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to shareholders of the Company by the weighted average number of ordinary shares outstanding during the period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_E73_CY": { "value": "
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of property, plant and equipment.
\u00a0
Office equipment is depreciated straight line over three years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory_E54_CY": { "value": "
Intangible assets
Intangible assets not acquired as part of an asset acquisition are initially carried at cost. 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.
\u00a0
Intangible assets acquired as part of a business combination, and separately recognised from goodwill, are capitalised and measured at their fair value at the date of acquisition.
\u00a0
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.
\u00a0
Exploration and evaluation costs
These comprise costs directly incurred in exploration and evaluation as well as the cost of mineral licences. Mineral evaluation and exploration costs which are capitalised as intangible assets include costs of licence acquisition, technical services and studies, exploration drilling and testing and appropriate technical and administrative. Exploration costs are capitalised as intangible assets pending the determination of the feasibility and the commercial viability of the project.
\u00a0
When the decision is taken to develop a mine, the related intangible assets are transferred to mines under development within property, plant and equipment and the exploration and evaluation costs are amortised over the estimated life of the project upon commercial production. Prior to reclassification to property, plant and equipment exploration and evaluation assets are assessed for impairment and any impairment loss is recognised immediately in the statement of comprehensive income.
\u00a0
Where a project is abandoned or is determined not economically viable, the related costs are written off.
\u00a0
The recoverability of deferred exploration and evaluation costs is dependent upon a number of factors common to the natural resource sector. These include the extent to which the Company can establish mineral reserves on its properties, the ability of the Company to obtain necessary financing to complete the development of such reserves and the future profitable production or proceeds from the disposition thereof.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory_E51_CY": { "value": "
Impairment of non-financial assets
The carrying amounts of the Group\u2019s assets are reviewed at the date of each consolidated statement of financial position to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. Impairment is measured by comparing the carrying
values of the asset with its recoverable amount. The recoverable amount of the asset is the higher of the asset\u2019s fair value less costs to sell and its value-in-use, which is measured by reference to discounted future cash flow.
\u00a0
An impairment loss is recognised in the income statement immediately.
\u00a0
When there is a change in the estimates used to determine the recoverable amount, a subsequent increase in the recoverable amount of an asset is treated as a reversal of the previous impairment loss and is recognised to the extent of the carrying amount of the asset that would have been determined (net of amortisation and depreciation) had no impairment loss been recognised. The reversal is recognised in the income statement immediately, unless the asset is carried at its revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory_E92_CY": { "value": "
Trade and other receivables\u00a0
Trade and other receivables are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.\u00a0
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents_E22_CY": { "value": "
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, demand deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. The carrying amount of these assets approximates their fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory_E91_CY": { "value": "
Trade and other payables\u00a0
Trade and other payables are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory_E6_CY": { "value": "
Borrowings
Interest bearing debt facilities are initially recognised at fair value, net of directly attributable transaction costs. Transaction costs are recognised in the income statement on a straight-line basis over the term of the facility.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_tmin_DescriptionOfAccountingPolicyBorrowingsWithEmbeddedDerivativeLiabilityExplanatory_D2117263857_CY": { "value": "
Borrowings with embedded derivative
Borrowings with embedded derivative liability held at fair value through profit and loss (\u2018FVTPL\u2019)
Convertible debt with an embedded derivative liability pertains to borrowing where the holder has the right to convert the debt into a variable number of shares of the Company or a variable cash amount, such that the conversion feature does not meet the definition of equity under IAS 32 'Financial Instruments: Presentation'.
\u00a0
Initial recognition
The convertible debt is initially recognised by separating it into the host contract and the embedded derivative. The embedded derivative is measured at its fair value at initial recognition. The value of the host contract is determined as the difference between the proceeds received (net of transaction costs directly attributable to the issuance of the instrument) and the fair value of the embedded derivative.
\u00a0
Subsequent measurement
\uf0b7
Liability Component (Host Contract): After initial recognition, the liability component of the convertible debt (excluding the embedded derivative) is measured at amortised cost using the effective interest method. Interest expense, as calculated using the effective interest rate, is recognised in profit or loss.
\uf0b7
Embedded Derivative Liability: The embedded derivative is measured at fair value using a Monte Carlo based option pricing model for the convertible loans issued to ACM and CLG, with
\u00a0
changes in fair value recognised immediately in profit or loss. The derivative is revalued at each reporting date.
\u00a0
Conversion
\uf0b7
If the conversion option is exercised, the carrying amount of the liability component and the fair value of the embedded derivative at the date of conversion are transferred to equity, assuming the shares are issued. Any difference between the combined carrying amount and the number of shares issued multiplied by the share price at the conversion date is recognised in profit and loss.
\uf0b7
If the bondholders choose not to convert and the debt matures, the embedded derivative is derecognised and settled together with the host contract.
\u00a0
Equity-classified borrowings with embedded derivative
Borrowings with embedded derivatives classified as equity refer to debt instruments that include a derivative component allowing for conversion into a fixed number of the Company\u2019s own equity instruments in exchange for a fixed principal amount, such a conversion feature meets the definition of an equity instrument, rather than a financial liability.
\u00a0
Initial Recognition and Measurement
At initial recognition, the borrowing is separated into two components: (i) the liability component, which reflects the present value of future cash flows of the debt, and (ii) the equity component, representing the embedded derivative that allows conversion into equity. The equity component is recorded in a separate reserve within equity.
\u00a0
Subsequent Measurement
The liability component is subsequently measured at amortised cost using the effective interest method. The equity component is not remeasured after initial recognition, in accordance with IAS 32.
\u00a0
Conversion
Upon conversion of the borrowing into the Company\u2019s equity instruments, the carrying amount of the liability component and the equity component are transferred to share capital and share premium, as applicable.
", "dimensions": { "concept": "tmin:DescriptionOfAccountingPolicyBorrowingsWithEmbeddedDerivativeLiabilityExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_tmin_DescriptionOfAccountingPolicyEquityInstrumentsAndReservesDescriptionExplanatory_D1580152617_CY": { "value": "
Equity instruments and reserves description
An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all its liabilities. Equity instruments issued by the Company are recorded at the proceeds received net of direct issue costs.
\u00a0
Ordinary shares are classified as equity and rank in full for all dividends or other distributions declared, made or paid on the ordinary share capital of the Company.
\u00a0
Share capital account represents the nominal value of the ordinary shares issued.
\u00a0
The share premium account represents premiums received on the initial issuing of the share capital. Any transaction costs associated with the issuing of shares are deducted from share premium, net of any related income tax benefits.
\u00a0
Warrant reserve represents equity-settled share-based payments made to third parties until such warrants are exercised. Only equity-settled share-based payments that will be settled by the Company exchanging a fixed amount of cash (or another financial asset) for a fixed number of its own equity instruments will be included in the Warrant reserve.
The convertible loan reserve represents the equity component of convertible loan instruments issued by the Company. This reserve arises from instruments that can be converted into a fixed number of the Company\u2019s own equity instruments in exchange for a fixed principal amount, reflecting an equity-settled component in accordance with IAS 32 Financial Instruments: Presentation. The reserve is recorded at initial recognition of the convertible instrument and remains in equity until the conversion option is exercised or the instrument is redeemed. Upon conversion, the related balance in the reserve is transferred to share capital and share premium as applicable; if the instrument is redeemed, the reserve balance is transferred to retained earnings.
\u00a0
Share-based payment reserve represents equity-settled share-based payments made to directors and employees until such share-based payments are exercised.
\u00a0
Foreign exchange reserve represents:
\uf0b7
differences arising on the opening net assets retranslation at a closing rate that differs from opening rate; and
\uf0b7
differences arising from retranslating the income statement at exchange rates at the dates of transactions at average rates and assets and liabilities at the closing rate.
\u00a0
Retained earnings include all current and prior period results as disclosed in the Statement of Comprehensive Income.
", "dimensions": { "concept": "tmin:DescriptionOfAccountingPolicyEquityInstrumentsAndReservesDescriptionExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForWarrantsExplanatory_E97_CY": { "value": "
Warrants
The Company estimates the fair value of share warrants using the Black-Scholes pricing model considering the terms and conditions upon which the warrants were issued. Warrants relating to equity finance are recorded as a reduction of capital stock based on the fair value of the warrants.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_E86_CY": { "value": "
Share-based payments
Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the equity instrument at the grant date. Fair value is measured by use of the Black-Scholes model. Where the value of the goods or services received in exchange for the share-based payment cannot be reliably estimated the fair value is measured by use of a Black-Scholes model.
\u00a0
The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest.
\u00a0
Equity-settled share-based payment transactions with other parties are measured at the fair value of the goods and services received, except where the fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the entity obtains the goods or the counterparty renders the service.
\u00a0
All equity-settled share-based payments are ultimately recognised as an expense in the profit or loss with a corresponding credit to \u201cShare-based payments reserve\".
\u00a0
Upon exercise of share options, the proceeds received net of attributable transaction costs are credited to share capital, and where appropriate share premium. No adjustment is made to any expense recognised in prior periods if share options ultimately exercised are different to that estimated on vesting or if the share options vest but are not exercised.
When share options lapse or are forfeited the respective amount recognised in the Share-based payment reserve is reversed and credited to accumulated profit and loss reserve.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfFinancialRiskManagementExplanatory_E58_CY": { "value": "
4.\u2003 Financial risk
The following represent the key financial risks that the Company faces:
Financial risk factors
The Company\u2019s operations exposed it to a variety of financial risks that had included the effects of credit risk, liquidity risk and interest rate risk. The Company had in place a risk management programme that attempted to limit the adverse effects on the financial performance of the Company by monitoring levels of debt finance and the related finance costs. The Company did not use derivative financial instruments to manage interest rate costs and as such, no hedge accounting was applied.
\u00a0
Given the size of the Company, the Directors did not delegate the responsibility of monitoring financial risk management to a sub-committee of the Board. The policies set by the Board of Directors were implemented by the Company\u2019s finance department:
(a) Credit risk
The Company\u2019s credit risk was primarily attributable to its trade receivables balance. The amounts presented in the statement of financial position are net of allowances for impairment.
\u00a0
(b) Liquidity risk
Liquidity risk was the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Company\u2019s financial liabilities included its trade and other payables shown in Note 23;
\u00a0
(c) Interest rate cash flow risk
The Company had interest-bearing assets. Interest-bearing assets comprised cash balances and unsecured loans, which earned interest at floating rates. See note 28.
\u00a0
Capital risk management
The Company monitors capital which comprises all components of equity (i.e., share capital, share premium and retained earnings/losses). See note 28
28. Financial risk management
The Group\u2019s activities expose it to a variety of financial risks which result from its operating and investing activities, market risk (foreign currency exchange risk), liquidity risk, capital risk and credit risk. These risks are mitigated wherever possible by the Group\u2019s financial management policies and practices described below. The Group\u2019s financial risk management is carried out by the finance team led by the Chief Financial Officer and under policies approved by the Board. Group Finance identifies, evaluates and mitigates financial risks in close co-operation with the Group\u2019s senior management team.
\u00a0
Financial instruments by category
Group
Group
2024
\u00a3000
Company
2024
\u00a3000
Group
2023
\u00a3000
Company
2023
\u00a3000
Financial assets at amortised costs:
\u00a0
\u00a0
\u00a0
\u00a0
Trade and other receivables
432
423
81
81
Cash
15
1
318
-
Loan receivable
7,051
7,051
5,185
6,493
Financial liabilities at amortised costs:
\u00a0
\u00a0
\u00a0
\u00a0
Trade and other payables
1,498
1,490
438
402
Borrowings
3,605
3,605
1,557
1,557
Financial assets at fair value through other comprehensive income:
\u00a0
\u00a0
\u00a0
\u00a0
Financial assets
30
30
1,221
1,219
Financial liabilities at fair value through comprehensive income
\u00a0
3,092
\u00a0
3,092
\u00a0
1,557
\u00a0
1,557
\n
\u00a0
\u00a0
Investments in equity instruments at FVTOCI are measured at cost, less impairments, which is considered to be equal to their fair values.
\u00a0
Capital risk
Capital risk refers to the risk associated with a Company\u2019s ability to maintain an appropriate level of capital to support its operations and absorb potential losses.
\u00a0
The Group\u2019s objectives when managing capital risk are:
\uf0b7
to safeguard the Group\u2019s ability to continue as a going concern, so that it continues to provide returns and benefits for shareholders;
\uf0b7
to support the Group\u2019s growth; and
\uf0b7
to provide capital for the purpose of strengthening the Group\u2019s risk management capability.
\u00a0
The Group actively and regularly reviews and manages its capital structure to ensure an optimal capital structure and equity holder returns, taking into consideration the future capital requirements of the Group and capital efficiency, prevailing and projected profitability, projected operating cash flows, projected capital expenditures and projected strategic investment opportunities. Management regards total equity as capital and reserves, for capital management purposes. The Group is not subject to externally imposed capital requirements.
\u00a0
Credit risk
Credit risk refers to the risk that the Group\u2019s financial assets will be impaired by the default of a third party (being non-payment within the agreed credit terms). The Group is exposed to credit risk primarily on its cash and cash equivalent balances as set out in note 22 and on its trade and other receivable balances as set out in note 21. The Group\u2019s credit risk is primarily attributable to its other receivables, being royalty receivables. It is the policy of the Group to present the amounts in the balance sheet net of allowances for doubtful receivables, estimated by the Group\u2019s management based on prior experience and the current economic environment. In certain cases, the Group has the right to audit the reported royalty income.
\u00a0
For banks and financial institutions, only parties with a minimum credit rating of BBB are accepted. The majority of cash is held with Revolut Limited in the UK.
\u00a0
The Directors have considered the credit exposures and do not consider that they pose a material risk at the present time. The credit risk for cash and cash equivalents is managed by ensuring that all surplus funds are deposited only with financial institutions with high quality credit ratings. There are currently no expected credit losses in respect of cash balances held.
\u00a0
Liquidity risk
Liquidity risk relates to the ability of the Group to meet future obligations and financial liabilities as and when they fall due. The Group currently has access to sufficient cash resources to pay the trade and other payables and contingent consideration as and when they fall due.
\u00a0
Future expected payments
Group
\u00a0
2024
\u00a3000
2023
\u00a3000
Trade and other payables within one year
\u00a0
1,498
438
Current tax liabilities within one year
\u00a0
-
-
\u00a0
\u00a0
\u00a0
\u00a0
\n
\u00a0
\u00a0
Foreign exchange risk
The Group is exposed to foreign exchange risk arising from currency exposures, primarily with respect to the United States Dollar (USD) and the Euro (EUR).
\u00a0
The following table highlights the major currencies the Group operates in and the movements against the Great British Pound (GBP) during the course of the year:
\u00a0
Average rate
Reporting spot rate
\u00a0
2024
2023
\u00a0
Movement
2024
2023
\u00a0
Movement
United States Dollar
1.26
1.20
0.06
1.26
1.27
(0.01)
Euro
1.17
1.15
0.02
1.18
1.16
0.02
\u00a0
The Group\u2019s exposure to foreign currency risk based on GBP equivalent carrying amounts of monetary items at the reported date:
\u00a0
2024
\u00a3000
USD
2024
\u00a3000
EUR
2023
\u00a3000
USD
\u00a0
2023
\u00a3000
EUR
Cash and cash equivalents
-
8
1
33
Trade and other receivables
-
7
-
4
Trade and other payables
(8)
(61)
(8)
(88)
Net exposure
(8)
(46)
(7)
(51)
\u00a0
The Group does not hedge against foreign exchange movements.
\u00a0
Exchange rate sensitivity
The Group is mainly exposed to foreign exchange risk on the cash balances and trade and other payables denominated in currencies other than GBP as detailed above. A +/- 10% change in the GBP:EUR and GBP:USD rate and the impact of a +/- 10% change on the exchange rates on the translation of foreign subsidiaries into the Group\u2019s presentation currency would result in the following changes:
\u00a0
\u00a0
2024
\u00a3000
2024
\u00a3000
2023
\u00a3000
\u00a0
2023
\u00a3000
\u00a0
Profit/(loss)
+10%/-10%
Equity
+10%/-10%
Profit/(loss)
+10%/-10%
\u00a0
Equity
+10%/-10%
USD
(1) / 1
1 / (1)
(11) / 11
16 / (16)
EUR
(33) / 33
16 / (16)
(18) / 18
25 / (25)
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_E3_CY": { "value": "
5.\u2003 Critical accounting estimates and judgements
The preparation of the financial statements require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions.
\u00a0
Information about such judgements and estimates are contained in the accounting policies and/or the notes to the consolidated financial statements. Areas of judgement that have the most significant effect on the amounts recognised in the consolidated financial statements are as follows:
\u00a0
Recyclus Accounted for as an Associated Company
The Company, considering IAS 28 - Investments in Associates and Joint Ventures and IFRS 10 - Consolidated Financial Statements, has determined that whilst it does have significant influence over Recyclus it does not control and direct it, and the directors of Recyclus who are also directors of the Company are excluded from any Company decisions relating to Recyclus. Therefore, the Company believes that it is reasonable to account for Recyclus as an associated company.
\u00a0
\n
\u00a0
\u00a0
The Company is in correspondence with the Financial Reporting Council (\u201cFRC\u201d) in respect of the Company\u2019s financial statements for the year ended 30 June 2023 regarding the treatment of Recyclus as an Associate company, and in respect of the accounting treatment of loans made to Recyclus. As set out in Note 18 to the financial statements, the Company has treated Recyclus as an Associate company as it has judged that it does not control Recyclus and has also announced that it is not currently pursuing the takeover of Recyclus as it would not be able to meet the reverse takeover re-listing rules of the London Stock Exchange.
\u00a0
In respect of the loans made to Recyclus, when the loan agreement was entered into in 2021 interest rates were low and it was judged that no equity portion of the loan was required to be recognised. Since then, as set out in Note 19, due to interest rate differentials in the market and considering Company borrowing costs, the Company has assessed that it is fair for a portion of these loans to be classified as equity in accordance with IFRS 9 in the current year, and to make an adjustment to the prior year.
\u00a0
Valuation of warrants and share options \u2013 see note 25
The Company estimates the fair value of the future liability relating to issued warrants and share options using the Black-Scholes pricing model taking into account the terms and conditions upon which the warrants and share options were issued, if the warrant or share option was granted on its own.
\u00a0
Loan to associate- see note 19
Determination as to whether, the loan to associate is recoverable involves management estimates and judgement. Management reviewed the cashflow forecasts of the associate to determine whether an impairment of the loan is required. The Company has considered a range of sensitivities in respect of sales, cost of sales and discount rates and has assumed that the relevant environmental permits will be issued to enable the achievement of sales. The Company has concluded that there is considerable headroom over the carrying value of the loan provided commercial production can be achieved.
\u00a0
Equity Element of Loans to Associates (IFRS 9)
The loan provided to the associate has been split into debt and equity components in accordance with IFRS 9 (Financial Instruments). Determining the split between the loan\u2019s debt and equity components involves estimating the present value of future cash flows and selecting an appropriate discount rate. For the years ended 30 June 2024 and 30 June 2023, the company used a 20% discount rate, being the estimated interest rate that the company would be charged for borrowings with no conversion premium. For the year ended 30 June 2022 the company used a discount rate of 12% being the estimated return on its equity as the Company had no borrowings during that year.
\u00a0
The company has also made a prior year adjustment to account for the equity component of the loan in the financial statements for the years ended 30 June 2022 and 30 June 2023, which was not recognised in prior periods. This adjustment is discussed in Note 31 and Note 19.
\u00a0
Unquoted financial assets \u2013 see note 16
The Company holds certain unquoted investments which are held at fair value through other comprehensive income in the financial statements. The determination of whether the carrying amount of these investments, currently being cost, approximates their fair value requires significant estimates and judgments by management. The following describes the basis and considerations made by management in this determination:
\u00a0
Operating activities and future plans of the Investee: Management reviewed the operating activities and future plans of the investees. The information provided evidence to support the view that the fair value has not significantly changed from cost.
\u00a0
\u00a0
\u00a0
\n
\u00a0
\u00a0
Market and Economic Indicators: Management considered relevant market and economic indicators, industry trends, and other macroeconomic factors that might impact the fair value of the investments.
\u00a0
Impairment Indicators: Management continuously evaluates for any indications of impairment. If there were any external or internal indicators suggesting that the investment might be impaired, a detailed impairment assessment would be undertaken.
\u00a0
Based on the above considerations and the information available, management determined that the carrying amount of the unquoted investments in the financial statements as at 30 June 2024 should be impaired as follows:
\u00a0
My Club Betting (MCB) - having reviewed the carrying value of MCB and taking into account the last price at which the company has raised funds, the carrying value has been impaired to \u00a330k.
\u00a0
Dunraven - Whilst the economics of the oil licences held by Dunraven are strong, there are impairment indicators and therefore the Company has impaired 100% of the value of its holding pending Dunraven securing funding and licence renewals.
\u00a0
Impairment of exploration and evaluation costs \u2013 see note 15
Determination as to whether, and by how much, an asset or cash generating unit is impaired involves management estimates. Management uses the following triggers to assess whether impairment has occurred (the list is not exhaustive):
\u2022
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.
\u2022
Substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned.
\u2022
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.
\u2022
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 on successful development or by sale.
\u00a0
The Management used the above triggers to evaluate each mineral exploration licence held by the group and determined carrying value of the mineral exploration licences did not need to be impaired.
Assets held for sale \u2013 see note 20
\u00a0
The classification of assets (or disposal groups) as held for sale involves the use of significant judgements in assessing whether the criteria set out under IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations are met. For the financial year ended 30 June 2024, management has applied critical judgements to determine whether a specific disposal group should be classified as held for sale based on the status and timing of a negotiated sale agreement.
\u00a0
Assessment of Sale Probability and Timing
Management has exercised judgement in determining whether the sale of LRH Resources Ltd (\u2018LRH\u2019) is highly probable as at 30 June 2024. The following factors were considered:
\uf0b7
Binding Heads of Terms Signed in April 2024: A binding heads of terms agreement (HoT), outlining the key commercial terms and conditions of the sale, was signed in April 2024. This formalised commitment by both parties indicates that the sale was highly probable as at 30 June 2024.
\uf0b7
SPA Signed in October 2024: Although the formal Sale and Purchase Agreement (\u2018SPA\u2019) was signed in October 2024, after the reporting date, the key terms (including purchase price,
\u00a0
\n
\u00a0
\u00a0
\u00a0\u00a0
significant conditions, and timeline) were already agreed and documented in the HoT. This indicates that the SPA execution was a procedural formality, and management\u2019s commitment to sell LRH existed as of 30 June 2024.
\uf0b7
Management\u2019s Commitment to Sell: The Group demonstrated a clear commitment to sell by initiating an active plan to locate a buyer, with no indications of significant changes or delays in the plan.
\uf0b7
Expected Completion: The sale is expected to be completed within one year from the classification date, satisfying the timing requirement of IFRS 5.
\u00a0
Based on these factors, management concluded that as of 30 June 2024, the criteria for classification as held for sale were met, even though the SPA was signed post-reporting date. Therefore, the disposal group has been classified as held for sale as at 30 June 2024.
\u00a0
Measurement at Fair Value Less Costs to Sell
Upon classification as held for sale, LRH is measured at the lower of its carrying amount of \u00a3878k (total assets of \u00a3905k less total liabilities of \u00a327k) and fair value less costs to sell. Given the binding nature of the HoT signed in April 2024, management used the agreed-upon sale price of US$10m in the HoT as a basis for estimating fair value, adjusted for directly attributable costs to sell, such as legal and transaction fees. Therefore, the carrying value used for LRH is \u00a3878k.
\u00a0
Judgement in Determining Discontinued Operations
IFRS 5 requires a disposal group to be classified as a discontinued operation if it represents a separate major line of business or a geographical area of operations that is material to the Group\u2019s overall financial performance. Management has applied significant judgement to assess whether the sale of the subsidiary constitutes a discontinued operation.
\u00a0
For the year ended 30 June 2024, management concluded that the subsidiary does qualify as a discontinued operation because it represents the disposal of a separate major line of business being the Group\u2019s Lithium exploration activities in Ireland. See note 20.
\u00a0
Impact of Judgements and Estimates
The judgements applied in classifying LRH as held for sale and measuring fair value less costs to sell can significantly impact the financial position and results for the year ended 30 June 2024. Any changes in the terms of the sale, expected costs, or market conditions could lead to material adjustments to the carrying value and presentation of LRH in future periods.
\u00a0
Judgement Applied in Classification of Derivative as Equity or Liability
The Group issues convertible loans (CLNs) with embedded derivative features, which necessitates significant judgement in determining the classification of the derivative as either equity or a financial liability. This judgement considers the contractual terms of the conversion option, assessing whether the derivative meets the criteria for classification as equity. Where classified as a derivative financial liability (DFL), it is held at fair value through profit or loss (FVTPL), whereas derivatives classified as equity are not remeasured after initial recognition.
\u00a0
Judgement Applied in Selection of Valuation Method
For convertible loans where the embedded derivative is classified as equity, the Group applies a net present value (NPV) approach to the valuation of the CLN. Conversely, for CLNs where the embedded derivative is classified as a financial liability, an option-pricing model is applied to determine fair value, considering the complex terms and variability of the conversion feature.
\u00a0
\u00a0
\u00a0
Estimation Applied in Valuation of Derivative Financial Liability
For CLNs classified as containing a DFL held at FVTPL, the Group uses a Monte Carlo simulation model to estimate the fair value of the DFL on initial recognition, at each reporting date, and upon conversion events. This approach is deemed appropriate due to the simulation\u2019s ability to model a range of possible outcomes, capturing the inherent variability in conversion terms and share price volatility. Key inputs in the Monte Carlo model include the Company\u2019s share price, share price volatility, the risk-free interest rate, and assumptions regarding the timing and probability of conversion.
\u00a0
Changes in any of these assumptions may significantly impact the fair value of the derivative liability, potentially resulting in profit or loss variations. Management regularly reassesses these inputs, utilising historical data and market-based assumptions to ensure that the fair value estimation reflects the economic substance of the convertible instrument.
\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory_E41_CY": { "value": "
6.\u2003 Operating Segments
\u00a0
In accordance with IFRS 8 \u2018Operational Segments,\u2019 the Group determines and presents operating segments based on the information that is provided internally to the Executive Directors, who are the Group's chief operating decision makers (\u201cCODM\u201d). The operating segments are aggregated if they meet certain criteria.
\u00a0
Identification of Segments:
An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group's other components, and is:
\u00a0
\u00a0
a)
Expected to generate revenues and incur expenses.
\u00a0
b)
Regularly reviewed by the CODM to make decisions about resources to be allocated to the segment and assess its performance.
\u00a0
c)
For which discrete financial information is available.
\u00a0
Based on the above criteria, the Group has identified its reportable segments as:
\uf0b7
Mineral Exploration: This segment is engaged in the exploration and assessment of mineral deposits.
\uf0b7
Battery Recycling: This segment is involved in the recycling of batteries to recover valuable materials.
\uf0b7
Other: This segment includes expenditure, corporate assets and corporate liabilities that are managed on a group basis, including the loan to its associate undertaking, Recyclus Group Ltd.
\u00a0
Measurement:
The CODM assesses the performance of the operating segments based on a measure of operating profit/loss. Interest income and expenditure are not included in the results for each operating segment that is reviewed by the CODM.
\u00a0
Below is a summary of the Group's results, assets and liabilities by reportable segment as presented to the Executive Board.
\u00a0
\u00a0\u00a0
Mineral exploration
Battery recycling
Other
Total
\u00a0
\u00a0
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a0
Year ended 30 June 2024:
\u00a0\u00a0\u00a0\u00a0
\u00a0
Operating expenses
(354)
(887)
(5,388)
(6,629)
\u00a0
Total segment operating loss
(354)
(887)
(5,388)
(6,629)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Year ended 30 June 2023 (as restated):
\u00a0\u00a0\u00a0\u00a0
\u00a0
Operating expenses
(281)
(736)
(3,300)
(4,317)
\u00a0
Total segment operating loss
(281)
(736)
(3,300)
(4,317)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Total segment assets
\u00a0\u00a0\u00a0\u00a0
\u00a0
At 30 June 2024
15,197
-
8,376
23,573
\u00a0
At 30 June 2023 (as restated)
15,359
-
7,239
22,598
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Total segment liabilities
\u00a0\u00a0\u00a0\u00a0
\u00a0
At 30 June 2024
(33)
-
(8,188)
(8,221)
\u00a0
At 30 June 2023
(37)
-
(2,188)
(2,225)
Included in the Mineral exploration segment in total segment assets is intangible asset additions of \u00a3406k (FY2023: \u00a3420k). There were no other intangible asset additions in other segments.
\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfGeneralAndAdministrativeExpenseExplanatory_E60_CY": { "value": "
7.
Administrative expenses
\u00a0
\u00a0
2024
\u00a0
2023
\u00a0
\u00a3000
\u00a3000
Legal and professional fees
1,143
536
Employee benefit expense
674
689
Share-based payment charge
102
2,218
Advertising and marketing
189
312
Audit and Tax
68
65
Depreciation
2
1
Other administrative expenses
230
35
\u00a0
2,408
3,856
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfAuditorsRemunerationExplanatory_E7_CY": { "value": "
8.
Auditors\u2019 remuneration
\u00a0
\u00a0
2024
\u00a0
2023
\u00a0
\u00a3000
\u00a3000
\u00a0
\u00a0
\u00a0
Fees payable for the audit of the Group
84
65
\u00a0
84
65
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_tmin_DisclosureOfEmployeesAndDirectorsExplanatory_D1382699353_CY": { "value": "
9.
Employees and Directors
During the period key management personnel were the Directors of the Company.
\u00a0
The average number of persons employed by the Company during the period (including Directors that receive remuneration) was 5 (2023: 5).
\u00a0
The following table sets out the total employee and Director costs.
\u00a0
2024
2023
\u00a0
\u00a3000
\u00a3000
Director and consulting fees
614
605
Wages and salaries
-
6
Share based payment charge
102
2,218
Social security costs
60
78
\u00a0
776
2,907
The Directors\u2019 remuneration is set out in the Directors\u2019 Remuneration Report on page 41.
", "dimensions": { "concept": "tmin:DisclosureOfEmployeesAndDirectorsExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_tmin_DisclosureOfOtherIncomeExplanatory_D631614369_CY": { "value": "
10. Other income
\u00a0
2024
2023
\u00a0
\u00a3000
\u00a3000
Management fees
17
47
\u00a0
61
47
", "dimensions": { "concept": "tmin:DisclosureOfOtherIncomeExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfFinanceIncomeExpenseExplanatory_E50_CY": { "value": "
11. Finance income and other finance costs
Finance income
2024
As restated
2023
\u00a0
\u00a3000
\u00a3000
Interest charged to related parties
550
535
Fair value movement on derivative financial liability
-
128
\u00a0
550
663
The loan to associate has an annual interest rate of 2.5%.
\u00a0
\u00a0
2024
2023
Finance charges
\u00a3000
\u00a3000
Interest payable
618
72
Unwinding of discount on convertible loans inclusive of loan
fees
799
322
Fair value movement on derivative financial liability
1,132
-
\u00a0
2,549
394
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfIncomeTaxExplanatory_E67_CY": { "value": "
12. Taxation
\u00a0
\u00a0
2024
As restated
2023
\u00a0
\u00a3000
\u00a3000
Current tax
-
-
Deferred tax
-
-
Total income tax expense
-
-
\u00a0
\u00a0
\u00a0
2024
As restated
2023
\u00a0
\u00a3000
\u00a3000
Loss before tax from continuing operations
(6,642)
(4,313)
Profit/(loss) before tax from discontinued operations
13
(4)
Loss for the year
(6,629)
(4,317)
\u00a0
\u00a0
\u00a0
Tax using the Company\u2019s domestic tax rate 25% (20.5%)
(1,657)
(885)
Effect of non-deductible expenses
545
455
Utilisation of tax losses
(5)
-
Differences in overseas tax rates
5
(2)
Tax losses carried forward
1,112
432
Total tax expense
-
-
\u00a0
\u00a0
Effective tax rate
The effective tax rate was 25% (2023: 20.5%). Tax charges are affected by the mix of profits and tax jurisdictions in which the Group operates. The impact of unrecognised tax losses and non-deductible items increases the Group\u2019s overall effective tax rate.
\u00a0
At the year end, the Group had estimated tax losses of \u00a38,699,000 (2023 as restated: \u00a35,118,000) available for carry forward against future trading profits. As legislation has been enacted whereby the corporation tax rate is 25% from April 2023, the tax losses would have resulted in an additional deferred tax asset of \u00a32,175,000 (2023 as restated: \u00a31,280,000) which has not been recognised in the financial statements due to the uncertainty of the recoverability of the amount.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfEarningsPerShareExplanatory_E38_CY": { "value": "
\u00a0
13. Earnings per share
Basic earnings per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.
\u00a0
\u00a0
2024
As restated
2023
\u00a0
\u00a3000
\u00a3000
Profit/(loss) for the year attributable to equity holders of the
company
\u00a0\u00a0
Continuing operations
(6,641)
(4,302)
Discontinued operations
13
(4)
Total operations
(6,628)
(4,306)
Weighted average number of ordinary shares in issue
1,527,518,534
1,344,710,781
\u00a0
\u00a0\u00a0
Basic and fully diluted loss per share in pence
\u00a0\u00a0
- from continuing operations
(0.43)
(0.32)
- from discontinued operations
-
-
Total operations
(0.43)
(0.32)
\u00a0
As the Company has not generated a net profit for either the reporting period or the prior year, diluted EPS is not stated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory_E109_CY": { "value": "
14. Property, plant and equipment \u2013 Group
\u00a0
Cost
\u00a0
Office equipment
\u00a3000
Total
\u00a3000
\u00a0
1 July 2022
\u00a0
8
8
\u00a0
Additions
\u00a0
-
-
\u00a0
30 June 2023
\u00a0
8
8
\u00a0
Additions
\u00a0
2
2
\u00a0
30 June 2024
\u00a0
10
10
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Depreciation
\u00a0
\u00a0
\u00a0
\u00a0
1 July 2022
\u00a0
3
3
\u00a0
Depreciation charge
\u00a0
1
1
\u00a0
30 June 2023
\u00a0
4
4
\u00a0
Depreciation charge
\u00a0
1
1
\u00a0
30 June 2024
\u00a0
5
5
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Net book value 30 June 2024
\u00a0
5
5
\u00a0
Net book value 30 June 2023
\u00a0
4
4
Property, plant and equipment \u2013 Company
\u00a0
Cost
Office equipment
\u00a3000
Total
\u00a3000
\u00a0
1 July 2022
-
-
\u00a0
Additions
3
3
\u00a0
30 June 2023
3
3
\u00a0
Additions
2
2
\u00a0
30 June 2024
5
5
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Depreciation
\u00a0
\u00a0
\u00a0
1 July 2022
-
-
\u00a0
Depreciation charge
1
1
\u00a0
30 June 2023
1
1
\u00a0
Depreciation charge
1
1
\u00a0
30 June 2024
2
2
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Net book value 30 June 2024
3
3
\u00a0
Net book value 30 June 2023
2
2
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfIntangibleAssetsExplanatory_E72_CY": { "value": "
15. Intangible assets
\u00a0\u00a0
Mineral
\u00a0
\u00a0\u00a0
exploration
Total
\u00a0
Cost
\u00a3000
\u00a3000
\u00a0
1 July 2022
15,409
15,409
\u00a0
Additions
420
420
\u00a0
FX
(40)
(40)
\u00a0
Disposals
-
-
\u00a0
30 June 2023
15,789
15,789
\u00a0
Additions
406
406
\u00a0
FX
(8)
(8)
\u00a0
Transferred to asset held for sale
(889)
(889)
\u00a0
Impairment
(163)
(163)
\u00a0
Disposals
-
-
\u00a0
30 June 2024
15,135
15,135
\u00a0\u00a0\u00a0\u00a0
\u00a0
Accumulated amortisation
\u00a0\u00a0
\u00a0
1 July 2022 and 1 July 2023
-
-
\u00a0
Amortisation
-
-
\u00a0
30 June 2024
-
-
\u00a0\u00a0\u00a0\u00a0
\u00a0
Net book value 30 June 2024
15,135
15,135
\u00a0
Net book value 30 June 2023
15,789
15,789
\u00a0
In April 2024 the Group signed a binding head of agreement to sell its interest in exploration licences in Leinster, Republic of Ireland. This is envisaged to be affected by the sale of 100% of the issued share capital of LRH Resources Limited (\"LRH\") held by the Company to European Lithium Limited (ASX: EUR, FRA: PF8, OTC: EULIF) (\"European Lithium\") for a gross consideration of US$10 million. For further information see note 20.
\u00a0
In 2022, the Company elected not to proceed with further exploration at its Oacama project in South Dakota but retained a 15% interest through a now-expired earn-in agreement with North American Strategic Minerals, Inc. Following an impairment review at the 2024 year-end, the carrying value of this project was fully impaired, at \u00a3163k, the licences having now been allowed to lapse.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory_E54_CY": { "value": "
16. Financial assets measured at Fair Value through Other Comprehensive Income
The Group holds certain equity investments that are not held for trading purposes. Management has elected to classify these investments as being measured at fair value through other comprehensive income (\u201cFVOCI\u201d) because these equities represent investments that the Group intends to hold for the foreseeable future for strategic purposes.
\u00a0
\u00a0
Group
\u00a3000
Company
\u00a3000
\u00a0
1 July 2022
\u00a0
1,221
-
\u00a0
Additions
\u00a0
-
1,219
\u00a0
Fair value gains/(losses) recognised in OCI
\u00a0
-
-
\u00a0
30 June 2023
\u00a0
1,221
1,219
\u00a0
Additions
\u00a0
-
-
\u00a0
Impairment
\u00a0
(1,189)
(1,189)
\u00a0
FX
\u00a0
(2)
-
\u00a0
Fair value gains/(losses) recognised in OCI
\u00a0
-
-
\u00a0
30 June 2024
\u00a0
30
30
\u00a0
The financial assets at FVOCI are measured based on level three inputs of the fair value hierarchy i.e. unobservable inputs, used when relevant observable inputs are not available. Management determined the fair value by reviewing the operating activities and future plans of the investee and by taking into consideration the market and economic indicators, industry trends, and other macroeconomic factors that might impact the fair value of the investments.
\u00a0
Impairment
My Club Betting (MCB) - having reviewed the carrying value of MCB and taking into account the last price at which the company has raised funds, the carrying value has been impaired to \u00a329k.
\u00a0
Dunraven - Whilst the economics of the oil licences held by Dunraven are strong, there are impairment indicators and therefore the Company has impaired 100% of the value of its holding pending Dunraven securing funding and licence renewals.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_E126_CY": { "value": "
17. Investment in subsidiaries
\u00a0
Investment in subsidiaries \u2013 Company
\u00a0
\u00a0
Company
\u00a3000
1 June 2022
\u00a0
14,905
Additions/disposals
\u00a0
-
30 June 2023
\u00a0
14,905
Additions/disposals
\u00a0
-
Transfer of asset held for sale
\u00a0
(605)
30 June 2024
\u00a0
14,300
\u00a0
In April 2024 the Group agreed to sell LRH please see note 20 for further information.
As at 30 June 2024, the Company held interests in the following subsidiary companies:
\u00a0
Company
Country of registration
Proportion
held
Nature of business
Techmin Limited
18 Savile Row, London, England, W1S 3PW
United Kingdom
100%
Mineral exploration
Onshore Energy Limited
18 Savile Row, London, England, W1S 3PW
United Kingdom
100%
Mineral exploration
Cornish Battery Metals Ltd
18 Savile Row, London, England, W1S 3PW
United Kingdom
100%
Mineral exploration
Emperium 1 Holdings Corporation
10100, Santa Monica Boulevard
#300, Century City, Los Angeles, CA90067
USA
90%
Mineral exploration
Technology Minerals Idaho Limited
10100, Santa Monica Boulevard
#300, Century City, Los Angeles, CA90067
USA
90%
Mineral exploration
LRH Resources Ltd
Unit E, Kells Business Park,
Cavan Road, Kells Meath
A82 HK12, IRELAND
Ireland
100%
Mineral exploration
Asturmet Recursos S.L.
Avenida de Galicia, Oviedo
Asturias, SPAIN
Spain
100%
Mineral exploration
Technology Minerals Cameroon Limited
PO Box 666
Yaounde
Cameroon
Cameroon
100%
Mineral exploration
LRH Resources Ltd has been classified as held for sale
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfSignificantInvestmentsInAssociatesExplanatory_E6_CY": { "value": "
18. Investment in associates
In September 2021, the Company acquired 48.35% of a battery-recycling business, Recyclus Group Ltd (\u201cRecyclus\u201d) for nil consideration. Under the equity method the initial investment is recognised at cost being nil.
\u00a0
As there are common Directors between Technology Minerals Plc and Recyclus Group Ltd, Technology Minerals Plc is able to influence Recyclus Group Ltd, however, it does not control the Recyclus Group, which has its own operating, technical and financial management, as well as separate financial, human resources and other policies. Recyclus Group Ltd has raised loan and equity funding from third parties, and Technology Minerals Plc does not hold rights to favourable returns from its shareholding in Recyclus Group Ltd under IAS 28 and IFRS 10 criteria. Therefore, management has concluded that its investment in Recyclus is an investment in an associate and it did not control Recyclus as at year ended 30 June 2024. See note 5 for further information.
Summarised financial information for Recyclus Group (100% basis):
\u00a0
Group and Company
\u00a0
\u00a0
2024
\u00a3000
As restated
2023
\u00a3000
\u00a0
Non-current assets
\u00a0
4,691
4,209
\u00a0
Current assets
\u00a0
456
525
\u00a0
Current liabilities
\u00a0
(1,827)
(784)
\u00a0
Non-current liabilities
\u00a0
(7,920)
(6,524)
\u00a0
Revenue for the year
\u00a0
547
33
\u00a0
Loss for the year
\u00a0
(2,828)
(2,744)
\u00a0
\u00a0
The Group\u2019s share of the reported loss of Recyclus for the year amounts to \u00a31.4m (2023: \u00a31.3m as restated).
\u00a0
Equity loan support
While the investment in the associate remains at nil, the company has provided loans to the associate. A portion of these loans has been classified as equity in accordance with IFRS 9 due to the terms of the loan, as discussed in Note 19.
\u00a0
This accounting treatment has been applied to prior periods see note 31 prior year adjustments.
\u00a0
Carrying amount of investment
\u00a0
Group and Company
\u00a0
\u00a0
\u00a3000
\u00a0
1 July 2022
\u00a0
-
\u00a0
Loan funding recognised as equity, debited to investment
\u00a0
736
\u00a0
Group\u2019s share of loss
\u00a0
(736)
\u00a0
30 June 2023
\u00a0
-
\u00a0
Loan funding recognised as equity, debited to investment
\u00a0
887
\u00a0
Group\u2019s share of loss
\u00a0
(887)
\u00a0
30 June 2024
\u00a0
-
\u00a0
\u00a0
As the Group\u2019s share of the losses in Recyclus exceeds its interest in the associate, it has not recognised its share of further losses. Once Recyclus subsequently reports profits, the Group will resume recognising its share of those profits only after its share of the profits equals the share of losses not recognised.
\u00a0
There were no significant transactions between the Group and Recyclus other than the loans provided. See note 19.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_tmin_DisclosureOfLoansToAssociatesExplanatory_D1554047737_CY": { "value": "
19. Loans to associates
During the period the Company provided an unsecured loan to Recyclus which was initially recognised at amortised cost at the coupon rate in FY2022 and FY2023. Upon review, the Group has determined that a portion of the loan should be classified as equity in accordance with IFRS 9 due to the terms of the loan, which are favourable to the associate and carry a below-market interest rate.
\u00a0
The equity element represents the difference between the present value of forecasted future loan repayment cash flows and the nominal loan amount. The discount rate used for the 30 June 2024 and 30 June 2023 financial statements was 20%, reflecting interest rate that the company would be charged for borrowings with no conversion premium. As the Group had no borrowings for the 30 June 2022 period, the rate used was 12% reflecting the Group\u2019s estimated equity return and the risk-free rate was the lowest due to Covid. A prior year adjustment was made to reflect the equity element for 30 June 2022 and 30 June 2023, which was not recognised in those years, as an investment in an associate accounted for under the equity method (see Note 31).
\u00a0
Group and Company
\u00a0
\u00a3000
\u00a0
1 July 2022
4,538
\u00a0
Loan funding recognised as equity and debited to investment
(911)
\u00a0
1 July 2022 (as restated)
3,627
\u00a0
Additions
1,859
\u00a0
Accrued interest
435
\u00a0
Loan funding recognised as equity and debited to investment
(736)
\u00a0
30 June 2023 (as restated)
5,185
\u00a0
Additions
2,203
\u00a0
Accrued interest
550
\u00a0
Loan funding recognised as equity and debited to investment
(887)
\u00a0
30 June 2024
7,051
\u00a0
\u00a0
Loans to associates generally bear 2.5% interest. The loan is repayable in monthly instalments when funds are available and if repayments are not made then the Group is entitled to additional interest of 2%, which has been accrued in FY2024.
", "dimensions": { "concept": "tmin:DisclosureOfLoansToAssociatesExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory_D1296334377_CY": { "value": "
20. Assets held for sale
In April 2024, the Company signed a binding heads of agreement to sell 100% of LRH to European Lithium (\u2018Proposed Transaction\u2019), which includes 100% of its rights, title and interest in the following:
\uf0b7
the 23 licences that comprise the Leinster Lithium Project (the \"Licences\") (see Table 1 below);
\uf0b7
all associated technical information, including geological, geochemical and geophysical reports, surveys, mosaics, aerial photographs, samples, drill core, drill logs, drill pulp, assay results, maps and plans, whether in physical, written or electronic form relating to the Licences; and
\uf0b7
statutory licences, approvals, consents, authorisations, rights or permits relating to the Licences.
\u00a0
The Company will retain LRH's 100% interest in the Asturmet Ni-Cu-Co Project in, N. Spain, which will be held through a wholly-owned subsidiary, Technology Minerals (Ireland) Limited, which was incorporated following the year-end.
In consideration for the Proposed Transaction, European Lithium will transfer to Technology Minerals US$10 million worth of fully paid ordinary shares in the capital of Critical Metals Corp (a company incorporated under the laws of Delaware in the United States and listed on NASDAQ) (\u201cCRML\u201d) currently held by European Lithium, at an issue price equal to 90% of the closing price of CRML shares on the day prior to the date on which the last of the parties enters into the Agreement signed date). The Consideration Shares will be held in escrow until 28 February 2025.
\u00a0
The sale agreement was signed on 24 November 2024. Completion of the transaction is conditional upon completion of due diligence by European Lithium as soon as practicable, Technology Minerals and CRML and its shareholders agreeing the detailed terms of the escrow, and European Lithium obtaining any necessary third-party approvals or consents to complete the transaction. Completion will occur five business days after the last Condition Precedent has been satisfied.
\u00a0
Technology Minerals is obliged to maintain the tenements in good standing and meet all obligations in respect of the licences up until completion.
\u00a0
Accordingly, LRH has been reclassified from \u2018Investment in Subsidiaries\u2019 to \u2018Assets Held for Sale\u2019. See notes 3 and 5 for further information on the accounting treatment applied to an Asset Held for Sale.
\u00a0
Assets and liabilities held for sale as at 30 June 2024
\u00a0
\u00a0
Group
\u00a3000
Company
\u00a3000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Non-current assets
\u00a0
\u00a0
\u00a0
\u00a0
Intangible assets
\u00a0
889
-
\u00a0
Financial assets
\u00a0
2
-
\u00a0
Investment in subsidiaries
\u00a0
-
605
\u00a0
\u00a0
\u00a0
891
605
\u00a0
Current assets
\u00a0
\u00a0
\u00a0
\u00a0
Trade and other receivables
\u00a0
14
-
\u00a0
Total assets held for sale
\u00a0
905
605
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Current liabilities
\u00a0
\u00a0
\u00a0
\u00a0
Trade and other payables
\u00a0
27
-
\u00a0
Liabilities directly associated with assets held for sale
\u00a0
27
-
\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory_E130_CY": { "value": "
21. Trade and other receivables
\u00a0
Group
2024
\u00a3000
Company
2024
\u00a3000
Group
2023
\u00a3000
Company
2023
\u00a3000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Non-current assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Amounts due from subsidiaries
-
3,087
-
2,452
\u00a0
\u00a0
-
3,087
-
2,452
\u00a0
Current assets
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Other debtors
375
369
1
1
\u00a0
VAT receivable
37
34
27
28
\u00a0
Prepayments and accrued income
20
20
53
52
\u00a0
\u00a0
432
423
81
81
\u00a0
See note 29 for details of the amounts due from subsidiaries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfCashAndCashEquivalentsExplanatory_D1945113635_CY": { "value": "
22. Cash and cash equivalent
\u00a0
Group
2024
\u00a3000
Company
2024
\u00a3000
Group
2023
\u00a3000
Company
2023
\u00a3000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cash and cash equivalents
15
1
318
-
\u00a0
\u00a0
15
1
318
-
\u00a0
\u00a0
The majority of the Group\u2019s funds are held with Revolut Ltd, which is authorised to issue e-money by the Financial Conduct Authority under the Electronic Money Regulations 2011. Revolut Ltd is not a bank.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory_E129_CY": { "value": "
23. Trade and other payables
\u00a0
Group
2024
\u00a3000
Company
2024
\u00a3000
Group
2023
\u00a3000
Company
2023
\u00a3000
\u00a0
Current liabilities
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Trade and other payables
604
597
230
200
\u00a0
Taxation and social security
157
156
106
104
\u00a0
Accruals
737
737
102
98
\u00a0
\u00a0
1,498
1,490
438
402
\u00a0
Non-current liabilities
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Amounts due to subsidiaries
-
1,102
-
-
\u00a0
\u00a0
-
1,102
-
-
\u00a0
See note 29 for details of the amounts due to subsidiaries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_tmin_DisclosureOfBorrowingsAndDerivativeFinancialInstrumentsExplanatory_D340439941_CY": { "value": "
24. Borrowings and derivative financial liabilities
\u00a0
Group
2024
\u00a3000
Company
2024
\u00a3000
Group
2023
\u00a3000
Company
2023
\u00a3000
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Amount owed to third parties
-
-
-
-
\u00a0
Convertible loan notes
3,605
3,605
1,557
1,557
\u00a0
Total borrowings
3,605
3,605
1,557
1,557
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Current
3,109
3,109
-
-
\u00a0
Non-current
496
496
1,557
1,557
\u00a0
Total borrowings
3,605
3,605
1,557
1,557
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Derivative financial liability
3,092
3,092
230
230
\u00a0
\u00a0
For the year ended 30 June 2024
During the year the Company entered into a number of convertible bond facilities (\u2018CLNs\u2019). Each of these have accounted for as a financial liability with a related embedded derivative being the fair value of the convertible feature. Details of the CLNs issued are described below.
Convertible bonds issued during the year:
Issue date
Repayment date
Amount borrowed
\u00a3000s
Annual Interest rate
%
\u00a0
Debt at amortised cost
\u00a3000s
Derivative financial liability
\u00a3000s
\u00a0
Embedded derivative classified as equity
\u00a3000s
Fair value of warrants at amortised cost
\u00a3000s
04/07/2023
See below
500
12%
482
-
18
-
31/08/2023
See below
735
12%
301
-
49
385
03/01/2024
03/01/2026
600
8.25%
171
361
-
68
22/03/2024
22/03/2027
1,500
10.25%
311
1,050
-
139
30/05/2024
30/05/2027
600
10.25%
-
540
-
60
28/06/2024
28/06/2027
400
10.25%
-
371
-
29
Total
\u00a0
4,335
\u00a0
1,265
2,322
67
681
\u00a0
The fair value of the warrants issued has been treated as a transaction cost associated with the issuance of the CLNs. This amount has therefore been debited to the CLN and amortised over its term. Additionally, since the warrants have a fixed conversion ratio, they meet the 'fixed-for-fixed' criterion for equity classification and have been credited to equity.
\u00a0
4 July 2023 - \u00a3500,000 convertible bonds
The company raised \u00a3500,000 from the issue of convertible bonds with a 12% annual interest rate and a repayment date of 4 January 2024. Conversion of the bonds into shares in the Company can occur from 6 months from the issue date at a price of 1.8 pence per share. As the conversion ratio is fixed the embedded derivative has been classified as equity. On 4 January 2024, it was agreed with the bondholder to extend the redemption date to 4 July 2024. As part of the extension the interest rate was increased to 15% per annum. Post year end, a revised repayment schedule has been agreed with the lender to repay the amount due plus accrued interest in monthly instalments.
\u00a0
31 August 2023 \u2013 \u00a3735,000 convertible bonds
The company raised \u00a3735,000 from the issue of convertible bonds with a 12% annual interest rate and a repayment date of 31 August 2024. Conversion of the bonds into shares in the Company can occur from 6 months from the issue date at a price of 1.4 pence per share. As the conversion ratio is fixed the embedded derivative has been classified as equity. In addition, 73,500,000 share warrants were issued as part of this facility see not note 26 for further information.
\u00a0
The Company has agreed a schedule of repayment of interest and principal with the holder of the 4 July 2023 \u00a3500,000 convertible bonds, the 31 August 2023 \u00a3735,000 convertible bonds and the \u00a31,700,000 convertible bonds issued in the previous year. Post year end, a revised repayment schedule has been agreed with the lender to repay the amount due plus accrued interest in monthly instalments.
\u00a0
3 January 2024 - \u00a3600,000 convertible bonds
On 3 January 2024, the Company entered into a convertible bond facility with CLG Capital LLC for \u00a35 million, drawable in agreed tranches. The bonds are repayable within 2 years from drawdown and have an annual interest rate of 3% fixed plus the prevailing Bank of England base rate (as at the date immediately preceding the publication of this report, 5%). Conversion of the bonds into shares in the Company can occur from 40 days from the issue date. The conversion price is set at 95% of the average of the Volume Weighted Average Price (VWAP) of the shares over three (3) trading days chosen by the bondholder, during the ten (10) consecutive trading days prior to the Company receiving a conversion
notice from the bondholder. As the conversion ratio is variable, the embedded derivative has been classified as a derivative financial liability at fair value through profit and loss (FVTPL).
\u00a0
At the 30 June 2024, a gross amount of \u00a3600,000 had been drawn down from the convertible bond facility with CLG Capital LLC and share warrants over an aggregate of 18,126,495 Ordinary shares had been issued. The number of warrants issued had been calculated on the expectation of \u00a31 million having been drawn and has therefore since been adjusted down to 10,117,429. See note 26 for further details on the share warrants.
\u00a0
20 March 2024 - \u00a35.5 million convertible bond facility
On 20 March 2024, the Company entered into a Convertible Bond Facility with Atlas Capital Markets (\u2018ACM\u2019) in the total amount of \u00a35.5 million, drawable in agreed tranches. Share warrants attach to each drawdown. The annual interest rate is 5% fixed plus the prevailing Bank of England base rate (as at the date immediately preceding the publication of this report, 5%). Conversion of the bonds into shares in the Company can occur from 20 days from the issue date. The conversion price is set at 90% of the average of the VWAP of the shares over three (3) trading days chosen by the bondholder during the twenty (20) consecutive trading days prior to the Company receiving a conversion notice from the bondholder. As the conversion ratio is variable, the embedded derivative has been classified as a derivative financial liability at fair value through profit and loss (FVTPL).
\u00a0
The following tranches have been drawn as at both 30 June 2024:
\u00a0
Tranche
Issue date
Term
Amount borrowed
\u00a3000s
Warrants issued
\u00a0
1
22/03/2024
3 years
1,500
21,193,266
\u00a0
2
30/05/2024
3 years
600
20,469,153
\u00a0
3
28/06/2024
3 years
400
17,646,955
\u00a0
Total
\u00a0
\u00a0
2,500
59,309,374
\u00a0
\u00a0
During the period between 2 May 2024 and 24 June 2024, \u00a3420,000 of ACM tranche 1 was converted into 84,950,867 Ordinary Shares of \u00a30.001 each. See note 32 for information on loan conversions and drawdowns that occurred after 30 June 2024.
\u00a0
Breach of loan covenants
Unpaid coupon interest
The CLG and ACM bonds require the payment of coupon interest on a monthly basis. If coupon interest is not paid on time, penalty interest becomes due at a rate of 2% per month on the outstanding principal balance. Accordingly, the penalty interest has been accrued and is included in other finance costs. See note 11.
\u00a0
Post year end the Company\u2019s market capitalisation fell below \u00a35 million which caused a breach of the agreement triggering ACM\u2019s option for early redemption and the application of a premium of 20% and additional interest of 20%, plus a discount of 25% to the conversion price. ACM has waived such remedies for a year and a day in respect of each bond issued.
\u00a0
Derivative Financial Liability
The CLG and ACM convertible loan instruments issued during the year, each contain three embedded derivative financial liabilities (DFLs). This DFLs arise from conversion features that allow the holder to convert the loan into a variable number of the Company\u2019s equity instruments based on the market price at the date of conversion and also arises from a default event linked to the market capitalisation of the
Group. Due to the variability in conversion terms, the embedded derivative is classified as a financial liability.
\u00a0
Initial recognition and measurement
At initial recognition, the DFL is measured at fair value. The fair value of the DFL at the date of issuance of the convertible loans has been determined using a Monte Carlo simulation model, which considered multiple variables, including:
\u00a0
\uf0b7
Expected share price volatility
\uf0b7
Risk-free interest rate
\uf0b7
Expected life of the instrument
\uf0b7
Conversion probabilities and potential share price performance
\uf0b7
Subsequent measurement
\u00a0
Subsequent to initial recognition, the DFL is remeasured at fair value at each conversion event and at each reporting date, with any changes in fair value recognised immediately in profit or loss as a financial expense or income.
\u00a0
Critical judgements and key sources of estimation uncertainty
The fair value measurement of the DFL involves significant judgements and estimates, specifically in terms of share price volatility, risk-free rate, and timing of possible conversions. Due to the complexity of the instrument, the Group uses a Monte Carlo simulation, as described in Note 5 - Critical accounting estimates and judgements.
\u00a0
As at 30 June 2024, the fair value of the DFL was as follows:
\u00a0
Group and Company
\u00a0
\u00a0
\u00a0
\u00a3000
\u00a0
1 July 2022
\u00a0
\u00a0
-
\u00a0
Initial recognition
\u00a0
\u00a0
358
\u00a0
Derecognition on conversion to equity
\u00a0
\u00a0
(139)
\u00a0
Fair value through income statement
\u00a0
\u00a0
11
\u00a0
30 June 2023
\u00a0
\u00a0
230
\u00a0
Reclassified to equity
\u00a0
\u00a0
(230)
\u00a0
Initial recognition
\u00a0
\u00a0
2,275
\u00a0
Derecognition on conversion to equity
\u00a0
\u00a0
(405)
\u00a0
Fair value through income statement
\u00a0
\u00a0
1,222
\u00a0
30 June 2024
\u00a0
\u00a0
3,092
\u00a0
The \u00a3230k was incorrectly classified as a liability in the prior year rather than equity. This has been corrected in the current year. The prior year has not been restated as the classification and the amount is not considered material for restatement.
\u00a0
For the year ended 30 June 2023
Bond Facility
The bond facility outstanding as at 30 June 2023 was for \u00a31.7m which was accounted for as a financial liability with a related embedded derivative being the fair value of the convertible feature. The host contract is measured at amortised cost and the derivative at fair value through equity.
\u00a0
Interest accrues on this bond at 12% compounding annually. The bond can be converted at any time by the holder at 3.5 pence per share. The repayment date of this bond is 27 March 2025. Post year end, a revised repayment schedule has been agreed with the lender to repay the amount due plus accrued interest in monthly instalments.
", "dimensions": { "concept": "tmin:DisclosureOfBorrowingsAndDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_E123_CY": { "value": "
25. Share capital and share premium
\u00a0
Group and Company
Number of ordinary shares of 0.1p
Share
capital
\u00a3000
Share premium
\u00a3000
\u00a0
At 1 July 2022
1,271,423,593
1,271
19,770
\u00a0
Share issue - placings
123,000,000
123
1,187
\u00a0
Share issue \u2013 conversion of CLNs
118,186,302
118
942
\u00a0
Share issue \u2013 in lieu of services provided
1,100,000
1
20
\u00a0
Share issue \u2013 costs
-
-
(59)
\u00a0
At 1 July 2023
1,513,709,895
1,513
21,860
\u00a0
Share issue \u2013 exercise of warrants
11,062,783
11
122
\u00a0
Share issue \u2013 conversion of CLNs
84,950,867
85
335
\u00a0
Issue costs
-
-
(32)
\u00a0
At 30 June 2024
1,609,723,545
1,609
22,285
\u00a0
The detailed history of the Company\u2019s share capital the year ended 30 June 2023 is provided in the 2023 Annual Report and Accounts. Transactions related to the year ended 30 June 2024 are as follows:
\u00a0
Date
Transaction
Price
No. Shares issued
Proceeds
\u00a3000
26/01/2024
Exercise of share warrants
\u00a30.01200
11,062,783
133
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
02/05/2024
ACM CLN Conversion
\u00a30.00612
40,849,673
250
11/06/2024
ACM CLN Conversion
\u00a30.00435
18,384,043
80
24/06/2024
ACM CLN Conversion
\u00a30.00350
25,717,151
90
\u00a0
\u00a0
\u00a0
84,950,867
420
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory_E124_CY": { "value": "
26. Share Based Payments
\u00a0
Warrants Issued
As described in note 24, the Company issued a number of convertible loans to various third parties. The terms and conditions of some of the convertible loans issued including those issued to CLG and ACM resulted in the issuance of share warrants in the Company as follows:
Date
Exercise price
Number of
warrants issued
Aggregate
fair value
\u00a3000
31/08/2023
\u00a30.020000
73,500,000
385
05/01/2024
\u00a30.018484
8,115,162
57
18/01/2024
\u00a30.014983
2,002,267
11
20/03/2024
\u00a30.014200
21,193,266
139
30/05/2024
\u00a30.005900
20,469,153
60
28/06/2024
\u00a30.004500
17,646,955
30
Total
\u00a0
142,926,803
682
The fair value of the warrants issued during the year ended 30 June 2024 was calculated using the Black-Scholes model using the following information:
Issue date
31/08/2023
05/01/2024
18/01/2024
Number of shares that could be acquired on the exercise of the warrant
\u00a0
73,500,000
\u00a0
8,115,162
\u00a0
2,002,267
Fair value of one CLN Warrant
\u00a30.005200
\u00a30.007000
\u00a30.005400
Warrant Share exercise price
\u00a30.020000
\u00a30.018484
\u00a30.014983
Date of grant
31/08/2023
05/01/2024
18/01/2024
Time to maturity, years
2
3
3
Share price
\u00a30.0145
\u00a30.0140
\u00a30.0110
Expected volatility*,%
79%
85%
85%
Expected dividend growth rate,%
0%
0%
0%
Risk-free interest rate (2 & 3 year bond),%
5.15%
3.87%
3.94%
\u00a0
\u00a0
Issue date
20/03/2024
30/05/2024
28/06/2024
Number of shares that could be acquired on the exercise of the warrant
\u00a0
21,193,266
\u00a0
20,469,153
\u00a0
17,646,955
Fair value of one CLN Warrant
\u00a30.006600
\u00a30.003000
\u00a30.001700
Warrant Share exercise price
\u00a30.014200
\u00a30.005900
\u00a30.004500
Date of grant
20/03/2024
30/05/2024
28/06/2024
Time to maturity, years
3
3
3
Share price
\u00a30.0120
\u00a30.0053
\u00a30.0033
Expected volatility*,%
89%
89%
89%
Expected dividend growth rate,%
0%
0%
0%
Risk-free interest rate (3 year bond),%
3.90%
4.34%
4.12%
*Calculation of volatility involves significant judgement by the Directors due to the absence of the historical trading data for the Company at the date of the grant.
\u00a0
The fair value of the warrants issued during the year was \u00a3681,000 (2023: \u00a379,000) and has been treated as transaction costs for the issue of the CLNs and is amortised over the term of the CLNs
\u00a0
Warrants exercised
On 26 January 2024, 11,062,783 share warrants were exercised at a price of \u00a30.012 each. See note 25 for further information.
\u00a0
For the year ended 30 June 2023:
Detailed information on the share warrants issued in the year ended 30 June 2023 is provided in the 2023 Annual Report and Accounts.
At 30 June 2024, the Company had outstanding warrants to subscribe for Ordinary shares as follows:
Warrant exercise price
Expiry date
Fair value
of individual warrant
At 01/07/2023
Issued
Exercised/
lapsed
At 30/06/2024
\u00a30.033750
29/07/2023
\u00a30.003937
306,229,366
-
(306,229,366)
-
\u00a30.033750
17/11/2023
\u00a30.004010
49,808,280
-
(49,808,280)
-
\u00a30.001000
17/11/2023
\u00a30.021510
666,667
-
(666,667)
-
\u00a30.021672
16/12/2024
\u00a30.005300
6,921,527
-
-
6,921,527
\u00a30.017446
30/01/2025
\u00a30.004600
4,298,980
-
-
4,298,980
\u00a30.016900
24/02/2025
\u00a30.004100
5,494,471
-
-
5,494,471
\u00a30.020000
31/08/2025
\u00a30.005200
-
73,500,000
-
73,500,000
\u00a30.018484
05/01/2027
\u00a30.007000
-
8,115,162
-
8,115,162
\u00a30.014983
18/01/2027
\u00a30.005400
-
2,002,267
-
2,002,267
\u00a30.014200
20/03/2027
\u00a30.006600
-
21,193,266
-
21,193,266
\u00a30.005900
30/05/2027
\u00a30.003000
-
20,469,153
-
20,469,153
\u00a30.004500
28/06/2027
\u00a30.001700
-
17,646,955
-
17,646,955
\u00a0
\u00a0
\u00a0
373,419,291
142,926,803
(356,704,313)
159,641,781
\u00a0
Share options
No share options were issued during the year ended 30 June 2024. \u00a3102,085 (2023: \u00a32,218,160) was expensed in FY2024.
\u00a0
Detailed information on the share options issued in the year ended 30 June 2023 is provided in the 2023 Annual Report and Accounts.
\u00a0
At 30 June 2024, the Company had outstanding share options to subscribe for Ordinary shares as follows:
\u00a0
Exercise price
Expiry date
Fair value of individual share option
At 01/07/2023
Issued
Exercised
At 30/06/2024
\u00a30.02325
13/04/2033
\u00a30.0192
128,534,322
-
-
128,534,322
\u00a0
\u00a0
\u00a0
128,534,322
-
-
128,534,322
\u00a0
Information on the share options granted to each Director is shown in the remuneration report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfNoncontrollingInterestsExplanatory_E93_CY": { "value": "
27. Non-controlling interests
Non-controlling interests that are material to the Group are reflected in the table below.
\u00a0
Emperium 1 Holdings Corporation (\u2018Emperium\u2019)
On 20 May 2022 Technology Minerals Plc sold a 10% interest in its wholly owned subsidiary Emperium, through which it holds its interest in the US cobalt/copper project: the Blackbird Creek Project and the Emperium Project (collectively \"the Properties\"), to Bluebird Metals LLC, taking the Company\u2019s ownership down to 90%. The consideration received for the 10% disposal was \u00a3860,000.
Technology Minerals Idaho Limited (\u2018TM Idaho\u2019)
Post period, the Company entered into heads of agreement, subject to conditions precedent, by which Bluebird Metals LLC would acquire a further 70% interest in the Company\u2019s cobalt interest in Idaho, USA.
\u00a0
Summarised below is the financial information for Emperium and TM Idaho, before intragroup eliminations together with amounts attributable to NCI:
\u00a0
\u00a0
\u00a0
2024
\u00a3000
2023
\u00a3000
Non-current assets
\u00a0
1,024
459
Current assets
\u00a0
-
-
Non-current liabilities
\u00a0
-
-
Current liabilities
\u00a0
(900)
(298)
Net assets
\u00a0
124
161
Attributable to owners of the parent
\u00a0
111
147
Attributable to non-controlling interests
\u00a0
13
14
\u00a0
\u00a0
Attributable to non-controlling interests
\u00a0
2024
\u00a3000
2023
\u00a3000
Loss for the year
\u00a0
(6)
(12)
\u00a0
\u00a0
\u00a0
\u00a0
Net (decrease)/increase in cash and cash equivalents
\u00a0
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfRelatedPartyExplanatory_E114_CY": { "value": "
29. Related party transactions
Aggregate base salaries paid to the Executive Directors incurred during the year ended 30 June 2024 were \u00a3535k (2023: \u00a3545k). See note 9 for further details.
\u00a0
The aggregate amount paid to the Non-Executive Directors for services for the year ended 30 June 2024 was \u00a354k (2023: \u00a354k).
\u00a0
During the year, the Company provided additional loans totalling \u00a32.2 million to its associate company, Recyclus Group, bringing the total amount lent, to approximately \u00a37.1 million (2023 as restated: \u00a35.1million) after recognising an equity element as further set out in Note 19.
\u00a0
Alex Stanbury and Robin Brundle are each Directors of Recyclus Group Limited. The coupon interest on the loan between the Company and Recyclus Group is 2.5% per annum, or in the case of late repayments, 4.5%. The amount charged for the year ended 30 June 2024 was \u00a3162,000 (2023: \u00a3196,000) including the recognition of overcharges recorded in the year ended 30 June 2023. See notes 18 and 19 for further information.
\u00a0
During the year the Company charged \u00a3406,216 (2023: \u00a3356,884) for the provision of management services to its subsidiaries.
\u00a0
During the year the Company provided an aggregate of \u00a33.1 million (2023: \u00a32.5 million) of loans to its subsidiaries and associates. The interest charged on the loans was 2.5% per annum and the amount charged for the period was \u00a366,862 (2023: \u00a340,075). See note 21.
\u00a0
During the year the Company had an outstanding payable of \u00a31.1 million (2023: \u00a31.1 million) due to its wholly owned subsidiary, Onshore Energy Limited. See note 23.
\u00a0
As at 30 June 2024 amounts receivable and payable from and to subsidiary undertakings was as follows:
\u00a0
Company
2024
\u00a3000
2023
\u00a3000
Techmin Limited
301
558
Onshore Energy Limited
(1,102)
(1,087)
Emperium 1 Holdings Corporation
429
298
Technology Minerals Idaho Limited
471
461
Technology Minerals Cameroon
518
241
LRH Resources Ltd
547
362
Asturmet Recursos S.L.
808
531
Cornish Battery Metals Ltd
13
-
\u00a0
1,985
1,364
\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfCashFlowStatementExplanatory_E18_CY": { "value": "
30. Notes supporting statement of cashflows
Significant non-cash transactions from financing activities are as follows:
\u00a0
2024
\u00a3000
2023
\u00a3000
Conversion of loan notes to equity
420
1,060
\u00a0
See note 24 for further information.
Reconciliation of net cash flow to movement in net debt
Group
2024
\u00a3000
2023
\u00a3000
\u00a0
Cash and cash equivalents
15
318
\u00a0
Borrowings
(3,605)
(1,557)
\u00a0
Net debt
(3,590)
(1,239)
\u00a0
\u00a0
Net (decrease)/increase in cash and cash equivalents in the period
(303)
(53)
\u00a0
Cash inflow from increase in borrowings
(3,944)
(2,675)
\u00a0
Other non-cash changes
1,476
58
\u00a0
Conversion of borrowing to equity
420
1,060
\u00a0
Change in net debt resulting from cashflows
(2,351)
(1,610)
\u00a0
Net debt at the start of the year
(1,239)
371
\u00a0
Net debt at the end of the year
(3,590)
(1,239)
\u00a0
\u00a0
Other non-cash changes relate to the recognition and movement of the embedded derivative and the fair value of the warrants granted in relation to convertible loan notes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfNatureAmountAndCorrectionOfAccountingErrorsInPriorPeriodsEstimate_D472421655_CY": { "value": "
31. Prior year adjustments
In the prior year financial statements, loans provided to the Group\u2019s associate, Recyclus Group, were fully recognised as a loan to associate and measured at amortised cost using the mark up rate of 2.5%, which was deemed to be at market rate. No equity component of the loans was identified or accounted for.
\u00a0
During the current financial year, it was determined that a portion of these loans should have been recognised as equity in the associate due to the material difference between the company\u2019s borrowing rate, as noted below, and the mark up rate of 2.5% and considering the change in management\u2019s decision in the current year not to acquire the remaining shares of the Recyclus Group. Consequently, a change in the accounting treatment was made to ensure the financial statements more accurately reflect the substance of the arrangements and current intention of not to acquire the remaining share of Recyclus.
\u00a0
This updated treatment has been applied retrospectively, and prior period figures for the years ended 30 June 2022 and 2023 have been restated to reflect the recognition of the equity component of the loans, as further explained below.
\u00a0
30 June 2022: A portion of the loan amounting to \u00a3911k, was reclassified as equity using a 12% discount rate, which represented the Group\u2019s estimated cost of equity for that period. This equity portion was reduced to nil by the recognition of a part of the Group\u2019s share of the loss in Recyclus Group.
\u00a0
30 June 2023: A portion of the loan, amounting to \u00a3736k, was reclassified as equity using a 20% discount rate, representing the Group\u2019s estimated cost of equity for that period. This equity portion was reduced to nil by the recognition of a part of the Group\u2019s share of the loss in Recyclus Group.
\u00a0
Additional finance income of \u00a3339k was recognised reflecting the unwinding of the 12% and 20% discount rate. The \u00a31,308k adjustment is the aggregate of FY2022 and FY2023.
The retained earnings, investment and loan balances in the associate for prior periods have been adjusted to reflect the equity component and the share of loss in the associate as of 30 June 2022 and 30 June 2023. The impact of these adjustments is summarised below:
\u00a0
\u00a0
Year ended 30 June 2023\u00a0
Previous
2023
Adjustment
Restated
2023
\u00a0
\u00a0\u00a0
\u00a3000
\u00a3000
\u00a3000
\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Non-current assets
\u00a0\u00a0\u00a0\u00a0
\u00a0
Property, plant and equipment
4
-
4
\u00a0
\u00a0
Intangible assets
15,789
-
15,789
\u00a0
\u00a0
Financial assets
1,221
-
1,221
\u00a0
\u00a0
Investment in associates
-
-
-
\u00a0
\u00a0
Loans to associates
6,493
(1,308)
5,185
\u00a0
\u00a0
Total non-current assets
23,507
(1,308)
22,199
\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Current assets
\u00a0\u00a0\u00a0\u00a0
\u00a0
Trade and other receivables
81
-
81
\u00a0
\u00a0
Cash and cash equivalents
318
-
318
\u00a0
\u00a0
Current assets
399
-
399
\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Total assets
23,906
(1,308)
22,598
\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Current liabilities
\u00a0\u00a0\u00a0\u00a0
\u00a0
Trade and other payables
438
-
438
\u00a0
\u00a0
Borrowings
-
-
-
\u00a0
\u00a0
Total current liabilities
438
-
438
\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Non-current liabilities
\u00a0\u00a0\u00a0\u00a0
\u00a0
Borrowings
1,557
-
1,557
\u00a0
\u00a0
Derivative financial liability
230
-
230
\u00a0
\u00a0
Total non-current liabilities
1,787
-
1,787
\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Total liabilities
2,225
-
2,225
\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Net assets
21,681
(1,308)
20,373
\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Equity
\u00a0\u00a0\u00a0\u00a0
\u00a0
Share Capital
1,513
-
1,513
\u00a0
\u00a0
Share Premium
21,860
-
21,860
\u00a0
\u00a0
Warrants reserve
1,499
-
1,499
\u00a0
\u00a0
Share-based payments reserve
2,218
-
2,218
\u00a0
\u00a0
Foreign exchange reserve
28
-
28
\u00a0
\u00a0
Accumulated deficit
(5,451)
(1,308)
(6,759)
\u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Equity attributable to owners of the parent
21,667
(1,308)
20,359
\u00a0
\u00a0
Non-controlling interests
14
-
14
\u00a0
\u00a0
Total equity
21,681
(1,308)
20,373
\u00a0
\u00a0
Year ended 30 June 2022\u00a0
Previous
2022
Adjustment
Restated
2022
\u00a0
\u00a0
\u00a3000
\u00a3000
\u00a3000
\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Non-current assets
\u00a0\u00a0\u00a0
\u00a0
Property, plant and equipment
5
-
5
\u00a0
Intangible assets
15,409
-
15,409
\u00a0
Financial assets
1,221
-
1,221
\u00a0
Investment in associates
-
-
-
\u00a0
Loans to associates
4,538
(911)
3,627
\u00a0
Total non-current assets
21,173
(911)
20,262
\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Current assets
\u00a0\u00a0\u00a0
\u00a0
Trade and other receivables
67
-
67
\u00a0
Cash and cash equivalents
371
-
371
\u00a0
Current assets
438
-
438
\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Total assets
21,611
(911)
20,700
\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Current liabilities
\u00a0\u00a0\u00a0
\u00a0
Trade and other payables
602
-
602
\u00a0
Borrowings
21
-
21
\u00a0
Total current liabilities
623
-
623
\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Total liabilities
623
-
623
\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Net assets
20,988
(911)
20,077
\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Equity
\u00a0\u00a0\u00a0
\u00a0
Share Capital
1,271
-
1,271
\u00a0
Share Premium
19,770
-
19,770
\u00a0
Warrants reserve
1,420
-
1,420
\u00a0
Share-based payments reserve
-
-
-
\u00a0
Foreign exchange reserve
30
-
30
\u00a0
Accumulated deficit
(1,529)
(911)
(2,440)
\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0
Equity attributable to owners of the parent
20,962
-
20,051
\u00a0
Non-controlling interests
26
-
26
\u00a0
Total equity
20,988
(911)
20,077
", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureAmountAndCorrectionOfAccountingErrorsInPriorPeriodsEstimate", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory_D181740767_CY": { "value": "
32. Events occurring after the reporting date
On 30 August 2024, the Company entered into a heads of agreement with BlueBird Metals LLC under which it was agreed, subject to conditions precedents, that BlueBird Metals would pay for the U$184,000 to meet the cost of renewing the licences and would keep the licences in good standing, as consideration for which, it was agreed Bluebird Metals would receive an additional 70% interest in the Idaho projects. The Company will retain 20% interest in the asset and will incur a loss on disposal of \u00a35.9 million.
\u00a0
On 4 October 2024, the Company incorporated a new subsidiary, Technology Minerals (Ireland) Limited into which it is intended to transfer title to the Group\u2019s Asturmet Ni-Cu-Co Project, N. Spain
\u00a0
On 24 November 2024, the Group signed an agreement to sell its Irish Lithium assets in return for stock in NASDAQ-listed Critical Metals Corp. , such shares being available for sale from 28 February 2025. The gross amount of the sale before introducer commission, settlement of joint venture partner interests and other related obligations is US$10 million.
\u00a0
Following the year-end, the Company issued such number of Ordinary shares as is set out in the table below in settlement of conversion notices received from its CLN holder, Atlas Capital Markets LLC.
\u00a0
\u00a0
Date
Price
No. Shares
\u00a0
\u00a0
1 July /2024
\u00a30.003293
27,328,958
\u00a0
\u00a0
22 July 2024
\u00a30.002442
36,855,036
\u00a0
\u00a0
17 September 2024
\u00a30.001596
31,328,320
\u00a0
\u00a0
15 October 2024
\u00a30.001000
99,854,656
\u00a0
\u00a0
\u00a0
\u00a0
195,366,656
\u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact_tmin_DisclosureOfUltimateControllingPartyExplanatory_D1577762218_CY": { "value": "
33. Ultimate controlling party
The company does not have a single controlling party.
", "dimensions": { "concept": "tmin:DisclosureOfUltimateControllingPartyExplanatory", "language": "en", "entity": "scheme:2138001U1U2XY5UYA479", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } } } }