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"fact-7": {
"value": "1. General information Aterian plc (\u201cthe Company\u201d) is an investment company, focussed on African mineral resource investment opportunities. The Company operates through its 100% owned subsidiary, Eastinco Limited (\u201cEME Ltd\u201d), a Rwandan tantalum, lithium, tin and tungsten exploration company and Aterian Resources Limited which holds copper-silver and base metal exploration projects in the Kingdom of Morocco. On 24 October 2022, the Company completed the acquisition of 15 mineral exploration projects covering 762 km2 in the Kingdom of Morocco from Altus Strategies PLC (now called Elemental Altus Royalties Corp). The completion of the acquisition coincided with a move to the Standard Sector of the London Stock Exchange from the AQUIS Stock Exchange, and a change in name from Eastinco Mining and Exploration PLC to Aterian PLC, shortly thereafter. The Company is incorporated and domiciled in England and Wales. The address of its registered office is 27-28 Eastcastle Street, London W1W 8DH. The registered number of the Company is 07496976. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-291": {
"value": "On 24 October 2022, the Company completed the acquisition of 15 mineral exploration projects covering 762 km2 in the Kingdom of Morocco from Altus Strategies PLC (now called Elemental Altus Royalties Corp). The completion of the acquisition coincided with a move to the Standard Sector of the London Stock Exchange from the AQUIS Stock Exchange, and a change in name from Eastinco Mining and Exploration PLC to Aterian PLC, shortly thereafter. ",
"dimensions": {
"concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-8": {
"value": "2. Basis of preparation 2.1 General These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS and IFRIC interpretations) as adopted for use in the United Kingdom (\u201cUK adopted IFRS\u201d) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention except for the valuation of assets acquired in an asset acquisition which are measured at fair value. The financial statements have been rounded to the nearest thousand pounds. The Company has taken the exemption under s408 Companies Act 2006 and has therefore not published its own profit and loss account in these financial statements. These consolidated \ufb01nancial statements have been prepared in accordance with the accounting policies set out below, which have been consistently applied to all the years presented. The financial statements of the Group are presented in Pounds Sterling, which is also the functional currency of the Company. The individual financial statements of each of the Company\u2019s wholly owned subsidiaries are prepared in the currency of the primary economic environment in which it operates (its functional currency). 2.2 New standards, interpretations and amendments adopted from 1 January 2023 A number of new standards, interpretations and amendments are in issue which and which are summarised below: New currently effective requirements The following table lists the recent changes to Accounting Standards that are required to be applied for accounting periods beginning on or after 1 January 2023. None of these changes have had a material impact on the Group\u2019s financial statements : Effect annual periods beginning before or after IFRS 17 Insurance Contracts 1 st January 2023 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 1 st January 2023 Definition of Accounting Estimates \u2013 Amendments to IAS 8 1 st January 2023 Deferred tax relating to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 1 st January 2023 International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12 1 st January 2023 Standards and interpretations in issue but not yet effective or not yet relevant At the date of authorisation of these financial statements the following Standards and Interpretations which have not been applied in these financial statements were in issue but not yet effective. The most significant of these are as follows: Effect annual periods beginning before or after Classification of Liabilities as Current or Non-current - Amendments to IAS 1 1 st January 2024 Non-current Liabilities with Covenants \u2013 Amendments to IAS 1 1 st January 2024 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16 1 st January 2024 Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7 1 st January 2024 Lack of Exchangeability (Amendments to IAS 21) 1 st January 2025 The Directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact on the Group\u2019s financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-292": {
"value": "These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS and IFRIC interpretations) as adopted for use in the United Kingdom (\u201cUK adopted IFRS\u201d) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention except for the valuation of assets acquired in an asset acquisition which are measured at fair value. ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-293": {
"value": "The financial statements of the Group are presented in Pounds Sterling, which is also the functional currency of the Company. The individual financial statements of each of the Company\u2019s wholly owned subsidiaries are prepared in the currency of the primary economic environment in which it operates (its functional currency). ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-294": {
"value": "2.2 New standards, interpretations and amendments adopted from 1 January 2023 A number of new standards, interpretations and amendments are in issue which and which are summarised below: New currently effective requirements The following table lists the recent changes to Accounting Standards that are required to be applied for accounting periods beginning on or after 1 January 2023. None of these changes have had a material impact on the Group\u2019s financial statements : Effect annual periods beginning before or after IFRS 17 Insurance Contracts 1 st January 2023 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 1 st January 2023 Definition of Accounting Estimates \u2013 Amendments to IAS 8 1 st January 2023 Deferred tax relating to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 1 st January 2023 International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12 1 st January 2023 Standards and interpretations in issue but not yet effective or not yet relevant At the date of authorisation of these financial statements the following Standards and Interpretations which have not been applied in these financial statements were in issue but not yet effective. The most significant of these are as follows: Effect annual periods beginning before or after Classification of Liabilities as Current or Non-current - Amendments to IAS 1 1 st January 2024 Non-current Liabilities with Covenants \u2013 Amendments to IAS 1 1 st January 2024 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16 1 st January 2024 Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7 1 st January 2024 Lack of Exchangeability (Amendments to IAS 21) 1 st January 2025 The Directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact on the Group\u2019s financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
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"fact-322": {
"value": "2.2 New standards, interpretations and amendments adopted from 1 January 2023 A number of new standards, interpretations and amendments are in issue which and which are summarised below: New currently effective requirements The following table lists the recent changes to Accounting Standards that are required to be applied for accounting periods beginning on or after 1 January 2023. None of these changes have had a material impact on the Group\u2019s financial statements : Effect annual periods beginning before or after IFRS 17 Insurance Contracts 1 st January 2023 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 1 st January 2023 Definition of Accounting Estimates \u2013 Amendments to IAS 8 1 st January 2023 Deferred tax relating to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 1 st January 2023 International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12 1 st January 2023 Standards and interpretations in issue but not yet effective or not yet relevant At the date of authorisation of these financial statements the following Standards and Interpretations which have not been applied in these financial statements were in issue but not yet effective. The most significant of these are as follows: Effect annual periods beginning before or after Classification of Liabilities as Current or Non-current - Amendments to IAS 1 1 st January 2024 Non-current Liabilities with Covenants \u2013 Amendments to IAS 1 1 st January 2024 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16 1 st January 2024 Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7 1 st January 2024 Lack of Exchangeability (Amendments to IAS 21) 1 st January 2025 The Directors anticipate that the adoption of these Standards and Interpretations in future periods will have no material impact on the Group\u2019s financial statements.",
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"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
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"fact-9": {
"value": "3. Material accounting policies 3.1 Basis of consolidation The consolidated financial statements comprise the financial statements of Aterian Plc and its subsidiaries as at 31 December 2023. Subsidiaries are entities controlled by the Group. Control exists when the Group 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. Specifically, the Group controls an investee if, and only if, the Group has all of the following: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee) \u2022 Exposure, or rights, to variable returns from its involvement with the investee \u2022 The ability to use its power over the investee to affect its returns \u2022 Generally, there is a presumption that a majority of voting rights results in control. When the Group has less than a majority of the voting, or similar, rights of an investee, it considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 The contractual arrangements with the other vote holders of the investee; \u2022 Rights arising from other contractual arrangements; and \u2022 The Group\u2019s voting rights and potential voting rights The relevant activities are those which significantly affect the subsidiary\u2019s returns. The ability to approve the operating and capital budget of a subsidiary and the ability to appoint key management personnel are decisions that demonstrate that the Group has the existing rights to direct the relevant activities of a subsidiary. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the statement of profit or loss and other comprehensive income from the date the Group gains control until the date the Group ceases to control the subsidiary. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full, on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value. The individual financial statements of each entity in the Group are presented in the currency of the primary economic environment in which the entity operates, which is the functional currency. Business combinations are accounted for under the acquisition method. Under the acquisition method, the results of the subsidiaries acquired or disposed of are included from the date of acquisition or up to the date of disposal. At the date of acquisition, the fair values of the subsidiaries\u2019 net assets are determined and these values are reflected in the Consolidated Financial Statements. The cost of acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree, plus any costs directly attributable to the business combination, and directly expensed. Any excess of the purchase consideration of the business combination over the fair value of the identifiable assets and liabilities acquired is recognised as goodwill. Goodwill, if any, is not amortised but reviewed for impairment at least annually. Intra-group transactions, balances and unrealised gains on transactions are eliminated; unrealised losses are also eliminated unless the cost cannot be recovered. Where necessary, adjustments are made to the financial statements of subsidiaries to ensure consistency of accounting policies with those of the Group. 3.2 Business combinations A business combination is defined as an acquisition of assets and liabilities that constitute a business and is accounted for using the acquisition method. A business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing goods or services to customers, generating investment income (such as dividends or interest) or generating other income from ordinary activities. A business consists of inputs, including non-current assets, and processes, including operational processes, that when applied to those inputs, have the ability to create outputs that provide a return to the Company and its shareholders. A business also includes those assets and liabilities that do not necessarily have all the inputs and processes required to produce outputs but can be integrated with the inputs and processes of the Company to create outputs. When acquiring a set of activities or assets in the exploration and development stage, which may not have outputs, the Company considers other factors to determine whether the set of activities or assets is a business. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interest issued by the Group in exchange for control of the acquiree. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value at the acquisition date, except that: \u2022 deferred tax assets or liabilities and assets or liabilities related to employee benefit arrangements are recognised and measured in accordance with IAS 12 and IAS 19 respectively; \u2022 liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 at the acquisition date (see below); and \u2022 assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 are measured in accordance with that Standard. Acquisition-related costs of a business combination, other than costs to issue equity securities, are expensed as incurred. 3.3 Asset acquisitions Asset acquisitions Where the Company has determined that the assets acquired do not meet the definition of a business, the transaction is accounted for as an asset acquisition. In such cases, the Company identifies and recognises the individual assets acquired and liabilities assumed. The cost to the Group is allocated to the individual identifiable assets and liabilities on the basis of their fair values at the date of purchase. Such a transaction does not give rise to goodwill. At the Group level, the transaction is an acquisition of exploration and evaluation assets. At the Company level, the acquisition is treated as an investment. When determining the initial measurement of an asset acquisition, the Company assesses both the fair value of the consideration paid as well as the fair value of each asset acquired and liability assumed. The consideration is presumed to equal to the fair value of the net assets acquired unless there is evidence to the contrary. The fair value of the consideration determines the cost to be allocated over the group of assets acquired and liabilities assumed. The fair values of the individual assets and liabilities are used to determine the proportional amount of that cost to be allocated to the identifiable assets and liabilities that make up the transaction. No provision for deferred tax is recognised on the acquisition. Expenses incurred directly in relation to the acquisition are capitalised as part of the cost of the assets acquired. 3.4 Going concern The financial statements have been prepared on a going concern basis. The Group has not yet earned revenues and as at 31 December 2023 was in the feasibility, optimisation and commissioning phase of its ore processing plant in Rwanda. In Morocco, each of its assets are in the early stages of exploration and feasibility assessment. Continuing operations of the Group are currently financed from funds raised from shareholders and this will likely continue to be the case until revenue is generated from mining and/or trading and subsequent ore sales. In the short term the Chairman of the Company has made available to the Company a working capital facility, but the Group will likely need to raise further funds in order to progress the Group from the exploration phase into feasibility and eventually into production of revenues. The Company expects to raise additional equity capital to fund both day-to-day expenditure and potential growth. Such funding will be required although there can be no certainty that such funding will be forthcoming. The Company is reliant on fundraising activities which if not secured in the next month will require the directors to source funding through alternative means or provide capital injection, otherwise this may impact the Group's ability to operate as a going concern. As at 31 December 2023, the Group had cash and cash equivalents of \u00a373,000 and a working capital facility of \u00a3500,000 which is fully utilsed. As at the date of this report, cash balances were approximately \u00a320,000. As part of their assessment, the Directors have prepared financial cash- flow forecasts on the basis that cost reduction and cost deferral measures can be implemented over the going concern period The Company\u2019s base case financial projections show that the Group can continue to operate within the available facilities throughout the next 12 months. Much of the Group\u2019s planned exploration expenditure is discretionary and, if necessary, could be scaled back to conserve cash should circumstances coincide with our expectations. The Directors have agreed, if circumstances require, to defer payment of their fees until such time as adequate funding is received and if necessary, scale back all discretionary expenditure including exploration expenditure. The Directors have concluded that these circumstances give rise to a material uncertainty relating to going concern, arising from events or conditions that may cast significant doubt on the entity\u2019s ability to continue as a going concern if a further fund raise was unsuccessful. However, considering recent successful fund raises the Directors are confident that they can continue to adopt the going concern basis in preparing the financial statements. The financial statements do not include any adjustment that may arise in the event that the Group is unable to raise finance, realise its assets and discharge its liabilities in the normal course of business. 3.5 Segment reporting An operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses (including revenue and expenses relating to transactions with other components of the same entity) whose operating results are reviewed regularly by the entity\u2019s chief operating decision maker to make decision about resources to be allocated to the segment and assess its performance and for which discrete financial information is available. The Directors are of the opinion that the Group is engaged in two operating segments being exploration activity in Morocco and Rwanda. The Company operates in Morocco and Rwanda, and has its Corporate management team in the UK. Note 24 provides the Company\u2019s results by operating segment in the way information is provided to and used by the Company\u2019s CEO as the chief operating decision maker to make decisions about the allocation of resources to the segments and assess their performance. The Company considers each of its exploration projects in Morocco and Rwanda each form a segment. Corporate legal entities are aggregated and presented together as part of the \"other\" segment on the basis of them sharing similar economic characteristics. 3.6 Accounting for interest in own shares held though an Employees Benefit Trust The funds advanced to acquire the shares have been accounted for under IFRS as a deduction from equity rather than as an asset. 3.7 Financial instruments A financial instrument is any contract that gives rise to a financial asset of on entity and a financial liability or equity instrument of another. (a) Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, and subsequently measured at amortised cost, fair value through other comprehensive income, or fair value through profit and loss. The classification of financial assets at initial recognition that are debt instruments depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. The Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories: \u2022 Financial assets at amortised cost \u2022 Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) \u2022 Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) \u2022 Financial assets at fair value through profit or loss Financial assets at amortised cost This category is the most relevant to the Group. The Group measures financial assets at amortised cost if both of the following conditions are met: \u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Interest received is recognised as part of finance income in the statement of profit or loss and other comprehensive income. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group\u2019s financial assets at amortised cost include trade receivables (not subject to provisional pricing) and other receivables. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial position) when: \u2022 The rights to receive cash flows from the asset have expired; or \u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass- through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Impairment of financial assets The Group recognises an allowance for allowance for expected credit losses (\u201cECLs\u2019\u2019) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original EIR. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables (not subject to provisional pricing) and other receivables due in less than 12 months, the Group applies the simplified approach in calculating ECLs, as permitted by IFRS 9. Therefore, the Group does not track changes in credit risk, but instead, recognises a loss allowance based on the financial asset\u2019s lifetime ECL at each reporting date. The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows and usually occurs when past due for more than one year and not subject to enforcement activity. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. (b) Financial liabilities Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, accruals and loan notes. Subsequent measurement The measurement of financial liabilities depends on their classification, as described below. Loans and borrowings, trade and other payables, and accruals. After initial recognition, interest-bearing loans and borrowings, trade and other payables, and accruals are subsequently measured at amortised cost using the effective interest method (\u201cEIR\u2019\u2019) method. Gains and losses are recognised in the statement of profit or loss and other comprehensive income when the liabilities are derecognised, as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss and other comprehensive income. This category generally applies to trade payables, other payables and accruals. Derecognition A financial liability is derecognised when the associated obligation is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in profit or loss and other comprehensive income. 3.8 Taxation Current tax is calculated according to local tax rules, using tax rates and laws enacted or substantively enacted at the reporting date. Current and deferred tax is recognised in profit or loss unless it relates to an item recognised in other comprehensive income or equity in which case the related current tax or deferred tax is recognised in other comprehensive income or equity respectively. Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements, determined using tax rates and laws that are substantively enacted at the reporting date and are expected to apply as or when the temporary differences reverse. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. 3.9 Property, plant and equipment Property, plant, and equipment (PPE) is carried at cost less depreciation and accumulated impairment losses. Where parts of an item of PPE have different useful lives, they are accounted for as separate items of PPE. The Group assesses at each reporting date whether items of PPE are impaired. Depreciation is provided on PPE, at rates calculated to write off the cost less the estimated residual value of each asset, on a straight-line basis, over their expected useful lives as follows: Mining equipment 10 years Mining Assets 8 years Office equipment 4 years Motor vehicles 5 years Computer equipment 2 years Land not depreciated Mine site not depreciated Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since the last annual reporting date in the pattern by which the Group expects to consume an asset\u2019s future economic benefits. The Company capitalizes expenditures incurred in exploration and evaluation (E&E) activities as project costs, categorized as intangible assets (exploration and evaluation assets), when those costs are associated with finding specific mineral resources. Expenditure included in the initial measurement of project costs and which are classified as intangible assets relate to the acquisition of rights to explore. Capitalisation of pre-production expenditure ceases when the mining property is capable of commercial production. Project costs are recorded and held at cost and no amortization is recorded prior to commencement of production. An annual review is undertaken of each area of interest to determine the appropriateness of continuing to capitalize and carry forward project costs in relation to that area of interest, in accordance with the indicators of impairment as set out in IFRS 6. No impairment provision has been made in the year ended 31 December 2023 (2022: \u00a3877,000), as more fully described in Note 14. 3.10 Intangible assets \u2013 Goodwill Goodwill represents the excess of the cost of a business combination over the Group\u2019s interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired. Cost comprises the fair value of assets given, liabilities assumed, and equity instruments issued, plus the amount of any non-controlling interests in the acquiree. Contingent consideration is included in cost at its acquisition date fair value and, in the case of contingent consideration classified as a financial liability, remeasured subsequently through profit or loss. Goodwill is capitalised as an intangible asset with any impairment in carrying value being charged to profit or loss. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the consolidated statement of comprehensive income on the acquisition date. No impairment provision has been made in the year ended 31 December 2023 (2022: \u00a32,168,000) as goodwill was fully impaired in 2022. 3.11 Impairment of non-financial assets (excluding inventories and deferred tax assets) Impairment tests on goodwill and other intangible assets with indefinite useful economic lives are undertaken annually at the financial year end. Other non-financial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is written down accordingly. Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately identifiable cash flows; its cash generating units (\u2018CGUs\u2019). Goodwill is allocated on initial recognition to each of the Group\u2019s CGUs that are expected to benefit from a business combination that gives rise to the goodwill. Impairment charges are included in profit or loss, except to the extent they reverse gains previously recognised in other comprehensive income. An impairment loss recognised for goodwill is not reversed.3.12 Investment in subsidiaries The Company, through its 100% owned Rwanda registered subsidiary, Eastinco Limited which was acquired on 15 October 2019, is actively engaged in mineral exploration and development of its portfolio of critical and strategic metals in Rwanda, with the focus on extracting and recovery of lithium, tantalum and tin. Eastinco Limited also holds a metal trading license, issued by the authorities in Rwanda, which allows for the trading of metals from our mine supply and third-party producers and suppliers. The Company also holds a portfolio of 17 highly prospective copper-silver and other base metal exploration projects in Morocco, acquired in October 2022 through its 100% owned Moroccan subsidiary, Aterian Resources Limited. The Directors have reviewed evidence which might suggest whether the investments in the subsidiaries have become impaired. In particular, the Directors reviewed whether there exist: \u2022 significant financial difficulty in the subsidiaries; \u2022 a breach of contract, such as a default or past-due event; \u2022 it is becoming probable that the subsidiaries will enter bankruptcy or another financial reorganisation; \u2022 the disappearance of any market for the debt of the subsidiaries because of financial difficulties; or \u2022 the financial liabilities of the subsidiaries trade at a deep discount that reflects likely incurred credit losses. As more fully described in Note 11, the Directors have considered the evidence in respect of the Company\u2019s investments in its subsidiaries and concluded that there were no indicators of impairment. The Company made full impairment against its investment in its Rwandan subsidiaries in the year ended 31 December 2022, amounting to \u00a32,261,000. 3.13 Cash and cash equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand and deposits held at call with financial institutions and deposits with maturities of three months or less from inception. 3.14 Foreign currencies Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the reporting date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result. On consolidation of a foreign operation, assets and liabilities are translated at the closing rate at the reporting date, income and expenses where the average rate is not materially different to the rates of exchange ruling at the dates of the transactions are translated at average exchange rates. All resulting exchange differences shall be recognised in other comprehensive income and are accumulated in a separate component of equity. On disposal of the foreign operation the accumulated gains or losses previously recognised in entity are transferred to profit or loss and are recognised as a part of the overall profit or loss on disposal of the foreign operation. 3.15 Share-based payment arrangements Equity-settled share-based payments are measured at fair value at the date of issue. Aterian Plc has granted both share options and warrants that will be settled through the issuance of shares of the Company. The cost of equity-settled transactions is measured by reference to the fair value at the date on which they were granted and is recognised as an expense over the vesting period, which ends on the date the recipient becomes fully entitled to the award. Fair value is determined by using the Black-Scholes option pricing model. In valuing equity-settled transactions, no account is taken of any service and performance conditions (vesting conditions), other than performance conditions linked to the price of the shares of the Company (market conditions). Any other conditions which are required to be met in order for the recipients to become fully entitled to an award are considered to be non-vesting conditions. Market performance conditions and non-vesting conditions are taken into account in determining the grant date\u2019s fair value. No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market or non-vesting condition, which are vesting irrespective of whether or not the market or non-vesting condition is satisfied, provided that all other performance or service conditions are satisfied. At each reporting date before vesting, the cumulative expense is calculated; representing the extent to which the vesting period has expired and management\u2019s best estimate of the number of equity instruments that will ultimately vest. The movement in the cumulative expense since the previous reporting date is recognised in profit and loss, with a corresponding entry in equity. Where the terms of the equity-settled award are modified, or a new award is designated as replacing a cancelled or settled award, the cost based on the original award terms continues to be recognised over the original vesting period. In addition, an expense is recognised over the remainder of the new vesting period for the incremental fair value of any modification, based on the difference between the fair value of the original award and the fair value of the modified award, both as measured on the date of the modification. No reduction is recognised if the difference is negative. Where an equity-based award is cancelled (including when a non-vesting condition within the control of the entity or employee is not met), it is treated as if it had vested on the date of the cancellation, and the cost not yet recognised in profit and loss for the award is expensed immediately. Any compensation paid up to the fair value of the award at the cancellation or settlement date is deducted from equity, with any excess over fair value being treated as an expense. 3.16 Retirement and termination benefit costs Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service entitling them to the contributions. Payments made to state-managed retirement benefit plans are accounted for as payments to defined contribution plans where the Group\u2019s obligations under the plans are equivalent to those arising in a defined contribution retirement benefit plan. 3.17 Exploration, evaluation and development expenditures Exploration expenditure Exploration expenditures reflect the costs related to the initial search for mineral deposits with economic potential or obtaining more information about existing mineral deposits. Exploration expenditures typically include costs associated with the acquisition of mineral licences, prospecting, sampling, mapping, geophysical survey, laboratory work, diamond drilling and other work involved in searching for mineral deposits. These assets relate to the exploration and evaluation expenditures incurred in respect of resource projects that are in the exploration and evaluation stage. Exploration and evaluation expenditures include costs which are directly attributable to acquisition and evaluation activities, assessing technical feasibility and commercial viability. These expenditures are capitalised using the full cost method until the technical feasibility and commercial viability of extracting the mineral resource of a project are demonstrable. During the exploration period, exploration and evaluation assets are not amortised. Drilling and related costs that are for general exploration, incurred on sites without an existing mine, or on areas outside the boundary of a known mineral deposit which contains proven and probable reserves are classified as greenfield exploration expenditures and capitalised in accordance with IFRS 6. Drilling and related costs incurred to define and delineate a mineral deposit that has not been classified as proven and probable reserves at a development stage or production stage mine are classified as brownfield activities and are capitalised as part of the carrying amount of the related property in the period incurred, when management determines that there is sufficient evidence that the expenditure will result in a future economic benefit to the Group. Evaluation expenditure Evaluation expenditures reflect costs incurred at projects related to establishing the technical and commercial viability of mineral deposits identified through exploration or acquired through a business combination or asset acquisition. Evaluation expenditures include the cost of: \u2022 establishing the volume (tonnage) and grade of deposits through drilling of core samples, trenching and sampling activities for an ore body that is classified as either a mineral resource or a proven and probable reserve; \u2022 determining the optimal methods of extraction and metallurgical and treatment processes; \u2022 studies related to surveying, transportation and infrastructure requirements; \u2022 permitting activities; and \u2022 economic evaluations to determine whether development of the mineralised material is commercially viable, including scoping, prefeasibility and final feasibility studies. Evaluation expenditures are capitalised if management determines that there is evidence to support probability of generating positive economic returns in the future. A mineral resource is considered to have economic potential when it is expected that the technical feasibility and commercial viability of extraction of the mineral resource can be demonstrated considering long-term metal prices. Therefore, prior to capitalising such costs, management determines that the following conditions have been met: \u2022 There is a probable future benefit that will contribute to future cash inflows; \u2022 The Group can obtain the benefit and control access to it; and \u2022 The transaction or event giving rise to the benefit has already occurred. The evaluation phase is complete once technical feasibility of the extraction of the mineral deposit has been determined through the preparation of a reserve and resource statement, including a mining plan as well as receipt of required permits and approval of the Board of Directors to proceed with development of the mine. On such date, capitalised evaluation costs are assessed for impairment and reclassified to development costs. The Group classifies its E&E assets as intangible assets. Development expenditure Development expenditures are those that are incurred during the phase of preparing a mineral deposit for extraction and processing. These include pre-stripping costs and underground or open-pit development costs to gain access to the ore that is suitable for sustaining commercial mining, preparing land, construction of plant, equipment and buildings and costs of commissioning the mine and processing facilities. It also includes proceeds received from pre-commercial production. Expenditures incurred on development projects continue to be capitalised until the mine and mill move into the production stage. The Group assesses each mine construction project to determine when a mine moves into the production stage. The criteria used to assess the start date are determined based on the nature of each mine construction project, such as the complexity of a plant or its location. Various relevant criteria are considered to assess when the mine is substantially complete and ready for its intended use and moved into the production stage. The criteria considered include, but are not limited to, the following: \u2022 the level of capital expenditures compared to construction cost estimates; \u2022 the completion of a reasonable period of testing of mine plant and equipment; \u2022 the ability to produce minerals in saleable form (within specification); and \u2022 the ability to sustain ongoing production of minerals. If the factors that impact the technical feasibility and commercial viability of a project change and no longer support the probability of generating positive economic returns in the future, expenditures will no longer be capitalised and the capitalised development costs will be assessed for impairment. 3.18 Farm-outs in the exploration and evaluation stage On 31 July 2023, the Company signed a definitive Earn-In Investment and Joint Venture Agreement (\"Agreement\") with Rio Tinto Mining and Exploration Ltd (\"RIO\") and Kinunga Mining Ltd (\"Kinunga\"). The Agreement is for the exploration and development of lithium and by-products at its HCK Joint Venture project (\"Project\") holding the HCK licence (the \"Licence\") in the Republic of Rwanda. For accounting purposes, the agreement has been treated as a farm-out arrangement. RIO has the option to incur work expenditure of US$3 million over a two-year period (\"Stage 1\") to earn an initial 51% interest in the Licence. RIO will also make cash payments to Aterian, totalling US$300,000, to reimburse previous operational expenses incurred by Aterian. An initial payment of US$200,000 is due upon completion of satisfactory due diligence by RIO, and an additional payment of US$100,000 will be due at the start of Stage 2. Upon earning a 51% interest in the Licence, RIO can earn an additional 24% interest in the Licence by funding additional work expenditures of US$4.5 million over a three-year period (\"Stage 2\"). After Stage 2 RIO will, provided it contributes the additional funding, hold a 75% interest in the Licence. RIO has agreed to a 2% net smelter royalty (NSR) over the project with a US$50 million cap that will be due by the future Joint Venture between RIO and Kinunga to a holder/holders to be notified by Aterian to RIO prior to the NSR agreement being entered into and such holder/holders to be subject to completion of satisfactory due diligence by RIO. No production had commenced as at 31 December 2023 and therefore no royalty was earnt in that period. Under the terms of the Agreement, RIO has an exclusivity option to invest into Aterian's two other existing Rwandan projects, which will be subject to their own separate agreements. A management committee comprising representatives of both RIO and Aterian will be formed to provide financial and operational oversight. RIO will act as the operator for the Project. The Group considers that this option has insignificant value as the agreement is in its early stages and its ultimate outcome is uncertain at 31 December 2023. Management has determined that the fair value of the option is immaterial at 31 December 2023 on the basis that the agreement is in its early stages and the ultimate likelihood of a successful outcome to the arrangement is uncertain. Accordingly, no value has been recognised in respect of the option. In effect, the Group has entered into a farm-out agreement with RIO whereby in return for a working interest in the Project. RIO is responsible for and will contribute up to US$7.5m of operating costs and capital expenditure. RIO has been appointed as operator. With effect from the Execution Date, Rio Tinto will undertake, operate and manage all exploration activities on the Project as Operator as approved by the Management Committee. The Operator shall charge an operator fee, which shall be calculated as five percent (5%) of all Project Expenditures (the \u201cOperator Fee\u201d). The Operator Fee will form part of Project Expenditure required to be spent by Rio Tinto to earn its Participating Interest. If the Joint Venture Entity is formed, the Operator Fee shall be charged to the Joint Venture Entity. The Group does not record any expenditure made by RIO (the \u201cfarmee\u2019\u2019) on its account. It also does not recognise any gain or loss on its exploration and evaluation farm-out arrangements but redesignates any costs previously capitalised in relation to the whole interest as relating to the partial interest retained. Any cash consideration received directly from the farmee is credited against costs previously capitalised in relation to the whole interest with any excess accounted for by the Company (as \u201cfarmor\u2019\u2019) as a gain on disposal. In developing an accounting policy for such farm-out arrangements, the Company has considered IFRS 6 which effectively provides two options. Either: (a) Develop an accounting policy under IAS 8 (b) Develop an accounting policy under IFRS 6 Aterian has used the second option by developing and applying an accounting policy to these arrangements. As farmor, Aterian accounts for the farm-out arrangement as follows: - The Company does not record any expenditure made by the farmee on its behalf. - Management has determined that the fair value of the option is immaterial at 31 December 2023 on the basis that the agreement is in its early stages and the ultimate likelihood of a successful outcome to the arrangement is uncertain. Accordingly, no value has been recognised in respect of the option; - The Company does not recognise a gain or loss on the farm-out arrangement but rather, redesignates any costs previously capitalised in relation to the whole interest as relating to the partial interest retained; and - Any cash consideration received is credited against costs previously capitalised in relation to the whole interest with any excess accounted for by the Company as a gain on disposal. The initial payment of US$ 200,000 (approximately \u00a3164,000) from RIO which was due upon completion of satisfactory due diligence by RIO has been credited against costs previously capitalised in relation to the whole interest with the excess of \u00a3119,000 accounted for by the Company as a gain on disposal. Satisfactory due diligence was subsequently completed. As at 31 December 2023, the Group had capitalised \u00a345,000 in respect of the HCK Project and accordingly, the sum of \u00a345,000 has been credited against such costs, with \u00a3119,000 accounted for as a gain on disposal. 3.19 Critical accounting estimates and judgements The preparation of the Group\u2019s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, the accompanying disclosures, and the disclosure of contingent liabilities at the date of the consolidated financial statements. Estimates and assumptions are continually evaluated and are based on management\u2019s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. In particular, the Group has identified a number of areas where significant judgements, estimates and assumptions are required. Further information on each of these areas and how they impact the various accounting policies are described and highlighted separately with the associated accounting policy note within the related qualitative and quantitative note, as described below. Key judgements: a) Exploration and evaluation expenditure The application of the Group\u2019s accounting policy for E&E expenditure requires judgement to determine whether future economic benefits are likely from either future exploitation or sale, or whether activities have not reached a stage that permits a reasonable assessment of the existence of reserves. In addition to applying judgement to determine whether future economic benefits are likely to arise from the Group\u2019s E&E assets or whether activities have not reached a stage that permits a reasonable assessment of the existence of reserves, the Group has to apply a number of estimates and assumptions. The determination of a resource is itself an estimation process that involves varying degrees of uncertainty depending on how the resources are classified (i.e., measured, indicated or inferred). The estimates directly impact when the Group defers E&E expenditure. The deferral policy requires management to make certain estimates and assumptions about future events and circumstances, particularly, whether an economically viable extraction operation can be established. Any such estimates and assumptions may change as new information becomes available. If, after expenditure is capitalised, information becomes available suggesting that the recovery of expenditure is unlikely, the relevant capitalised amount is written off to the statement of profit or loss and other comprehensive income in the period when the new information becomes available. b) Investments The Company\u2019s investments in its subsidiaries are stated at cost less impairment provisions. Management has applied judgement in a review assessing whether or not its investments are impaired. As noted below, in the year ended 31 December 2022, the review concluded that the recoverable amount of the Rwandan assets did not support either the Company\u2019s investment carrying value of \u00a32,261,000 or the Group\u2019s goodwill of \u00a32,168,000. In 2023, the review concluded that there were no indicators of impairment to the Group\u2019s investment in its Moroccan subsidiaries and no provision has been made. c) Farm-out arrangements in the exploration phase The Group undertakes certain of its business activities through farm-out arrangements. A farm-out arrangement typically involves an entity (the farmor) agreeing to provide a working interest in a mining property to a third party (the farmee), provided that the farmee makes a cash payment to the farmor and/or incurs certain expenditures on the property to earn that interest. In developing an accounting policy for such arrangements, management has made a judgement in applying the terms of the agreement with RIO and considers that there is no joint control arising out of the arrangement, as RIO effectively manages expenditure and related committee and will ultimately gain control of the license / Kinunga if they continue in the agreement via the two stages. As such the agreement is not regarded as a joint arrangement under IFRS 11. The Group recognises only cash payments received and does not recognise any consideration in respect of the value of the work to be performed by the farmee and instead carries the remaining interest at the previous cost of the full interest reduced by the amount of any cash consideration received for entering the agreement. The effect is that there is no gain recognised on the disposal unless the cash consideration received exceeds the carrying value of the entire asset held. Management has also considered the position that RIO has an option to either request Kinunga to transfer the license to a newly formed company or for Kinunga to issue shares to RIO so that the latter obtains 51% at stage 1 or up to 75% for stage 2. If RIO exercises its Purchase Option right in accordance with the Earn-In and Joint Venture Agreement, RIO shall be entitled to acquire all the Participating Interests held by Kinunga at the fair market value of such Participating Interests. Management has determined that the fair value of the option is immaterial at 31 December 2023 on the basis that the agreement is in its early stages and the ultimate likelihood of a successful outcome to the arrangement is uncertain. Accordingly, no value has been recognised in respect of the option. d) Going concern In their assessment of going concern, the Directors have prepared cash flow forecasts which require a number of judgments to be made including the Directors\u2019 ability to access further financing and to implement cost saving and deferral measures, where necessary. The Directors have prepared a cash flow forecast to September 2025 which assumes that the Group is not able to raise additional funds within the going concern period and if that was the case, the forecasts demonstrate that mitigating measures can be implemented, or significant project expenditure delayed to reduce the cash outflows to the minimal contracted and committed expenditure while also maintaining the Group\u2019s licences and permits. In this going concern analysis, the base case cash flow forecast has been prepared on the following bases: - Separate budgets have been prepared for each of the Kinunga and Musasa projects in Rwanda and the Moroccan projects, as well as the Rwanda trading operations and corporate expenditure for the period to September 2025. - Each project has an assumed a limited exploration programme with supporting overhead functions and capital expenditure in a phased approach. - In Morocco, exploration is planned primarily for the Agdz and Tata permits, with lower levels of expenditure for Azra, Jebilet and others. - Corporate expenditure is assumed to continue at current levels. - New debt or equity funds are not assumed although the Directors are in discussion with advisors and investors for an additional funding round. We have similarly excluded fundraising costs. - Inflationary assumptions have not been specifically factored into revenue or costs as the impact is not considered material. The significant judgements involved in this going concern assessment included consideration of a heightened inflationary environment and the availability of working capital facilities. In the Directors\u2019 judgement, many of the Group\u2019s expenditures are fixed in nature and consequently inflation doesn\u2019t represent a significant source of estimation uncertainty. The Directors have concluded that these circumstances give rise to a material uncertainty relating to going concern, arising from events or conditions that may cast significant doubt on the entity\u2019s ability to continue as a going concern if a further fund raise was unsuccessful. However, considering recent successful fund raises the Directors are confident that they can continue to adopt the going concern basis in preparing the financial statement. The Company is reliant on fundraising activities which if not secured in the next month will require the directors to source funding through alternative means or provide capital injection, otherwise this may impact the Group's ability to operate as a going concern. Based on their assessment of the financial position, the Directors have a reasonable expectation that the Group will be able to continue in operational existence for the next twelve months and continue to adopt the going concern basis of accounting in preparing these financial statements. e) Impairment of goodwill and exploration and evaluation assets The Group tests annually for impairment or more frequently if there are indications that the Company\u2019s investments or the Group\u2019s goodwill and exploration and evaluation assets might be impaired. IFRS requires management to test for impairment if events or changes in circumstances indicate that the carrying amount of a finite life asset may not be recoverable. For the year ended 31 December 2023, the Group performed a review for indicators of impairment in the values of its intangibles and evaluated key assumptions. These included considering any revisions to the mine plan, including current estimates of recoverable mineral reserves and resources, recent operating results and future expected production. This review concluded that no impairment was necessary. In the year ended 31 December 2022, the review concluded that the recoverable amount of the Rwandan assets did not support either the Company\u2019s investment carrying value of \u00a32,261,000 or the Group\u2019s goodwill of \u00a32,168,000. Management determined that all expenditure capitalised in relation to the Group\u2019s Musasa Project should be fully impaired on the basis that all production activity has been suspended. Accordingly, the Group\u2019s goodwill of \u00a32,168,000 and the Company\u2019s investment in Eastinco ME Limited, amounting to \u00a32,261,000 were impaired in 2022. The Group\u2019s review has concluded that there has been no change to these circumstances and that no reversal of such impairment should be made. The Company\u2019s investment in Aterian Resources Limited of \u00a33.2m was based on the agreed transaction price with Altus Strategies Plc. The Directors have not conducted detailed impairment testing at 31 December 2023 as no impairment triggers have been identified during the period since acquisition in October 2022. The data generated since acquisition and published on the Company\u2019s website demonstrates the strong potential for economic discovery. In June 2023, an independent unrelated party, released a research note from Atrium Research. This note values their single 16km2 licence at Silver Hills in Morocco at C$4.4 million. Aterian currently holds 17 projects and data obtained post the initiation note can be considered as highly positive in exploration terms. Subsequent to year-end reporting period, the Company has received interest from several third parties with respect to the Moroccan projects. Given the external interest and the new results from some of the projects an internal valuation between US$7 \u2013 12 million lends support to the conclusion that no impairment is necessary. f) Share-based payments The Group accounts for equity-settled share-based payments at fair value at the date of issue. The Board has exercised judgement in determining whether the warrants issued during the year should be treated as a financial instrument (IAS 32) or share based payments (IFRS 2). IFRS 2 applies to any transaction in which an entity receives goods or services as part of a share-based payment arrangement. That determination requires careful consideration of all the facts and circumstances, such as the respective rights of the warrant holders. A total of 4 million warrants were issued for the settlement of services received and have been recognised in accordance with IFRS 2. The board has determined that all of the 100 million warrants issued to investors during 2023 were for the purpose of obtaining funding via equity from investors at 1p and at 1.2p per share. None were issued to any directors or employees in relation to any compensation or in relation to any employment or consideration for services. Accordingly, these warrants issued to shareholders and investors do not fall within the scope of IFRS 2. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-295": {
"value": "3.1 Basis of consolidation The consolidated financial statements comprise the financial statements of Aterian Plc and its subsidiaries as at 31 December 2023. Subsidiaries are entities controlled by the Group. Control exists when the Group 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. Specifically, the Group controls an investee if, and only if, the Group has all of the following: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee) \u2022 Exposure, or rights, to variable returns from its involvement with the investee \u2022 The ability to use its power over the investee to affect its returns \u2022 Generally, there is a presumption that a majority of voting rights results in control. When the Group has less than a majority of the voting, or similar, rights of an investee, it considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 The contractual arrangements with the other vote holders of the investee; \u2022 Rights arising from other contractual arrangements; and \u2022 The Group\u2019s voting rights and potential voting rights The relevant activities are those which significantly affect the subsidiary\u2019s returns. The ability to approve the operating and capital budget of a subsidiary and the ability to appoint key management personnel are decisions that demonstrate that the Group has the existing rights to direct the relevant activities of a subsidiary. The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the statement of profit or loss and other comprehensive income from the date the Group gains control until the date the Group ceases to control the subsidiary. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full, on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value. The individual financial statements of each entity in the Group are presented in the currency of the primary economic environment in which the entity operates, which is the functional currency. Business combinations are accounted for under the acquisition method. Under the acquisition method, the results of the subsidiaries acquired or disposed of are included from the date of acquisition or up to the date of disposal. At the date of acquisition, the fair values of the subsidiaries\u2019 net assets are determined and these values are reflected in the Consolidated Financial Statements. The cost of acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree, plus any costs directly attributable to the business combination, and directly expensed. Any excess of the purchase consideration of the business combination over the fair value of the identifiable assets and liabilities acquired is recognised as goodwill. Goodwill, if any, is not amortised but reviewed for impairment at least annually. Intra-group transactions, balances and unrealised gains on transactions are eliminated; unrealised losses are also eliminated unless the cost cannot be recovered. Where necessary, adjustments are made to the financial statements of subsidiaries to ensure consistency of accounting policies with those of the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-296": {
"value": "3.2 Business combinations A business combination is defined as an acquisition of assets and liabilities that constitute a business and is accounted for using the acquisition method. A business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing goods or services to customers, generating investment income (such as dividends or interest) or generating other income from ordinary activities. A business consists of inputs, including non-current assets, and processes, including operational processes, that when applied to those inputs, have the ability to create outputs that provide a return to the Company and its shareholders. A business also includes those assets and liabilities that do not necessarily have all the inputs and processes required to produce outputs but can be integrated with the inputs and processes of the Company to create outputs. When acquiring a set of activities or assets in the exploration and development stage, which may not have outputs, the Company considers other factors to determine whether the set of activities or assets is a business. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interest issued by the Group in exchange for control of the acquiree. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value at the acquisition date, except that: \u2022 deferred tax assets or liabilities and assets or liabilities related to employee benefit arrangements are recognised and measured in accordance with IAS 12 and IAS 19 respectively; \u2022 liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 at the acquisition date (see below); and \u2022 assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 are measured in accordance with that Standard. Acquisition-related costs of a business combination, other than costs to issue equity securities, are expensed as incurred. 3.3 Asset acquisitions Asset acquisitions Where the Company has determined that the assets acquired do not meet the definition of a business, the transaction is accounted for as an asset acquisition. In such cases, the Company identifies and recognises the individual assets acquired and liabilities assumed. The cost to the Group is allocated to the individual identifiable assets and liabilities on the basis of their fair values at the date of purchase. Such a transaction does not give rise to goodwill. At the Group level, the transaction is an acquisition of exploration and evaluation assets. At the Company level, the acquisition is treated as an investment. When determining the initial measurement of an asset acquisition, the Company assesses both the fair value of the consideration paid as well as the fair value of each asset acquired and liability assumed. The consideration is presumed to equal to the fair value of the net assets acquired unless there is evidence to the contrary. The fair value of the consideration determines the cost to be allocated over the group of assets acquired and liabilities assumed. The fair values of the individual assets and liabilities are used to determine the proportional amount of that cost to be allocated to the identifiable assets and liabilities that make up the transaction. No provision for deferred tax is recognised on the acquisition. Expenses incurred directly in relation to the acquisition are capitalised as part of the cost of the assets acquired. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-323": {
"value": "3.2 Business combinations A business combination is defined as an acquisition of assets and liabilities that constitute a business and is accounted for using the acquisition method. A business is an integrated set of activities and assets that is capable of being conducted and managed for the purpose of providing goods or services to customers, generating investment income (such as dividends or interest) or generating other income from ordinary activities. A business consists of inputs, including non-current assets, and processes, including operational processes, that when applied to those inputs, have the ability to create outputs that provide a return to the Company and its shareholders. A business also includes those assets and liabilities that do not necessarily have all the inputs and processes required to produce outputs but can be integrated with the inputs and processes of the Company to create outputs. When acquiring a set of activities or assets in the exploration and development stage, which may not have outputs, the Company considers other factors to determine whether the set of activities or assets is a business. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interest issued by the Group in exchange for control of the acquiree. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value at the acquisition date, except that: \u2022 deferred tax assets or liabilities and assets or liabilities related to employee benefit arrangements are recognised and measured in accordance with IAS 12 and IAS 19 respectively; \u2022 liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 at the acquisition date (see below); and \u2022 assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 are measured in accordance with that Standard. Acquisition-related costs of a business combination, other than costs to issue equity securities, are expensed as incurred. 3.3 Asset acquisitions Asset acquisitions Where the Company has determined that the assets acquired do not meet the definition of a business, the transaction is accounted for as an asset acquisition. In such cases, the Company identifies and recognises the individual assets acquired and liabilities assumed. The cost to the Group is allocated to the individual identifiable assets and liabilities on the basis of their fair values at the date of purchase. Such a transaction does not give rise to goodwill. At the Group level, the transaction is an acquisition of exploration and evaluation assets. At the Company level, the acquisition is treated as an investment. When determining the initial measurement of an asset acquisition, the Company assesses both the fair value of the consideration paid as well as the fair value of each asset acquired and liability assumed. The consideration is presumed to equal to the fair value of the net assets acquired unless there is evidence to the contrary. The fair value of the consideration determines the cost to be allocated over the group of assets acquired and liabilities assumed. The fair values of the individual assets and liabilities are used to determine the proportional amount of that cost to be allocated to the identifiable assets and liabilities that make up the transaction. No provision for deferred tax is recognised on the acquisition. Expenses incurred directly in relation to the acquisition are capitalised as part of the cost of the assets acquired. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-297": {
"value": "3.4 Going concern The financial statements have been prepared on a going concern basis. The Group has not yet earned revenues and as at 31 December 2023 was in the feasibility, optimisation and commissioning phase of its ore processing plant in Rwanda. In Morocco, each of its assets are in the early stages of exploration and feasibility assessment. Continuing operations of the Group are currently financed from funds raised from shareholders and this will likely continue to be the case until revenue is generated from mining and/or trading and subsequent ore sales. In the short term the Chairman of the Company has made available to the Company a working capital facility, but the Group will likely need to raise further funds in order to progress the Group from the exploration phase into feasibility and eventually into production of revenues. The Company expects to raise additional equity capital to fund both day-to-day expenditure and potential growth. Such funding will be required although there can be no certainty that such funding will be forthcoming. The Company is reliant on fundraising activities which if not secured in the next month will require the directors to source funding through alternative means or provide capital injection, otherwise this may impact the Group's ability to operate as a going concern. As at 31 December 2023, the Group had cash and cash equivalents of \u00a373,000 and a working capital facility of \u00a3500,000 which is fully utilsed. As at the date of this report, cash balances were approximately \u00a320,000. As part of their assessment, the Directors have prepared financial cash- flow forecasts on the basis that cost reduction and cost deferral measures can be implemented over the going concern period The Company\u2019s base case financial projections show that the Group can continue to operate within the available facilities throughout the next 12 months. Much of the Group\u2019s planned exploration expenditure is discretionary and, if necessary, could be scaled back to conserve cash should circumstances coincide with our expectations. The Directors have agreed, if circumstances require, to defer payment of their fees until such time as adequate funding is received and if necessary, scale back all discretionary expenditure including exploration expenditure. The Directors have concluded that these circumstances give rise to a material uncertainty relating to going concern, arising from events or conditions that may cast significant doubt on the entity\u2019s ability to continue as a going concern if a further fund raise was unsuccessful. However, considering recent successful fund raises the Directors are confident that they can continue to adopt the going concern basis in preparing the financial statements. The financial statements do not include any adjustment that may arise in the event that the Group is unable to raise finance, realise its assets and discharge its liabilities in the normal course of business. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-324": {
"value": "3.4 Going concern The financial statements have been prepared on a going concern basis. The Group has not yet earned revenues and as at 31 December 2023 was in the feasibility, optimisation and commissioning phase of its ore processing plant in Rwanda. In Morocco, each of its assets are in the early stages of exploration and feasibility assessment. Continuing operations of the Group are currently financed from funds raised from shareholders and this will likely continue to be the case until revenue is generated from mining and/or trading and subsequent ore sales. In the short term the Chairman of the Company has made available to the Company a working capital facility, but the Group will likely need to raise further funds in order to progress the Group from the exploration phase into feasibility and eventually into production of revenues. The Company expects to raise additional equity capital to fund both day-to-day expenditure and potential growth. Such funding will be required although there can be no certainty that such funding will be forthcoming. The Company is reliant on fundraising activities which if not secured in the next month will require the directors to source funding through alternative means or provide capital injection, otherwise this may impact the Group's ability to operate as a going concern. As at 31 December 2023, the Group had cash and cash equivalents of \u00a373,000 and a working capital facility of \u00a3500,000 which is fully utilsed. As at the date of this report, cash balances were approximately \u00a320,000. As part of their assessment, the Directors have prepared financial cash- flow forecasts on the basis that cost reduction and cost deferral measures can be implemented over the going concern period The Company\u2019s base case financial projections show that the Group can continue to operate within the available facilities throughout the next 12 months. Much of the Group\u2019s planned exploration expenditure is discretionary and, if necessary, could be scaled back to conserve cash should circumstances coincide with our expectations. The Directors have agreed, if circumstances require, to defer payment of their fees until such time as adequate funding is received and if necessary, scale back all discretionary expenditure including exploration expenditure. The Directors have concluded that these circumstances give rise to a material uncertainty relating to going concern, arising from events or conditions that may cast significant doubt on the entity\u2019s ability to continue as a going concern if a further fund raise was unsuccessful. However, considering recent successful fund raises the Directors are confident that they can continue to adopt the going concern basis in preparing the financial statements. The financial statements do not include any adjustment that may arise in the event that the Group is unable to raise finance, realise its assets and discharge its liabilities in the normal course of business. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-326": {
"value": "3.5 Segment reporting An operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses (including revenue and expenses relating to transactions with other components of the same entity) whose operating results are reviewed regularly by the entity\u2019s chief operating decision maker to make decision about resources to be allocated to the segment and assess its performance and for which discrete financial information is available. The Directors are of the opinion that the Group is engaged in two operating segments being exploration activity in Morocco and Rwanda. The Company operates in Morocco and Rwanda, and has its Corporate management team in the UK. Note 24 provides the Company\u2019s results by operating segment in the way information is provided to and used by the Company\u2019s CEO as the chief operating decision maker to make decisions about the allocation of resources to the segments and assess their performance. The Company considers each of its exploration projects in Morocco and Rwanda each form a segment. Corporate legal entities are aggregated and presented together as part of the \"other\" segment on the basis of them sharing similar economic characteristics. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-325": {
"value": "3.6 Accounting for interest in own shares held though an Employees Benefit Trust The funds advanced to acquire the shares have been accounted for under IFRS as a deduction from equity rather than as an asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-327": {
"value": "3.7 Financial instruments A financial instrument is any contract that gives rise to a financial asset of on entity and a financial liability or equity instrument of another. (a) Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, and subsequently measured at amortised cost, fair value through other comprehensive income, or fair value through profit and loss. The classification of financial assets at initial recognition that are debt instruments depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. The Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories: \u2022 Financial assets at amortised cost \u2022 Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) \u2022 Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) \u2022 Financial assets at fair value through profit or loss Financial assets at amortised cost This category is the most relevant to the Group. The Group measures financial assets at amortised cost if both of the following conditions are met: \u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Interest received is recognised as part of finance income in the statement of profit or loss and other comprehensive income. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group\u2019s financial assets at amortised cost include trade receivables (not subject to provisional pricing) and other receivables. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial position) when: \u2022 The rights to receive cash flows from the asset have expired; or \u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass- through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Impairment of financial assets The Group recognises an allowance for allowance for expected credit losses (\u201cECLs\u2019\u2019) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original EIR. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables (not subject to provisional pricing) and other receivables due in less than 12 months, the Group applies the simplified approach in calculating ECLs, as permitted by IFRS 9. Therefore, the Group does not track changes in credit risk, but instead, recognises a loss allowance based on the financial asset\u2019s lifetime ECL at each reporting date. The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows and usually occurs when past due for more than one year and not subject to enforcement activity. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. (b) Financial liabilities Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, accruals and loan notes. Subsequent measurement The measurement of financial liabilities depends on their classification, as described below. Loans and borrowings, trade and other payables, and accruals. After initial recognition, interest-bearing loans and borrowings, trade and other payables, and accruals are subsequently measured at amortised cost using the effective interest method (\u201cEIR\u2019\u2019) method. Gains and losses are recognised in the statement of profit or loss and other comprehensive income when the liabilities are derecognised, as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss and other comprehensive income. This category generally applies to trade payables, other payables and accruals. Derecognition A financial liability is derecognised when the associated obligation is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in profit or loss and other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-298": {
"value": "(a) Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, and subsequently measured at amortised cost, fair value through other comprehensive income, or fair value through profit and loss. The classification of financial assets at initial recognition that are debt instruments depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. The Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories: \u2022 Financial assets at amortised cost \u2022 Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments) \u2022 Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments) \u2022 Financial assets at fair value through profit or loss Financial assets at amortised cost This category is the most relevant to the Group. The Group measures financial assets at amortised cost if both of the following conditions are met: \u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are subject to impairment. Interest received is recognised as part of finance income in the statement of profit or loss and other comprehensive income. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group\u2019s financial assets at amortised cost include trade receivables (not subject to provisional pricing) and other receivables. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial position) when: \u2022 The rights to receive cash flows from the asset have expired; or \u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass- through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Impairment of financial assets The Group recognises an allowance for allowance for expected credit losses (\u201cECLs\u2019\u2019) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original EIR. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables (not subject to provisional pricing) and other receivables due in less than 12 months, the Group applies the simplified approach in calculating ECLs, as permitted by IFRS 9. Therefore, the Group does not track changes in credit risk, but instead, recognises a loss allowance based on the financial asset\u2019s lifetime ECL at each reporting date. The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows and usually occurs when past due for more than one year and not subject to enforcement activity. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-340": {
"value": "Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial position) when: \u2022 The rights to receive cash flows from the asset have expired; or \u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass- through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. Derecognition A financial liability is derecognised when the associated obligation is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in profit or loss and other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-346": {
"value": "Impairment of financial assets The Group recognises an allowance for allowance for expected credit losses (\u201cECLs\u2019\u2019) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original EIR. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables (not subject to provisional pricing) and other receivables due in less than 12 months, the Group applies the simplified approach in calculating ECLs, as permitted by IFRS 9. Therefore, the Group does not track changes in credit risk, but instead, recognises a loss allowance based on the financial asset\u2019s lifetime ECL at each reporting date. The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows and usually occurs when past due for more than one year and not subject to enforcement activity. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. 3.11 Impairment of non-financial assets (excluding inventories and deferred tax assets) Impairment tests on goodwill and other intangible assets with indefinite useful economic lives are undertaken annually at the financial year end. Other non-financial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is written down accordingly. Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately identifiable cash flows; its cash generating units (\u2018CGUs\u2019). Goodwill is allocated on initial recognition to each of the Group\u2019s CGUs that are expected to benefit from a business combination that gives rise to the goodwill. Impairment charges are included in profit or loss, except to the extent they reverse gains previously recognised in other comprehensive income. An impairment loss recognised for goodwill is not reversed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-341": {
"value": "Impairment of financial assets The Group recognises an allowance for allowance for expected credit losses (\u201cECLs\u2019\u2019) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original EIR. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables (not subject to provisional pricing) and other receivables due in less than 12 months, the Group applies the simplified approach in calculating ECLs, as permitted by IFRS 9. Therefore, the Group does not track changes in credit risk, but instead, recognises a loss allowance based on the financial asset\u2019s lifetime ECL at each reporting date. The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows and usually occurs when past due for more than one year and not subject to enforcement activity. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-300": {
"value": "(b) Financial liabilities Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, accruals and loan notes. Subsequent measurement The measurement of financial liabilities depends on their classification, as described below. Loans and borrowings, trade and other payables, and accruals. After initial recognition, interest-bearing loans and borrowings, trade and other payables, and accruals are subsequently measured at amortised cost using the effective interest method (\u201cEIR\u2019\u2019) method. Gains and losses are recognised in the statement of profit or loss and other comprehensive income when the liabilities are derecognised, as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss and other comprehensive income. This category generally applies to trade payables, other payables and accruals. Derecognition A financial liability is derecognised when the associated obligation is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in profit or loss and other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-347": {
"value": "Loans and borrowings, trade and other payables, and accruals. After initial recognition, interest-bearing loans and borrowings, trade and other payables, and accruals are subsequently measured at amortised cost using the effective interest method (\u201cEIR\u2019\u2019) method. Gains and losses are recognised in the statement of profit or loss and other comprehensive income when the liabilities are derecognised, as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss and other comprehensive income. This category generally applies to trade payables, other payables and accruals. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-342": {
"value": "Loans and borrowings, trade and other payables, and accruals. After initial recognition, interest-bearing loans and borrowings, trade and other payables, and accruals are subsequently measured at amortised cost using the effective interest method (\u201cEIR\u2019\u2019) method. Gains and losses are recognised in the statement of profit or loss and other comprehensive income when the liabilities are derecognised, as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss and other comprehensive income. This category generally applies to trade payables, other payables and accruals. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-299": {
"value": "3.8 Taxation Current tax is calculated according to local tax rules, using tax rates and laws enacted or substantively enacted at the reporting date. Current and deferred tax is recognised in profit or loss unless it relates to an item recognised in other comprehensive income or equity in which case the related current tax or deferred tax is recognised in other comprehensive income or equity respectively. Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements, determined using tax rates and laws that are substantively enacted at the reporting date and are expected to apply as or when the temporary differences reverse. Deferred tax assets are recognised only 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:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-328": {
"value": "Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements, determined using tax rates and laws that are substantively enacted at the reporting date and are expected to apply as or when the temporary differences reverse. Deferred tax assets are recognised only 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:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-329": {
"value": "3.9 Property, plant and equipment Property, plant, and equipment (PPE) is carried at cost less depreciation and accumulated impairment losses. Where parts of an item of PPE have different useful lives, they are accounted for as separate items of PPE. The Group assesses at each reporting date whether items of PPE are impaired. Depreciation is provided on PPE, at rates calculated to write off the cost less the estimated residual value of each asset, on a straight-line basis, over their expected useful lives as follows: Mining equipment 10 years Mining Assets 8 years Office equipment 4 years Motor vehicles 5 years Computer equipment 2 years Land not depreciated Mine site not depreciated Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since the last annual reporting date in the pattern by which the Group expects to consume an asset\u2019s future economic benefits. The Company capitalizes expenditures incurred in exploration and evaluation (E&E) activities as project costs, categorized as intangible assets (exploration and evaluation assets), when those costs are associated with finding specific mineral resources. Expenditure included in the initial measurement of project costs and which are classified as intangible assets relate to the acquisition of rights to explore. Capitalisation of pre-production expenditure ceases when the mining property is capable of commercial production. Project costs are recorded and held at cost and no amortization is recorded prior to commencement of production. An annual review is undertaken of each area of interest to determine the appropriateness of continuing to capitalize and carry forward project costs in relation to that area of interest, in accordance with the indicators of impairment as set out in IFRS 6. No impairment provision has been made in the year ended 31 December 2023 (2022: \u00a3877,000), as more fully described in Note 14.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-343": {
"value": "Depreciation is provided on PPE, at rates calculated to write off the cost less the estimated residual value of each asset, on a straight-line basis, over their expected useful lives as follows: Mining equipment 10 years Mining Assets 8 years Office equipment 4 years Motor vehicles 5 years Computer equipment 2 years Land not depreciated Mine site not depreciated Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since the last annual reporting date in the pattern by which the Group expects to consume an asset\u2019s future economic benefits.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-301": {
"value": "3.10 Intangible assets \u2013 Goodwill Goodwill represents the excess of the cost of a business combination over the Group\u2019s interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired. Cost comprises the fair value of assets given, liabilities assumed, and equity instruments issued, plus the amount of any non-controlling interests in the acquiree. Contingent consideration is included in cost at its acquisition date fair value and, in the case of contingent consideration classified as a financial liability, remeasured subsequently through profit or loss. Goodwill is capitalised as an intangible asset with any impairment in carrying value being charged to profit or loss. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the consolidated statement of comprehensive income on the acquisition date. No impairment provision has been made in the year ended 31 December 2023 (2022: \u00a32,168,000) as goodwill was fully impaired in 2022. 3.17 Exploration, evaluation and development expenditures Exploration expenditure Exploration expenditures reflect the costs related to the initial search for mineral deposits with economic potential or obtaining more information about existing mineral deposits. Exploration expenditures typically include costs associated with the acquisition of mineral licences, prospecting, sampling, mapping, geophysical survey, laboratory work, diamond drilling and other work involved in searching for mineral deposits. These assets relate to the exploration and evaluation expenditures incurred in respect of resource projects that are in the exploration and evaluation stage. Exploration and evaluation expenditures include costs which are directly attributable to acquisition and evaluation activities, assessing technical feasibility and commercial viability. These expenditures are capitalised using the full cost method until the technical feasibility and commercial viability of extracting the mineral resource of a project are demonstrable. During the exploration period, exploration and evaluation assets are not amortised. Drilling and related costs that are for general exploration, incurred on sites without an existing mine, or on areas outside the boundary of a known mineral deposit which contains proven and probable reserves are classified as greenfield exploration expenditures and capitalised in accordance with IFRS 6. Drilling and related costs incurred to define and delineate a mineral deposit that has not been classified as proven and probable reserves at a development stage or production stage mine are classified as brownfield activities and are capitalised as part of the carrying amount of the related property in the period incurred, when management determines that there is sufficient evidence that the expenditure will result in a future economic benefit to the Group. Evaluation expenditure Evaluation expenditures reflect costs incurred at projects related to establishing the technical and commercial viability of mineral deposits identified through exploration or acquired through a business combination or asset acquisition. Evaluation expenditures include the cost of: \u2022 establishing the volume (tonnage) and grade of deposits through drilling of core samples, trenching and sampling activities for an ore body that is classified as either a mineral resource or a proven and probable reserve; \u2022 determining the optimal methods of extraction and metallurgical and treatment processes; \u2022 studies related to surveying, transportation and infrastructure requirements; \u2022 permitting activities; and \u2022 economic evaluations to determine whether development of the mineralised material is commercially viable, including scoping, prefeasibility and final feasibility studies. Evaluation expenditures are capitalised if management determines that there is evidence to support probability of generating positive economic returns in the future. A mineral resource is considered to have economic potential when it is expected that the technical feasibility and commercial viability of extraction of the mineral resource can be demonstrated considering long-term metal prices. Therefore, prior to capitalising such costs, management determines that the following conditions have been met: \u2022 There is a probable future benefit that will contribute to future cash inflows; \u2022 The Group can obtain the benefit and control access to it; and \u2022 The transaction or event giving rise to the benefit has already occurred. The evaluation phase is complete once technical feasibility of the extraction of the mineral deposit has been determined through the preparation of a reserve and resource statement, including a mining plan as well as receipt of required permits and approval of the Board of Directors to proceed with development of the mine. On such date, capitalised evaluation costs are assessed for impairment and reclassified to development costs. The Group classifies its E&E assets as intangible assets. Development expenditure Development expenditures are those that are incurred during the phase of preparing a mineral deposit for extraction and processing. These include pre-stripping costs and underground or open-pit development costs to gain access to the ore that is suitable for sustaining commercial mining, preparing land, construction of plant, equipment and buildings and costs of commissioning the mine and processing facilities. It also includes proceeds received from pre-commercial production. Expenditures incurred on development projects continue to be capitalised until the mine and mill move into the production stage. The Group assesses each mine construction project to determine when a mine moves into the production stage. The criteria used to assess the start date are determined based on the nature of each mine construction project, such as the complexity of a plant or its location. Various relevant criteria are considered to assess when the mine is substantially complete and ready for its intended use and moved into the production stage. The criteria considered include, but are not limited to, the following: \u2022 the level of capital expenditures compared to construction cost estimates; \u2022 the completion of a reasonable period of testing of mine plant and equipment; \u2022 the ability to produce minerals in saleable form (within specification); and \u2022 the ability to sustain ongoing production of minerals. If the factors that impact the technical feasibility and commercial viability of a project change and no longer support the probability of generating positive economic returns in the future, expenditures will no longer be capitalised and the capitalised development costs will be assessed for impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-330": {
"value": "3.10 Intangible assets \u2013 Goodwill Goodwill represents the excess of the cost of a business combination over the Group\u2019s interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired. Cost comprises the fair value of assets given, liabilities assumed, and equity instruments issued, plus the amount of any non-controlling interests in the acquiree. Contingent consideration is included in cost at its acquisition date fair value and, in the case of contingent consideration classified as a financial liability, remeasured subsequently through profit or loss. Goodwill is capitalised as an intangible asset with any impairment in carrying value being charged to profit or loss. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the consolidated statement of comprehensive income on the acquisition date. No impairment provision has been made in the year ended 31 December 2023 (2022: \u00a32,168,000) as goodwill was fully impaired in 2022. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-302": {
"value": "3.11 Impairment of non-financial assets (excluding inventories and deferred tax assets) Impairment tests on goodwill and other intangible assets with indefinite useful economic lives are undertaken annually at the financial year end. Other non-financial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is written down accordingly. Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately identifiable cash flows; its cash generating units (\u2018CGUs\u2019). Goodwill is allocated on initial recognition to each of the Group\u2019s CGUs that are expected to benefit from a business combination that gives rise to the goodwill. Impairment charges are included in profit or loss, except to the extent they reverse gains previously recognised in other comprehensive income. An impairment loss recognised for goodwill is not reversed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-303": {
"value": "3.12 Investment in subsidiaries The Company, through its 100% owned Rwanda registered subsidiary, Eastinco Limited which was acquired on 15 October 2019, is actively engaged in mineral exploration and development of its portfolio of critical and strategic metals in Rwanda, with the focus on extracting and recovery of lithium, tantalum and tin. Eastinco Limited also holds a metal trading license, issued by the authorities in Rwanda, which allows for the trading of metals from our mine supply and third-party producers and suppliers. The Company also holds a portfolio of 17 highly prospective copper-silver and other base metal exploration projects in Morocco, acquired in October 2022 through its 100% owned Moroccan subsidiary, Aterian Resources Limited. The Directors have reviewed evidence which might suggest whether the investments in the subsidiaries have become impaired. In particular, the Directors reviewed whether there exist: \u2022 significant financial difficulty in the subsidiaries; \u2022 a breach of contract, such as a default or past-due event; \u2022 it is becoming probable that the subsidiaries will enter bankruptcy or another financial reorganisation; \u2022 the disappearance of any market for the debt of the subsidiaries because of financial difficulties; or \u2022 the financial liabilities of the subsidiaries trade at a deep discount that reflects likely incurred credit losses. As more fully described in Note 11, the Directors have considered the evidence in respect of the Company\u2019s investments in its subsidiaries and concluded that there were no indicators of impairment. The Company made full impairment against its investment in its Rwandan subsidiaries in the year ended 31 December 2022, amounting to \u00a32,261,000. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-306": {
"value": "3.13 Cash and cash equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand and deposits held at call with financial institutions and deposits with maturities of three months or less from inception. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-305": {
"value": "3.14 Foreign currencies Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the reporting date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating result. On consolidation of a foreign operation, assets and liabilities are translated at the closing rate at the reporting date, income and expenses where the average rate is not materially different to the rates of exchange ruling at the dates of the transactions are translated at average exchange rates. All resulting exchange differences shall be recognised in other comprehensive income and are accumulated in a separate component of equity. On disposal of the foreign operation the accumulated gains or losses previously recognised in entity are transferred to profit or loss and are recognised as a part of the overall profit or loss on disposal of the foreign operation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-304": {
"value": "3.15 Share-based payment arrangements Equity-settled share-based payments are measured at fair value at the date of issue. Aterian Plc has granted both share options and warrants that will be settled through the issuance of shares of the Company. The cost of equity-settled transactions is measured by reference to the fair value at the date on which they were granted and is recognised as an expense over the vesting period, which ends on the date the recipient becomes fully entitled to the award. Fair value is determined by using the Black-Scholes option pricing model. In valuing equity-settled transactions, no account is taken of any service and performance conditions (vesting conditions), other than performance conditions linked to the price of the shares of the Company (market conditions). Any other conditions which are required to be met in order for the recipients to become fully entitled to an award are considered to be non-vesting conditions. Market performance conditions and non-vesting conditions are taken into account in determining the grant date\u2019s fair value. No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market or non-vesting condition, which are vesting irrespective of whether or not the market or non-vesting condition is satisfied, provided that all other performance or service conditions are satisfied. At each reporting date before vesting, the cumulative expense is calculated; representing the extent to which the vesting period has expired and management\u2019s best estimate of the number of equity instruments that will ultimately vest. The movement in the cumulative expense since the previous reporting date is recognised in profit and loss, with a corresponding entry in equity. Where the terms of the equity-settled award are modified, or a new award is designated as replacing a cancelled or settled award, the cost based on the original award terms continues to be recognised over the original vesting period. In addition, an expense is recognised over the remainder of the new vesting period for the incremental fair value of any modification, based on the difference between the fair value of the original award and the fair value of the modified award, both as measured on the date of the modification. No reduction is recognised if the difference is negative. Where an equity-based award is cancelled (including when a non-vesting condition within the control of the entity or employee is not met), it is treated as if it had vested on the date of the cancellation, and the cost not yet recognised in profit and loss for the award is expensed immediately. Any compensation paid up to the fair value of the award at the cancellation or settlement date is deducted from equity, with any excess over fair value being treated as an expense.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-307": {
"value": "3.16 Retirement and termination benefit costs Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service entitling them to the contributions. Payments made to state-managed retirement benefit plans are accounted for as payments to defined contribution plans where the Group\u2019s obligations under the plans are equivalent to those arising in a defined contribution retirement benefit plan. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138005GAARIE1JMP262",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-331": {
"value": "3.17 Exploration, evaluation and development expenditures Exploration expenditure Exploration expenditures reflect the costs related to the initial search for mineral deposits with economic potential or obtaining more information about existing mineral deposits. Exploration expenditures typically include costs associated with the acquisition of mineral licences, prospecting, sampling, mapping, geophysical survey, laboratory work, diamond drilling and other work involved in searching for mineral deposits. These assets relate to the exploration and evaluation expenditures incurred in respect of resource projects that are in the exploration and evaluation stage. Exploration and evaluation expenditures include costs which are directly attributable to acquisition and evaluation activities, assessing technical feasibility and commercial viability. These expenditures are capitalised using the full cost method until the technical feasibility and commercial viability of extracting the mineral resource of a project are demonstrable. During the exploration period, exploration and evaluation assets are not amortised. Drilling and related costs that are for general exploration, incurred on sites without an existing mine, or on areas outside the boundary of a known mineral deposit which contains proven and probable reserves are classified as greenfield exploration expenditures and capitalised in accordance with IFRS 6. Drilling and related costs incurred to define and delineate a mineral deposit that has not been classified as proven and probable reserves at a development stage or production stage mine are classified as brownfield activities and are capitalised as part of the carrying amount of the related property in the period incurred, when management determines that there is sufficient evidence that the expenditure will result in a future economic benefit to the Group. Evaluation expenditure Evaluation expenditures reflect costs incurred at projects related to establishing the technical and commercial viability of mineral deposits identified through exploration or acquired through a business combination or asset acquisition. Evaluation expenditures include the cost of: \u2022 establishing the volume (tonnage) and grade of deposits through drilling of core samples, trenching and sampling activities for an ore body that is classified as either a mineral resource or a proven and probable reserve; \u2022 determining the optimal methods of extraction and metallurgical and treatment processes; \u2022 studies related to surveying, transportation and infrastructure requirements; \u2022 permitting activities; and \u2022 economic evaluations to determine whether development of the mineralised material is commercially viable, including scoping, prefeasibility and final feasibility studies. Evaluation expenditures are capitalised if management determines that there is evidence to support probability of generating positive economic returns in the future. A mineral resource is considered to have economic potential when it is expected that the technical feasibility and commercial viability of extraction of the mineral resource can be demonstrated considering long-term metal prices. Therefore, prior to capitalising such costs, management determines that the following conditions have been met: \u2022 There is a probable future benefit that will contribute to future cash inflows; \u2022 The Group can obtain the benefit and control access to it; and \u2022 The transaction or event giving rise to the benefit has already occurred. The evaluation phase is complete once technical feasibility of the extraction of the mineral deposit has been determined through the preparation of a reserve and resource statement, including a mining plan as well as receipt of required permits and approval of the Board of Directors to proceed with development of the mine. On such date, capitalised evaluation costs are assessed for impairment and reclassified to development costs. The Group classifies its E&E assets as intangible assets. Development expenditure Development expenditures are those that are incurred during the phase of preparing a mineral deposit for extraction and processing. These include pre-stripping costs and underground or open-pit development costs to gain access to the ore that is suitable for sustaining commercial mining, preparing land, construction of plant, equipment and buildings and costs of commissioning the mine and processing facilities. It also includes proceeds received from pre-commercial production. Expenditures incurred on development projects continue to be capitalised until the mine and mill move into the production stage. The Group assesses each mine construction project to determine when a mine moves into the production stage. The criteria used to assess the start date are determined based on the nature of each mine construction project, such as the complexity of a plant or its location. Various relevant criteria are considered to assess when the mine is substantially complete and ready for its intended use and moved into the production stage. The criteria considered include, but are not limited to, the following: \u2022 the level of capital expenditures compared to construction cost estimates; \u2022 the completion of a reasonable period of testing of mine plant and equipment; \u2022 the ability to produce minerals in saleable form (within specification); and \u2022 the ability to sustain ongoing production of minerals. If the factors that impact the technical feasibility and commercial viability of a project change and no longer support the probability of generating positive economic returns in the future, expenditures will no longer be capitalised and the capitalised development costs will be assessed for impairment. ",
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"fact-344": {
"value": "3.17 Exploration, evaluation and development expenditures Exploration expenditure Exploration expenditures reflect the costs related to the initial search for mineral deposits with economic potential or obtaining more information about existing mineral deposits. Exploration expenditures typically include costs associated with the acquisition of mineral licences, prospecting, sampling, mapping, geophysical survey, laboratory work, diamond drilling and other work involved in searching for mineral deposits. These assets relate to the exploration and evaluation expenditures incurred in respect of resource projects that are in the exploration and evaluation stage. Exploration and evaluation expenditures include costs which are directly attributable to acquisition and evaluation activities, assessing technical feasibility and commercial viability. These expenditures are capitalised using the full cost method until the technical feasibility and commercial viability of extracting the mineral resource of a project are demonstrable. During the exploration period, exploration and evaluation assets are not amortised. Drilling and related costs that are for general exploration, incurred on sites without an existing mine, or on areas outside the boundary of a known mineral deposit which contains proven and probable reserves are classified as greenfield exploration expenditures and capitalised in accordance with IFRS 6. Drilling and related costs incurred to define and delineate a mineral deposit that has not been classified as proven and probable reserves at a development stage or production stage mine are classified as brownfield activities and are capitalised as part of the carrying amount of the related property in the period incurred, when management determines that there is sufficient evidence that the expenditure will result in a future economic benefit to the Group. Evaluation expenditure Evaluation expenditures reflect costs incurred at projects related to establishing the technical and commercial viability of mineral deposits identified through exploration or acquired through a business combination or asset acquisition. Evaluation expenditures include the cost of: \u2022 establishing the volume (tonnage) and grade of deposits through drilling of core samples, trenching and sampling activities for an ore body that is classified as either a mineral resource or a proven and probable reserve; \u2022 determining the optimal methods of extraction and metallurgical and treatment processes; \u2022 studies related to surveying, transportation and infrastructure requirements; \u2022 permitting activities; and \u2022 economic evaluations to determine whether development of the mineralised material is commercially viable, including scoping, prefeasibility and final feasibility studies. Evaluation expenditures are capitalised if management determines that there is evidence to support probability of generating positive economic returns in the future. A mineral resource is considered to have economic potential when it is expected that the technical feasibility and commercial viability of extraction of the mineral resource can be demonstrated considering long-term metal prices. Therefore, prior to capitalising such costs, management determines that the following conditions have been met: \u2022 There is a probable future benefit that will contribute to future cash inflows; \u2022 The Group can obtain the benefit and control access to it; and \u2022 The transaction or event giving rise to the benefit has already occurred. The evaluation phase is complete once technical feasibility of the extraction of the mineral deposit has been determined through the preparation of a reserve and resource statement, including a mining plan as well as receipt of required permits and approval of the Board of Directors to proceed with development of the mine. On such date, capitalised evaluation costs are assessed for impairment and reclassified to development costs. The Group classifies its E&E assets as intangible assets. Development expenditure Development expenditures are those that are incurred during the phase of preparing a mineral deposit for extraction and processing. These include pre-stripping costs and underground or open-pit development costs to gain access to the ore that is suitable for sustaining commercial mining, preparing land, construction of plant, equipment and buildings and costs of commissioning the mine and processing facilities. It also includes proceeds received from pre-commercial production. Expenditures incurred on development projects continue to be capitalised until the mine and mill move into the production stage. The Group assesses each mine construction project to determine when a mine moves into the production stage. The criteria used to assess the start date are determined based on the nature of each mine construction project, such as the complexity of a plant or its location. Various relevant criteria are considered to assess when the mine is substantially complete and ready for its intended use and moved into the production stage. The criteria considered include, but are not limited to, the following: \u2022 the level of capital expenditures compared to construction cost estimates; \u2022 the completion of a reasonable period of testing of mine plant and equipment; \u2022 the ability to produce minerals in saleable form (within specification); and \u2022 the ability to sustain ongoing production of minerals. If the factors that impact the technical feasibility and commercial viability of a project change and no longer support the probability of generating positive economic returns in the future, expenditures will no longer be capitalised and the capitalised development costs will be assessed for impairment. ",
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"fact-308": {
"value": "3.18 Farm-outs in the exploration and evaluation stage On 31 July 2023, the Company signed a definitive Earn-In Investment and Joint Venture Agreement (\"Agreement\") with Rio Tinto Mining and Exploration Ltd (\"RIO\") and Kinunga Mining Ltd (\"Kinunga\"). The Agreement is for the exploration and development of lithium and by-products at its HCK Joint Venture project (\"Project\") holding the HCK licence (the \"Licence\") in the Republic of Rwanda. For accounting purposes, the agreement has been treated as a farm-out arrangement. RIO has the option to incur work expenditure of US$3 million over a two-year period (\"Stage 1\") to earn an initial 51% interest in the Licence. RIO will also make cash payments to Aterian, totalling US$300,000, to reimburse previous operational expenses incurred by Aterian. An initial payment of US$200,000 is due upon completion of satisfactory due diligence by RIO, and an additional payment of US$100,000 will be due at the start of Stage 2. Upon earning a 51% interest in the Licence, RIO can earn an additional 24% interest in the Licence by funding additional work expenditures of US$4.5 million over a three-year period (\"Stage 2\"). After Stage 2 RIO will, provided it contributes the additional funding, hold a 75% interest in the Licence. RIO has agreed to a 2% net smelter royalty (NSR) over the project with a US$50 million cap that will be due by the future Joint Venture between RIO and Kinunga to a holder/holders to be notified by Aterian to RIO prior to the NSR agreement being entered into and such holder/holders to be subject to completion of satisfactory due diligence by RIO. No production had commenced as at 31 December 2023 and therefore no royalty was earnt in that period. Under the terms of the Agreement, RIO has an exclusivity option to invest into Aterian's two other existing Rwandan projects, which will be subject to their own separate agreements. A management committee comprising representatives of both RIO and Aterian will be formed to provide financial and operational oversight. RIO will act as the operator for the Project. The Group considers that this option has insignificant value as the agreement is in its early stages and its ultimate outcome is uncertain at 31 December 2023. Management has determined that the fair value of the option is immaterial at 31 December 2023 on the basis that the agreement is in its early stages and the ultimate likelihood of a successful outcome to the arrangement is uncertain. Accordingly, no value has been recognised in respect of the option. In effect, the Group has entered into a farm-out agreement with RIO whereby in return for a working interest in the Project. RIO is responsible for and will contribute up to US$7.5m of operating costs and capital expenditure. RIO has been appointed as operator. With effect from the Execution Date, Rio Tinto will undertake, operate and manage all exploration activities on the Project as Operator as approved by the Management Committee. The Operator shall charge an operator fee, which shall be calculated as five percent (5%) of all Project Expenditures (the \u201cOperator Fee\u201d). The Operator Fee will form part of Project Expenditure required to be spent by Rio Tinto to earn its Participating Interest. If the Joint Venture Entity is formed, the Operator Fee shall be charged to the Joint Venture Entity. The Group does not record any expenditure made by RIO (the \u201cfarmee\u2019\u2019) on its account. It also does not recognise any gain or loss on its exploration and evaluation farm-out arrangements but redesignates any costs previously capitalised in relation to the whole interest as relating to the partial interest retained. Any cash consideration received directly from the farmee is credited against costs previously capitalised in relation to the whole interest with any excess accounted for by the Company (as \u201cfarmor\u2019\u2019) as a gain on disposal. In developing an accounting policy for such farm-out arrangements, the Company has considered IFRS 6 which effectively provides two options. Either: (a) Develop an accounting policy under IAS 8 (b) Develop an accounting policy under IFRS 6 Aterian has used the second option by developing and applying an accounting policy to these arrangements. As farmor, Aterian accounts for the farm-out arrangement as follows: - The Company does not record any expenditure made by the farmee on its behalf. - Management has determined that the fair value of the option is immaterial at 31 December 2023 on the basis that the agreement is in its early stages and the ultimate likelihood of a successful outcome to the arrangement is uncertain. Accordingly, no value has been recognised in respect of the option; - The Company does not recognise a gain or loss on the farm-out arrangement but rather, redesignates any costs previously capitalised in relation to the whole interest as relating to the partial interest retained; and - Any cash consideration received is credited against costs previously capitalised in relation to the whole interest with any excess accounted for by the Company as a gain on disposal. The initial payment of US$ 200,000 (approximately \u00a3164,000) from RIO which was due upon completion of satisfactory due diligence by RIO has been credited against costs previously capitalised in relation to the whole interest with the excess of \u00a3119,000 accounted for by the Company as a gain on disposal. Satisfactory due diligence was subsequently completed. As at 31 December 2023, the Group had capitalised \u00a345,000 in respect of the HCK Project and accordingly, the sum of \u00a345,000 has been credited against such costs, with \u00a3119,000 accounted for as a gain on disposal. ",
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"fact-309": {
"value": "3.19 Critical accounting estimates and judgements The preparation of the Group\u2019s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, the accompanying disclosures, and the disclosure of contingent liabilities at the date of the consolidated financial statements. Estimates and assumptions are continually evaluated and are based on management\u2019s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. In particular, the Group has identified a number of areas where significant judgements, estimates and assumptions are required. Further information on each of these areas and how they impact the various accounting policies are described and highlighted separately with the associated accounting policy note within the related qualitative and quantitative note, as described below. Key judgements: a) Exploration and evaluation expenditure The application of the Group\u2019s accounting policy for E&E expenditure requires judgement to determine whether future economic benefits are likely from either future exploitation or sale, or whether activities have not reached a stage that permits a reasonable assessment of the existence of reserves. In addition to applying judgement to determine whether future economic benefits are likely to arise from the Group\u2019s E&E assets or whether activities have not reached a stage that permits a reasonable assessment of the existence of reserves, the Group has to apply a number of estimates and assumptions. The determination of a resource is itself an estimation process that involves varying degrees of uncertainty depending on how the resources are classified (i.e., measured, indicated or inferred). The estimates directly impact when the Group defers E&E expenditure. The deferral policy requires management to make certain estimates and assumptions about future events and circumstances, particularly, whether an economically viable extraction operation can be established. Any such estimates and assumptions may change as new information becomes available. If, after expenditure is capitalised, information becomes available suggesting that the recovery of expenditure is unlikely, the relevant capitalised amount is written off to the statement of profit or loss and other comprehensive income in the period when the new information becomes available. b) Investments The Company\u2019s investments in its subsidiaries are stated at cost less impairment provisions. Management has applied judgement in a review assessing whether or not its investments are impaired. As noted below, in the year ended 31 December 2022, the review concluded that the recoverable amount of the Rwandan assets did not support either the Company\u2019s investment carrying value of \u00a32,261,000 or the Group\u2019s goodwill of \u00a32,168,000. In 2023, the review concluded that there were no indicators of impairment to the Group\u2019s investment in its Moroccan subsidiaries and no provision has been made. c) Farm-out arrangements in the exploration phase The Group undertakes certain of its business activities through farm-out arrangements. A farm-out arrangement typically involves an entity (the farmor) agreeing to provide a working interest in a mining property to a third party (the farmee), provided that the farmee makes a cash payment to the farmor and/or incurs certain expenditures on the property to earn that interest. In developing an accounting policy for such arrangements, management has made a judgement in applying the terms of the agreement with RIO and considers that there is no joint control arising out of the arrangement, as RIO effectively manages expenditure and related committee and will ultimately gain control of the license / Kinunga if they continue in the agreement via the two stages. As such the agreement is not regarded as a joint arrangement under IFRS 11. The Group recognises only cash payments received and does not recognise any consideration in respect of the value of the work to be performed by the farmee and instead carries the remaining interest at the previous cost of the full interest reduced by the amount of any cash consideration received for entering the agreement. The effect is that there is no gain recognised on the disposal unless the cash consideration received exceeds the carrying value of the entire asset held. Management has also considered the position that RIO has an option to either request Kinunga to transfer the license to a newly formed company or for Kinunga to issue shares to RIO so that the latter obtains 51% at stage 1 or up to 75% for stage 2. If RIO exercises its Purchase Option right in accordance with the Earn-In and Joint Venture Agreement, RIO shall be entitled to acquire all the Participating Interests held by Kinunga at the fair market value of such Participating Interests. Management has determined that the fair value of the option is immaterial at 31 December 2023 on the basis that the agreement is in its early stages and the ultimate likelihood of a successful outcome to the arrangement is uncertain. Accordingly, no value has been recognised in respect of the option. d) Going concern In their assessment of going concern, the Directors have prepared cash flow forecasts which require a number of judgments to be made including the Directors\u2019 ability to access further financing and to implement cost saving and deferral measures, where necessary. The Directors have prepared a cash flow forecast to September 2025 which assumes that the Group is not able to raise additional funds within the going concern period and if that was the case, the forecasts demonstrate that mitigating measures can be implemented, or significant project expenditure delayed to reduce the cash outflows to the minimal contracted and committed expenditure while also maintaining the Group\u2019s licences and permits. In this going concern analysis, the base case cash flow forecast has been prepared on the following bases: - Separate budgets have been prepared for each of the Kinunga and Musasa projects in Rwanda and the Moroccan projects, as well as the Rwanda trading operations and corporate expenditure for the period to September 2025. - Each project has an assumed a limited exploration programme with supporting overhead functions and capital expenditure in a phased approach. - In Morocco, exploration is planned primarily for the Agdz and Tata permits, with lower levels of expenditure for Azra, Jebilet and others. - Corporate expenditure is assumed to continue at current levels. - New debt or equity funds are not assumed although the Directors are in discussion with advisors and investors for an additional funding round. We have similarly excluded fundraising costs. - Inflationary assumptions have not been specifically factored into revenue or costs as the impact is not considered material. The significant judgements involved in this going concern assessment included consideration of a heightened inflationary environment and the availability of working capital facilities. In the Directors\u2019 judgement, many of the Group\u2019s expenditures are fixed in nature and consequently inflation doesn\u2019t represent a significant source of estimation uncertainty. The Directors have concluded that these circumstances give rise to a material uncertainty relating to going concern, arising from events or conditions that may cast significant doubt on the entity\u2019s ability to continue as a going concern if a further fund raise was unsuccessful. However, considering recent successful fund raises the Directors are confident that they can continue to adopt the going concern basis in preparing the financial statement. The Company is reliant on fundraising activities which if not secured in the next month will require the directors to source funding through alternative means or provide capital injection, otherwise this may impact the Group's ability to operate as a going concern. Based on their assessment of the financial position, the Directors have a reasonable expectation that the Group will be able to continue in operational existence for the next twelve months and continue to adopt the going concern basis of accounting in preparing these financial statements. e) Impairment of goodwill and exploration and evaluation assets The Group tests annually for impairment or more frequently if there are indications that the Company\u2019s investments or the Group\u2019s goodwill and exploration and evaluation assets might be impaired. IFRS requires management to test for impairment if events or changes in circumstances indicate that the carrying amount of a finite life asset may not be recoverable. For the year ended 31 December 2023, the Group performed a review for indicators of impairment in the values of its intangibles and evaluated key assumptions. These included considering any revisions to the mine plan, including current estimates of recoverable mineral reserves and resources, recent operating results and future expected production. This review concluded that no impairment was necessary. In the year ended 31 December 2022, the review concluded that the recoverable amount of the Rwandan assets did not support either the Company\u2019s investment carrying value of \u00a32,261,000 or the Group\u2019s goodwill of \u00a32,168,000. Management determined that all expenditure capitalised in relation to the Group\u2019s Musasa Project should be fully impaired on the basis that all production activity has been suspended. Accordingly, the Group\u2019s goodwill of \u00a32,168,000 and the Company\u2019s investment in Eastinco ME Limited, amounting to \u00a32,261,000 were impaired in 2022. The Group\u2019s review has concluded that there has been no change to these circumstances and that no reversal of such impairment should be made. The Company\u2019s investment in Aterian Resources Limited of \u00a33.2m was based on the agreed transaction price with Altus Strategies Plc. The Directors have not conducted detailed impairment testing at 31 December 2023 as no impairment triggers have been identified during the period since acquisition in October 2022. The data generated since acquisition and published on the Company\u2019s website demonstrates the strong potential for economic discovery. In June 2023, an independent unrelated party, released a research note from Atrium Research. This note values their single 16km2 licence at Silver Hills in Morocco at C$4.4 million. Aterian currently holds 17 projects and data obtained post the initiation note can be considered as highly positive in exploration terms. Subsequent to year-end reporting period, the Company has received interest from several third parties with respect to the Moroccan projects. Given the external interest and the new results from some of the projects an internal valuation between US$7 \u2013 12 million lends support to the conclusion that no impairment is necessary. f) Share-based payments The Group accounts for equity-settled share-based payments at fair value at the date of issue. The Board has exercised judgement in determining whether the warrants issued during the year should be treated as a financial instrument (IAS 32) or share based payments (IFRS 2). IFRS 2 applies to any transaction in which an entity receives goods or services as part of a share-based payment arrangement. That determination requires careful consideration of all the facts and circumstances, such as the respective rights of the warrant holders. A total of 4 million warrants were issued for the settlement of services received and have been recognised in accordance with IFRS 2. The board has determined that all of the 100 million warrants issued to investors during 2023 were for the purpose of obtaining funding via equity from investors at 1p and at 1.2p per share. None were issued to any directors or employees in relation to any compensation or in relation to any employment or consideration for services. Accordingly, these warrants issued to shareholders and investors do not fall within the scope of IFRS 2. ",
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"fact-11": {
"value": "4. Other income 2023 2022 \u00a3\u2019000 \u00a3\u2019000 Drone survey services 32 - Gain farm-out (Note 3.18) 119 - Others 41 - 192 - ",
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"fact-310": {
"value": "4. Other income 2023 2022 \u00a3\u2019000 \u00a3\u2019000 Drone survey services 32 - Gain farm-out (Note 3.18) 119 - Others 41 - 192 - ",
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"fact-10": {
"value": "5. Directors\u2019 remuneration Director salaries Fees and salaries Other benefits 2023 Totals 2022 Totals \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Executive Directors Charles Bray 66 - 66 29 Simon Rollason 106 - 106 24 Non-Executive Directors Devon Marais 28 - 28 1 Alister Hume 12 - 12 1 Kasra Pezeshki 12 - 12 - 224 - 224 55 ",
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"fact-12": {
"value": "6. Administrative expenses 2023 2022 \u00a3\u2019000 \u00a3\u2019000 Directors\u2019 remuneration 224 50 Staff costs 115 91 Auditor\u2019s remuneration 114 75 Travel expenses 24 12 Metallurgical tests 4 55 Legal expenses 84 194 Professional fees 513 216 Accounting fees 45 30 Depreciation 16 22 Other expenses 332 251 1,471 996 Auditor\u2019s remuneration 2023 2022 \u00a3\u2019000 \u00a3\u2019000 Auditors\u2019 remuneration: - Audit fee for the current year 77 75 - Under provision in respect of prior year 37 - 114 75 Auditors\u2019 remuneration: - Amounts paid to Group auditor 109 75 - Amounts paid to auditors overseas 5 - 114 75 Staff costs During the year the average number of employees (including Directors) was 24 (2022: 22). Aggregate staff costs including directors comprise: 2023 2022 \u00a3\u2019000 \u00a3\u2019000 Salaries and wages 290 130 Staff welfare 1 3 Social security and pension contributions 48 8 339 141 Key management personnel of the Group comprised the directors.",
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"fact-311": {
"value": "6. Administrative expenses 2023 2022 \u00a3\u2019000 \u00a3\u2019000 Directors\u2019 remuneration 224 50 Staff costs 115 91 Auditor\u2019s remuneration 114 75 Travel expenses 24 12 Metallurgical tests 4 55 Legal expenses 84 194 Professional fees 513 216 Accounting fees 45 30 Depreciation 16 22 Other expenses 332 251 1,471 996 Auditor\u2019s remuneration 2023 2022 \u00a3\u2019000 \u00a3\u2019000 Auditors\u2019 remuneration: - Audit fee for the current year 77 75 - Under provision in respect of prior year 37 - 114 75 Auditors\u2019 remuneration: - Amounts paid to Group auditor 109 75 - Amounts paid to auditors overseas 5 - 114 75 Staff costs During the year the average number of employees (including Directors) was 24 (2022: 22). Aggregate staff costs including directors comprise: 2023 2022 \u00a3\u2019000 \u00a3\u2019000 Salaries and wages 290 130 Staff welfare 1 3 Social security and pension contributions 48 8 339 141 Key management personnel of the Group comprised the directors. ",
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"fact-332": {
"value": "
Auditor\u2019s remuneration
Auditors\u2019 remuneration:
- Audit fee for the current year
- Under provision in respect of prior year
Auditors\u2019 remuneration:
- Amounts paid to Group auditor
- Amounts paid to auditors overseas
Staff costs
During the year the average number of employees (including Directors) was 24 (2022: 22).
Aggregate staff costs including directors comprise:
Social security and pension contributions
Key management personnel of the Group comprised the directors.
Financial risk management objectives and policies
The Group is exposed through its operations to credit risk and liquidity risk. In common with all other
businesses, the Group is exposed to risks that arise from its use of financial instruments. This note
describes the Group\u2019s objectives, policies and processes for managing those risks and the methods
used to measure them. Further quantitative information in respect of these risks is presented throughout
this financial information.