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"fact_ifrs-full_DisclosureOfNotesAndOtherExplanatoryInformationExplanatory_E2_CY": {
"value": "\n
1. ACCOUNTING POLICIES
GENERAL INFORMATION
Altona Rare Earths Plc (the \u201cCompany\u201d) is incorporated and domiciled in England & Wales, with
registered number 05350512. Its registered office is at Eccleston Yards, 25 Eccleston Place,
London SW1W 9NF.
On 9 June 2023, the Company announced its admission to the Main Market of the London Stock
Exchange under the Standard Segment of the Official List under the ticker \u201cLSE:REE\u201d. The
Company ceased trading on the AQSE Growth Market on 17 March 2023.
The principal activity of the Company and its subsidiaries (the \u201cGroup\u201d) is in rare earths
exploration, and the development of appropriate exploration projects, focusing on
opportunities in Africa. The Group is made up of the Company and the subsidiaries as set out in
note 10 below.
BASIS OF PREPARATION
The consolidated financial statements have been prepared in accordance with UK-adopted
international accounting standards and the requirements of the Companies Act 2006. The
principal accounting policies are summarised below. They have been applied consistently
throughout the year. The financial statements have been prepared on the historical cost basis,
except for the assets acquisition which was measured at fair value.
The functional currency for each entity in the Group is determined as the currency of the
primary economic environment in which it operates. The functional currency of the parent
company is Pounds Sterling (\u00a3) as this is the currency that finance is raised in. The functional
currency of its main subsidiary is Mozambique Meticals (MTN) as this is the currency that mainly
influences labour, material and other costs of providing services. The Group has chosen to
present its consolidated financial statements in Pounds Sterling (\u00a3), as the Directors believe it
is the most relevant presentational currency for users of the consolidated financial statements.
All values are rounded to the nearest thousand pounds (\u00a3\u2019000) unless otherwise stated. Foreign
operations are included in accordance with the policies set out below.
The preparation of financial statements requires the use of certain critical accounting estimates.
It also requires management to exercise its judgement in the process of applying the Group\u2019s
accounting policies. The areas involving a higher degree of judgement or complexity, or areas
where assumptions and estimates are significant to the financial information are disclosed in
Note 2.
GOING CONCERN
The Company raises money for exploration and capital projects as and when required. There
can be no assurance that the Company\u2019s projects will be fully developed in accordance with
current plans or completed on time or to budget. Future work on the development of these
projects, the levels of production and financial returns arising therefrom, may be adversely
affected by factors outside the control of the Company.
An operating loss is expected in the 12 months subsequent to the date of these financial
statements. As a result the Group will need to raise funding to provide additional working
capital within the next 12 months. The ability of the Group to meet its projected expenditure is
dependent on these further equity injections and / or the raising of cash through bank loans or
other debt instruments, and/or government grants, and/or loans. These conditions necessarily
indicate that a material uncertainty exists that may cast significant doubt over the Group\u2019s
ability to continue as a going concern and therefore their ability to realise their assets and
discharge their liabilities in the normal course of business. Whilst acknowledging this material
uncertainty, the Directors remain confident of raising finance and therefore, the Directors
consider it appropriate to prepare the consolidated financial statements on a going concern
basis. The consolidated financial statements do not include the adjustments that would result
if the Group were unable to continue as a going concern.
The Auditors have made reference to going concern by way of a material uncertainty within the
financial statements.
NEW STANDARDS AND INTERPRETATIONS
a) New standards, amendments and interpretations adopted by the Group.
There were no new or amended accounting standards that required the Group to change its
accounting policies for the year ended 30 June 2023 and no new standards, amendments or
interpretations were adopted by the Group
b) New standards, amendments and interpretations not yet adopted by the Group.
The standards and interpretations that are relevant to the Group, issued, but not yet effective,
up to the date of the Financial Statements are listed below. The Group intends to adopt these
standards, if applicable, when they become effective.
| Standard | Impact on initial application | Effective date |
| IFRS 10 and IAS 28 | | |
| (Amendments) | | |
| Long term interests in associates and joint | |
| ventures | |
| | Unknown |
| Amendments to IAS 1 | Classification of Liabilities as current or non- | |
| current | |
| | 1 January 2023 |
| Amendments to IAS 1 | Disclosure of material rather than significant | |
| accounting policies. | |
| | 1 January 2023 |
| Amendments to IAS 8 | Clarification on how companies should | |
| distinguish between changed in accounting | |
| policies and accounting estimates | |
| | 1 January 2023 |
| Amendments to IFRS 12 | Deferred Tax assets and Liabilities arising from | |
| a single transaction | |
| | 1 January 2023 |
The Directors have evaluated the impact of transition to the above standards and do not
consider that there will be a material impact of transition on the financial statements.
BASIS OF CONSOLIDATION
The consolidated financial statements incorporate the financial statements of the Company and
entities controlled by the Company (its subsidiaries) made up to 30 June each year. Per IFRS 10,
control is achieved when the Company:
\u2022 has the power over the investee;
\u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and
\u2022 has the ability to use its power to affects its returns.
The Company reassesses 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 listed above.
When the Company has less than a majority of the voting rights of an investee, it considers that
it has power over the investee when the voting rights are sufficient to give it the practical ability
to direct the relevant activities of the investee unilaterally. The Company considers all relevant
facts and circumstances in assessing whether or not the Company\u2019s voting rights in an investee
are sufficient to give it power, including:
\u2022 the size of the Company\u2019s holding of voting rights relative to the size and dispersion of
holdings of the other vote holders;
\u2022 potential voting rights held by the Company, other vote holders or other parties;
\u2022 rights arising from other contractual arrangements; and
\u2022 any additional facts and circumstances that indicate that the Company has, or does not
have, the current ability to direct the relevant activities at the time that decisions
need to be made, including voting patterns at previous shareholders\u2019 meetings.
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and
ceases when the Company loses control of the subsidiary. Specifically, the results of subsidiaries
acquired or disposed of during the year are included in profit or loss from the date the Company
gains control until the date when the Company ceases to control the subsidiary. Where
necessary, adjustments are made to the financial statements of subsidiaries to bring the
accounting policies used into line with the Group\u2019s accounting policies.
Inter-company transactions, balances and unrealised gains on transactions between group
companies are eliminated. Unrealised losses are also eliminated. When necessary, amounts
reported by subsidiaries have been adjusted to conform with the group\u2019s accounting policies.
The Group recognises any non-controlling interest in the acquired entity at the non-controlling
interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. Subsequent to
acquisition, the carrying amount of non-controlling interests is the amount of those interests at
initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. The
Group treats transactions with non-controlling interests that do not result in a loss of control as
transactions with equity owners of the group. A change in ownership interest results in an
adjustment between the carrying amounts of the controlling and non-controlling interests to
reflect their relative interests in the subsidiary.
Profit or loss and each component of other comprehensive income are attributed to the owners
of the Company and to the non-controlling interests. Total comprehensive income of the
subsidiaries is attributed to the owners of the Company and to the non-controlling interests
even if this results in the non-controlling interests having a deficit balance.
Asset Acquisitions
Acquisitions of mineral exploration licences through the acquisition of non-operational
corporate structures that do not represent a business, and therefore do not meet the definition
of a business combination, are accounted for as the acquisition of an asset.
Where an acquisition transaction constitutes the acquisition of an asset and not a business, the
consideration paid is allocated to assets and liabilities acquired based on their relative fair
values, with transaction costs capitalised. No gain or loss is recognised. Consideration paid in
the form of equity instruments is measured by reference to the fair value of the asset acquired.
The fair value of the assets acquired would be measured at the point control is obtained. The
Group recognises the fair value of contingent consideration in respect to an asset acquisition,
where it is probable that a liability has been incurred, and th
e amount of that liability can be
reasonably estimated. Such contingent consideration is recognised at the time control of the
underlying asset is obtained, and such an amount is included in the initial measurement of the
cost of the acquired assets.
The Group recognises contingent consideration in the form of cash, and contingent
consideration in the form of equity instruments. Contingent consideration in the form of cash
is recognised as a liability, and contingent consideration in the form of equity instruments is
recognised in the contingent share reserve. For contingent cash consideration milestones, the
Group estimates a probability for the likelihood of completion to estimate the total liability for
the expected variable payments. The probability estimated for the likelihood of completion is
considered at each reporting period. Movements in the fair value of contingent cash
consideration payable is capitalised as part of the asset. For contingent share consideration
milestones, the Group estimates a probability for the likelihood of completion to estimate the
total contingent share consideration payable. The probability estimated for the likelihood of
completion is not reassessed in subsequent reporting periods.
FOREIGN CURRENCIES AND FOREIGN EXCHANGE RESERVE
In preparing the financial statements of the Group entities, transactions in currencies other than
the entity\u2019s functional currency (foreign currencies) are recognised at the rates of exchange
prevailing on the dates of the transactions. At each reporting date, monetary assets and
liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at
that date. Non-monetary items carried at fair value that are denominated in foreign currencies
are translated at the rates prevailing at the date when the fair value was determined. Non-
monetary items that are measured in terms of historical cost in a foreign currency are not
retranslated.
Exchange differences are recognised in profit or loss in the period in which they arise except
for:
\u2022 exchange differences on foreign currency borrowings relating to assets under construction
for future productive use, which are included in the cost of those assets when they are
regarded as an adjustment to interest costs on those foreign currency borrowings;
\u2022 exchange differences on transactions entered into to hedge certain foreign currency risks
(see below under financial instruments/hedge accounting); and
\u2022 exchange differences on monetary items receivable from or payable to a foreign operation
for which settlement is neither planned nor likely to occur in the foreseeable future
(therefore forming part of the net investment in the foreign operation), which are
recognised initially in other comprehensive income and reclassified from equity to profit or
loss on disposal or partial disposal of the net investment.
For the purpose of presenting consolidated financial statements, the assets and liabilities of the
Group\u2019s foreign operations are translated at exchange rates prevailing on the reporting date.
Income and expense items are translated at the average exchange rates for the period, unless
exchange rates fluctuate significantly during that period, in which case the exchange rates at
the date of transactions are used. Exchange differences arising, if any, are recognised in other
comprehensive income and accumulated in a foreign exchange translation reserve (attributed
to non-controlling interests as appropriate).
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as
assets and liabilities of the foreign entity and translated at the closing rate. Exchange differences
arising are recognised in other comprehensive income.
SEGMENTAL REPORTING
Operating segments are reported in a manner consistent with the internal reporting provided
to the chief decision-maker. The chief decision-maker has been identified as the Executive
Board, at which level strategic decisions are made.
An operating segment is a component of the Group:
\u2022 That engages in business activities from which it may earn revenues and earn expenses,
\u2022 Whose operating results are regularly reviewed by the entity\u2019s chief operating decision-
maker to make decisions about resources to be allocated to the segment and assess its
performance, and
\u2022 For which discrete financial information is available.
TAXATION
Current income tax assets and liabilities for the current period are measured at the amount
expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws
used to compute the amount are those that are enacted or substantively enacted, at the
reporting date, in the countries where the Group operates.
Deferred tax is accounted for using the liability method in respect of temporary differences
arising from differences between the carrying amount of assets and liabilities in the Financial
Statements and the corresponding tax bases used in the computation of taxable profit or loss.
In principle, deferred tax liabilities are recognised for all taxable temporary differences and
deferred tax assets are recognised to the extent that it is probable that taxable profits will be
available against which deductible temporary differences can be utilised.
The Group has losses to be carried forward on which no deferred tax asset is recognised due to
the uncertainty as to the timing of profit.
INTANGIBLE ASSETS - EXPLORATION AND EVALUATION ASSETS
Mineral exploration and evaluation expenditure relates to costs incurred in the exploration and
evaluation of potential mineral resources and includes exploration and mineral licences,
researching and analysing historical exploration data, exploratory drilling, trenching, sampling
and the costs of pre-feasibility studies.
Exploration and evaluation expenditure for each area of interest, other than that acquired from
another entity, is charged to the consolidated statement of income as incurred except when
the expenditure is expected to be recouped from future exploitation or sale of the area of
interest and it is planned to continue with active and significant operations in relation to the
area, or at the reporting period end, the activity has not reached a stage which permits a
reasonable assessment of the existence of commercially recoverable reserves, in which case
the expenditure is capitalised. Purchased exploration and evaluation assets are recognised at
their fair value at acquisition. As the capitalised exploration and evaluation expenditure asset is
not available for use, it is not depreciated.
Exploration and evaluation assets have an indefinite useful life and are assessed for impairment
annually or when facts and circumstances suggest that the carrying amount of an asset may
exceed its recoverable amount. The assessment is carried out by allocating exploration and
evaluation assets to cash generating units, which are based on specific projects or geographical
areas. IFRS 6 permits impairments of exploration and evaluation expenditure to be reversed
should the conditions which led to the impairment improve. The Group continually monitors
the position of the projects capitalised and impaired.
Whenever the exploration for and evaluation of mineral resources in cash generating units does
not lead to the discovery of commercially viable quantities of mineral resources and the Group
has decided to discontinue such activities of that unit, the associated expenditures are written
off to the Income Statement.
PROPERTY, PLANT AND EQUIPMENT
Property, plant, and equipment are stated at cost, less accumulated depreciation, and any
provision for impairment losses. The asset\u2019s residual values, useful lives and methods of
depreciation /amortisation are reviewed at each reporting period and adjusted prospectively,
if appropriate.
Depreciation is charged on each part of an item of property, plant, and equipment to write off
the cost of assets less the residual value over their estimated useful lives, using the straight\u2013
line method. Depreciation is charged to the income statement. The estimated useful lives are
as follows:
Buildings/Constructions \u2013 25 years
Heavy machinery and equipment \u2013 8 years
Precision machinery, computer and printers \u2013 4 years
Vehicles \u2013 4 years
FINANCIAL INSTRUMENTS
Financial assets
Classification
The Group\u2019s financial assets consist of financial assets held at amortised cost. The classification
depends on the purpose for which the financial assets were acquired. Management determines
the classification of its financial assets at initial recognition.
Financial assets held at amortised cost
Assets that are held for collection of contractual cash flows, where those cash flows represent
solely payments of principal and interest, are measured at amortised cost. Any gain or loss
arising on derecognition is recognised directly in the profit or loss and presented in other gains/
(losses) together with foreign exchange gains and losses. Impairment losses are presented as a
separate line item in the statement of profit or loss.
They are included in current assets, except for maturities greater than 12 months after the
reporting date, which are classified as non-current assets. The Group\u2019s financial assets at
amortised cost comprise trade and other receivables and cash and cash equivalents at the year
end.
Recognition and measurement
Regular purchases and sales of financial assets are recognised on the trade date \u2013 the date on
which the Group commits to purchasing or selling the asset. Financial assets are initially
measured at fair value plus transaction costs. Financial assets are de-recognised when the
rights to receive cash flows from the assets have expired or have been transferred, and the
Group has transferred substantially all of the risks and rewards of ownership.
Financial assets are subsequently carried at amortised cost using the effective interest method.
Other receivables are recognised initially at the amount of consideration that is unconditional,
unless they contain significant financing components when they are recognised at fair value.
The other receivables in the accounts do not contain significant financing components.
Impairment of financial assets
The Group assesses, on a forward-looking basis, the expected credit losses associated with its
financial assets carried at amortised cost. For trade and other receivable due within 12 months
the Group applies the simplified approach permitted by IFRS 9. Therefore, the Group does not
track changes in credit risk, but rather recognises a loss allowance based on the financial asset\u2019s
lifetime expected credit losses at each reporting date.
A financial asset is impaired if there is objective evidence of impairment as a result of one or
more events that occurred after the initial recognition of the asset, and that loss event(s) had
an impact on the estimated future cash flows of that asset that can be estimated reliably. The
Group assesses at the end of each reporting period whether there is objective evidence that a
financial asset, or a group of financial assets, is impaired.
The criteria that the Group uses to determine that there is objective evidence of an impairment
loss include:
\u2022 Significant financial difficulty of the issuer or obligor;
\u2022 A breach of contract, such as a default or delinquency in interest or principal
repayments;
\u2022 The Group, for economic or legal reasons relating the borrower\u2019s financial difficulty,
granting the borrower a concession that the lender would not otherwise consider;
\u2022 It becomes probable that the borrower will enter bankruptcy or other financial
reorganisation.
The Group first assesses whether objective evidence of impairment exists.
The amount of the loss is measured as the difference between the asset\u2019s carrying amount and
the present value of estimated future cash flow (excluding future credit losses that have not
been incurred), discounted at the financial asset\u2019s original effective interest rate. The asset\u2019s
carrying amount is reduced and the loss is recognised in profit or loss.
If, in a subsequent period, the amount of the impairment loss decreases and the decrease can
be related objectively to an event occurring after the impairment was recognised (such as an
improvement in the debtor\u2019s credit rating), the reversal of the previously recognised
impairment loss is recognised in profit or loss.
Financial liabilities at amortised cost
Trade payables are obligations to pay for goods or services that have been acquired in the
ordinary course of business from suppliers. Accounts payable are classified as current liabilities
if payment is due within one year or less. If not, they are presented as non-current liabilities.
Trade payables are recognised initially at fair value, and subsequently measured at amortised
cost using the effective interest method.
Other financial liabilities are initially measured at fair value. They are subsequently measured
at amortised cost using the effective interest method.
Financial liabilities are de-recognised when the Group\u2019s contractual obligations expire or are
discharged or cancelled.
INVESTMENTS IN SUBSIDIARIES
The Company recognises its investments in subsidiaries at cost, less any provision for
impairment. Capital contributions are measured at their value on the date on which the
Company makes the contribution. The Company assesses the impairment of each subsidiary
against the total cost (both acquisition costs and capital contributions) made.
BORROWINGS
The fair value of the liability portion of a convertible loan notes is determined using a market
interest rate for an equivalent non-convertible bond. This amount is recorded as a liability on
an amortised cost basis until extinguished on conversion or maturity of the loan notes. The
remainder of the proceeds is allocated to the conversion option. This is recognised and included
in shareholders\u2019 equity, net of income tax effects in the Convertible loan notes reserve (\u201cCLN
Reserve\u201d).
Borrowings are removed from the balance sheet when the obligation specified in the contract
is discharged, cancelled or expired. The difference between the carrying amount of a financial
liability that has been extinguished or transferred to another party and the consideration paid,
including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as
other income or finance costs.
Borrowings are classified as current liabilities unless the company has an unconditional right to
defer settlement of the liability for at least 12 months after the reporting period.
EQUITY INSTRUMENTS
An equity instrument is any contract that evidences a residual interest in the assets of a
Company after deducting all of its liabilities. Equity instruments issued are recorded at the
proceeds received net of direct issue costs.
Share capital represents the amount subscribed for shares at nominal value.
The share premium account represents premiums received on the initial issuing of the share
capital. Any transaction costs associated with the issuing of shares are deducted from share
premium, net of any related income tax benefits.
The share-based payments reserve represents equity-settled shared-based employee
remuneration for the fair value of the warrants issued. It also includes the warrants issued for
services rendered accounted for in accordance with IFRS 2.
The Convertible Loan Note \"CLN\u201d reserve represents the value of the conversion portion of the
CLN, calculated as the proceeds, less amortised cost, less fair value.
The foreign exchange translation reserve arises from the translation of the Group\u2019s foreign
operations at each year end. The assets and liabilities of these operations are translated at
exchange rates prevailing on the reporting date and differences, if any, are recognised in this
reserve.
Retained earnings include all current and prior period results as disclosed in the Statement of
Comprehensive Income, less dividends paid to the owners of the Company.
The Non-Controlling Interest reserve shows the share of equity that belongs to others besides
the parent company.
SHARE BASED PAYMENTS
The Company issues equity-settled share-based payments to certain employees. Equity-settled
share-based payments are measured at fair value at the date of grant. The equity-settled share-
based payments are expensed to profit or loss or capitalised to investments or intangibles in
the statement of financial position over a straight line basis over the vesting period based on
the Company\u2019s estimate of shares that will eventually vest. A corresponding entry is then made
in the share-based payment reserve.
The fair value of these share-based payments is determined using Black-Scholes option pricing
models and the assumptions are included in note 18 to the financial statements.
The Group has two types of share-based payments other than employee compensation.
Warrants issued for services rendered which are accounted for in accordance with IFRS 2
recognising either the costs of the service if it can be reliably measured or the fair value of the
warrant (using Black-Scholes option pricing models \u2013 see note 18).
Warrants issued as part of share issues have been determined as equity instruments under IAS
32. Since the fair value of the shares issued at the same time is equal to the price paid, these
warrants, by deduction, are considered to have been issued at nil value.
EARNINGS PER SHARE
Basic earnings per share is calculated by dividing;
- the profit or loss attributable to the owners of the company, excluding any costs of
servicing equity other than ordinary shares
- by the weighted average number of ordinary shares outstanding during the financial
year
Diluted earnings per share adjusts the figures used in the determination of basic earnings per
share to take into account:
- after income tax effect of interest and other financing costs associated with dilutive
potential ordinary shares, and
- weighted average number of ordinary shares that would have been outstanding
assuming the conversion of all dilutive potential ordinary shares.
2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
In applying the Group\u2019s accounting policies, which are described in note 1, the Directors are
required to make judgements (other than those involving estimations) that have a significant
impact on the amounts recognised and to make estimates and assumptions about the carrying
amounts of assets and liabilities that are not readily apparent from other sources. The estimates
and associated assumptions are based on historical experience and other factors that are
considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the estimate is revised if the revision
affects only that period, or in the period of the revision and future periods if the revision affects
both current and future periods.
a) Critical judgement in the recoverability of exploration and evaluation assets (see note 11)
Exploration and evaluation assets include mineral rights and exploration and evaluation costs,
including geophysical, topographical, geological and similar types of costs. Exploration and
evaluation costs are capitalised if management concludes that future economic benefits are
likely to be realised and determines that economically viable extraction operation can be
established as a result of exploration activities and internal assessment of mineral resources.
According to \u2018IFRS 6 Exploration for and evaluation of mineral resources\u2019, the potential
indicators of impairment include: management\u2019s plans to discontinue the exploration
activities, lack of further substantial exploration expenditure planned, expiry of exploration
licences in the period or in the nearest future, or existence of other data indicating the
expenditure capitalised is not recoverable. At the end of each reporting period, management
assesses whether such indicators exist for the exploration and evaluation assets capitalised,
which requires significant judgement. The current exploration projects are actively being
progressed and therefore the Company does not believe any circumstances have arisen to
indicate these assets require impairment.
b) Critical estimate in accounting for share-based payments (see note 18)
The Group has issued various warrants to its service providers. These are valued in accordance
with IFRS 2 \u201cShare-based payments\u201d. The grant date fair value of such share-based payments
is calculated using a Black-Scholes model whose input assumptions are derived from market
and other internal estimates.
These are set out in note 18 to the accounts. Changes to these
inputs may impact the related charge.
c) Consolidation of entities with less than 50% ownership (see note 10)
The directors have concluded that the Group controls Monte Muambe Mining Lda, even though
it holds less than half of the voting rights of this subsidiary. This is because an agreement signed
between the shareholders grants the Company the right to appoint the majority of the Board of
Directors with management responsibility for directing the relevant activities over this
subsidiary. Therefore the Group holds 67% of the voting rights.
d) Critical judgement in the recoverability of VAT (see note 13)
At 30 June 2023, the Group recognised an amount of \u00a380,000 (2022: \u00a381,000) within other
receivables which relates to VAT receivable from the Mozambique government. This includes
a provision for 25%. New legalisation in Mozambique has provided a path for companies
operating in the mining sector to seek reimbursement of VAT prior to the production stage.
Therefore, the Directors believe that this amount (including a 25% provision) will be recovered.
e) Company only - Critical judgement in the impairment assessment of investment in
subsidiaries (see notes 10)
In preparing the parent company financial statements, the Directors apply their judgement to
decide if any or all of the Company\u2019s investments (including capital contributions) in its
subsidiaries should be impaired.
In undertaking their review, the Directors consider the outcome of their impairment assessment
of the exploration and evaluation assets as noted above.
In view of the Maiden Resource Estimate published in September 2023, which shows the
existence of substantial resources at the property, the Directors do not believe an impairment is
appropriate in relation to the investments in these subsidiaries.
f) Critical judgement in the apportionment of listing transaction costs (see note 5)
The Company incurred total transaction costs of \u00a3154,768 for the joint transaction of a
concurrent Fundraise and change in listing from AQSE to LSE. The Directors were required to
make a judgment on this apportionment of transaction costs, which related to both the share
issuance and the listing. The Directors agreed to allocate this amount between expense and
equity based on the proportion of new shares issued to the total number of (new and existing)
shares listed. This resulted in \u00a348,391 being recognised in the profit and loss account as an
expense in the year and the remaining balance of \u00a3106,378, being set against the Share
Premium account.
3. FINANCIAL INSTRUMENTS \u2013 RISK MANAGEMENT
The financial instruments were categorised as follows:
| | Group | | Company | |
| | 2023 | | | |
| \u00a3\u2019000 | | | |
| | 2022 | | |
| | \u00a3\u2019000 | | |
| | | 2023 | |
| | | \u00a3\u2019000 | |
| | | | 2022 |
| | | | \u00a3\u2019000 |
| Financial assets measured at | | | | |
| amortised cost: | | | | |
| Trade and other receivables (note 13) | 154 | 119 | 68 | 986 |
| Cash and cash equivalents | 1,130 | 283 | 1,109 | 230 |
| 1,327 | 402 | 2,639 | 1,216 |
| Financial liabilities measured at | | | | |
| amortised cost: | | | | |
| Trade and other payables (note 14) | 440 | 125 | 437 | 120 |
| Convertible loan notes (note 14) | 256 | - | 256 | - |
| | 696 | 125 | 693 | 120 |
The Group\u2019s financial instruments comprise cash and sundry receivables (all of which are carried
at amortised cost) and payables that arise directly from its operations.
The main risks arising from financial instruments are credit risk, liquidity risk and currency risk.
The Directors review and agree policies for managing these risks and these are summarised
below. There have been no substantial changes to the Group\u2019s exposure to financial instrument
risks, its objectives, policies and processes for managing those risks or the methods used to
measure them from previous periods unless otherwise stated in this note.
There is no significant difference between the carrying value and fair value of receivables, cash
and cash equivalents and payables.
Credit risk
Credit risk refers to the risk that a counter party will default on its contractual obligations
resulting in financial loss. The Company has adopted a policy of only dealing with creditworthy
counterparties, as assessed by the Directors using relevant available information. Credit risk
also arises on cash and cash equivalents and deposits with banks and financial institutions. The
Company\u2019s cash deposits are only held in banks and financial institutions which are
independently rated with a minimum credit agency rating of B. At year end 98% of the Group\u2019s
cash was held in the UK at HSBC (credit rating AA-) and 2% was held in Mozambique at the
Millennium Bank (credit rating B). There were no bad debts recognised during the year and
there is no provision required at the reporting date nor any linked IFRS 9 disclosures. The
balances are not material at year end and therefore no sensitivity analysis has been performed.
Liquidity risk
Liquidity risk arises from the management of working capital. It is the risk that the Group will
encounter difficulty in meeting its financial obligations as they fall due. Short term payables are
classified as those payables that are due within 30 days. The Group\u2019s policy is to ensure that it
will always have sufficient cash to allow it to meet its liabilities when they become due. To
achieve this aim, it seeks to maintain liquid cash balances (or agreed facilities) to meet expected
requirements for a period of at least 45 days. No maturity analysis has been disclosed as all
liabilities are repayable within one year.
Funding risk
Funding risk is the possibility that the Group might not have access to the financing it needs.
The Group\u2019s continued future operations depend on the ability to raise sufficient working
capital through the issue of equity share capital. The Directors are confident that adequate
funding will be forthcoming with which to finance operations. The Directors have a strong track
record of raising funds as required. Controls over expenditure are carefully managed and
activities planned to ensure that the Group has sufficient funding.
Foreign currency risk
Foreign currency risk is the risk that fair value or future cash flows of a financial instrument will
fluctuate because of changes in foreign exchange rates. The Group reports in Pounds Sterling,
but the functional currency of its subsidiary is the Mozambique Meticals (MTN). The Group
does not currently hedge its exposure to other currencies. The Group\u2019s cash and cash
equivalents are held in Pounds Sterling and MTN. At 30 June 2023, only 2% (2022: 19%) of the
Group\u2019s cash and cash equivalent were held in MTN. The balances are not material at year end
and therefore no sensitivity analysis has been performed.
Interest rate risk
The Group finance operations through the issue of equity share capital. The Group manages
the interest rate risk associated with the Group\u2019s cash assets by ensuring that interest rates are
as favourable as possible, whether this is through investment in floating or fixed interest rate
deposits, whilst managing the access the Group requires to the funds for working capital
purposes. At the reporting date, cash at bank floating interest rate is not subject to any interest
receivable. The Group has not performed a sensitivity analysis in relation to the interest rate
movements on financial assets as this is not considered to be material.
Capital Management
The Group considers its capital to comprise its ordinary share capital, share premium and
accumulated retained losses. The Group\u2019s objective when maintaining capital is to safeguard
the entity's ability to continue as a going concern, so that it can provide returns for shareholders
and benefits for other stakeholders.
The Group meets its capital needs by equity financing. The Group sets the amount of capital it
requires to fund the Group\u2019s project evaluation costs and administration expenses. The Group
manages its capital structure and makes adjustments to it in the light of changes in economic
conditions and the risk characteristics of the underlying assets. The Group do not have any
derivative instruments or hedging instruments. It has been determined that a sensitivity
analysis will not be representative of the Group\u2019s position in relation to market risk and
therefore, such an analysis has not been undertaken.
4. SEGMENTAL INFORMATION
For the purpose of IFRS 8, the Chief Operating Decision Maker \u201cCODM\u201d takes the form of the
board of directors. The directors are of the opinion that the business of the Group focused on
two reportable segments as follows:
\u2022 Head office, corporate and administrative, including parent company activities of raising
finance and seeking new investment and exploration opportunities, all based in the UK and
\u2022 Mineral exploration, all based in Mozambique.
The geographical information is the same as the operational segmental information shown
below.
| Year ended 30 June 2023 | Corporate and | | | |
| Administrative | | | |
| (UK) | | | |
| | Other | | |
| | | Mineral | |
| | | exploration | |
| | | (Mozambique) | |
| | | | Total |
| | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
| Operating loss before and | | | | |
| after taxation | 1,190 | 12 | | |
| | | 94 | 1,296 |
| | | | | |
| Segment total assets (net of | | | | |
| investments in subsidiaries) | 1,324 | - | | |
| | | 1,410 | 2,734 |
| | | | | |
| Segment liabilities | (846) | - | (3) | (849) |
| Year ended 30 June 2022 | Corporate and | | | |
| Administrative | | | |
| (UK) | | | |
| | | Mineral | |
| | | exploration | |
| | | (Mozambique) | |
| | | | Total |
| | \u00a3\u2019000 | | \u00a3\u2019000 | \u00a3\u2019000 |
| Operating loss before and | | | | |
| after taxation | 774 | | | |
| | | 27 | 801 |
| | | | | |
| Segment total assets (net | | | | |
| of investments in | | | | |
| subsidiaries) | 305 | | | |
| | | 1,136 | 1,441 |
| | | | | |
| Segment liabilities | (308) | | (83) | (391) |
5. EXPENSES BY NATURE
| 2023 | |
| \u00a3\u2019000 | |
| | 2022 |
| | \u00a3\u2019000 |
| | | |
| Exploration expenditure (not capitalised) | - | 59 |
| Fees payable to the Company\u2019s Auditor and its associates in | | |
| relation to the audit of the parent company and consolidated | | |
| financial statements | | |
| 53 | |
| | 30 |
| Fees payable to the Company\u2019s Auditor and its associates in | | |
| relation to the audit of the Company\u2019s subsidiaries | 5 | 2 |
| Fees payable to the Company\u2019s Auditor for other services: | | |
| Reporting Accountant services in respect to the Fundraise | | |
| 8* | |
| | 22 |
| Legal and professional fees | | |
| 259 | 88 |
| Depreciation | | |
| 24 | 5 |
| Listing costs | | |
| 48 | |
| | 100 |
| Wages and salaries | 437 | 378 |
| Insurance costs | 37 | 15 |
| Regulatory fees | 17 | 31 |
| Other | 228 | 71 |
| | 1,116 | 801 |
The Company incurred total transaction costs of \u00a3154,768 and broker commission costs of
\u00a3139,337 in the year for the joint transaction of a concurrent Fundraise and change in listing
from AQSE to LSE. The total broker commission costs were set against equity. However, the
transaction costs, which related to both the share issuance and the listing, were allocated
between expense and equity based on the proportion of new shares issued to the total number
of (new and existing) shares listed. This resulted in \u00a348,391 being recognised in the profit and
loss account as an expense in the year and the remaining balance of \u00a3106,378, being set against
the Share Premium account (see note 16)
*Another \u00a317,000 was charged to cost of capital as part of the above allocation.
Exploration expenditure mainly comprises of amounts relating to pre-licence due diligence costs
that have not yet resulted in the securing of licences. This is in accordance with IFRS 6 which
specifically excludes expenditure incurred before the entity has obtained legal rights to explore
in a specific area.
6. STAFF COSTS (INCLUDING DIRECTORS)
| | 2023 | |
| \u00a3\u2019000 | |
| | 2022 |
| | \u00a3\u2019000 |
| Salaries and fees | 490 | 412 |
| Pensions | 1 | 1 |
| Social security costs | 27 | 22 |
| Total staff costs | 518 | 435 |
| Amounts capitalised in intangibles | (81) | (55) |
| | 437 | 380 |
The average monthly numbers of employees (both permanent and temporary) during the year
ended 30 June 2023 was 17 (2022: 14 employees) and is shown in the table below. The costs of
the wages and salaries in MMM have been capitalised as part of the cost of exploration assets
additions in the year.
Key management and personnel are considered to be the Directors.
| | 2023 | 2022 |
| Management | 3 | 3 |
| Technical | 10 | 2 |
| Administration | 4 | 9 |
| | 17 | 14 |
7. EARNINGS PER SHARE
The basic earnings per share is derived by dividing the loss for the period attributable to ordinary
shareholders by the weighted average number of shares in issue.
| | 2023 | 2022 |
| | | |
| Loss for the year (\u00a3\u2019000) | (1,296) | (801) |
| Weighted average number of shares \u2013 expressed in thousands | 40,069 | 29,466 |
| Basic earnings per share \u2013 expressed in pence | | |
| (3.23p) | (2.72p) |
As the inclusion of the potential ordinary shares would result in a decrease in the loss per share
they are considered to be anti-dilutive and, as such, the diluted loss per share calculation is the
same as the basic loss per share.
On 11 July 2023 an additional 1,033,600 Ordinary Shares were issued, increasing the weighted
average number of shares to 40,100,484.
8. FINANCE COSTS
| | 2023 | 2022 |
| | \u00a3\u2019000 | \u00a3\u2019000 |
| Interest payable on the CLNs (note 14) | 25 | - |
| Share-based payment (warrant cost) of loans (note 18) | 62 | - |
| Shares issued for loan extension (note 14) | 50 | - |
| Interest paid on loans (note 14) | | |
| 40 | |
| Other interest | | |
| 3 | |
| 180 | - |
9. INCOME TAX
The income and deferred tax charge for the year was \u00a3nil (2022:\u00a3nil) due to the losses incurred.
The tax on the Group\u2019s loss before tax differs from the theoretical amount that would arise
using the weighted average tax rate applicable to the losses of the consolidated entities as
follows:
| GROUP | 2023 | 2022 |
| | \u00a3\u2019000 | \u00a3\u2019000 |
| Loss before tax | (1,296) | (801) |
| Tax at the applicable rate of 24% (2022:25%) | (313) | (200) |
| Expenses not deductible for tax purposes | 73 | 148 |
| Tax losses for which no deferred tax is recognised | (1,222) | (653) |
| Total tax charge | - | - |
The weighted average applicable tax rate of 24% (2022: 25%) used is a combination of the 19%
standard rate of corporation tax in the UK and 31% Mozambique corporation tax.
The Group has total tax losses of \u00a334,581,000 to carry forward against future profits (2022:
\u00a333,089,000 losses brought forward). No deferred tax asset on losses carried forward has been
recognised on the grounds of uncertainty as to when profits will be generated against which to
relieve said amount.
10. INVESTMENT IN SUBSIDIARIES
| COMPANY | 2023 | 2022 |
| | \u00a3\u2019000 | \u00a3\u2019000 |
| Cost and net book value | | |
| Investments in subsidiaries at beginning of year | 168 | - |
| Incorporation of subsidiaries | - | 1 |
| Additional payments | 40 | 167 |
| | 208 | 168 |
| Loans reclassified to capital contributions (note 13) | 956 | - |
| Capital contributions in the year | 469 | - |
| | 1,425 | - |
| Investments in subsidiaries at end of year | 1,633 | 168 |
In May 2023, the Company paid a further cash consideration of \u00a340,000 to the other shareholders
of Monte Muambe Mining Lda (\u201cMMM\u201d), to extend Phase 2 of the Farm-Out Agreement. This has
been recognised as an additional cost of investment in the subsidiary.
During the year the following subsidiaries were incorporated/ acquired. Dates of incorporation/
acquisition and registered addresses are listed below.
| Subsidiaries of | | | | | |
| Altona Rare Earths | | | | | |
| Plc | | | | | |
| Country of | | | | |
| Registration | | | | |
| | Date of | | | |
| | Incorporation | | | |
| | /Acquisition | | | |
| | | Registered Address | Nature of Business and | |
| | | | Holding | |
| | | | | 2022/3 | |
| | | | % | |
| Altona Rare Earths | | | | | |
| (Uganda) Limited | | | | | |
| Uganda | 30 March | | | |
| | 2021 | | | |
| | | Plot 2&4A Nakasero Road, | | |
| | | Kampala, Uganda. | | |
| | | | 100 | Mineral |
| | | | | exploration |
| | | | | and mining |
| Altona Rare Earths | | | | | |
| (Tanzania) Limited | | | | | |
| Tanzania | 5 August | | | |
| | 2021 | | | |
| | | Plot No.466, Block 43, | | |
| | | Mpakani A, Kinondoni, | | |
| | | Tanzania. | | |
| | | | 100 | Mineral |
| | | | | exploration |
| | | | | and mining |
| Altona Rare Earths | | | | | |
| Maurtius Ltd | | | | | |
| Mauritius | 17 | | | |
| | February | | | |
| | 2022 | | | |
| | | c/o Griffon Solutions Ltd, | | |
| | | C2-410, 4 | | |
| | | th | | |
| | | Floor, Office | | |
| | | Block C, Grand Baie, | | |
| | | Mauritius | | |
| | | | 100 | Business |
| | | | | activities |
| Monte Muambe | | | | | |
| Mining Lda | | | | | |
| Mozambique | 23 June | | | |
| | 2021 | | | |
| | | Avenida 24 de Julho, no | | |
| | | 851 R/C, Maputo, | | |
| | | Mozambique. | | |
| | | | 20 | Mineral |
| | | | | exploration |
| | | | | and mining |
| Altona Mozambique, | | | | | |
| Lda* | | | | | |
| Mozambique | 27 May | | | |
| | 2022 | | | |
| | | c/o Griffon Solutions Ltd, | | |
| | | C2-410, 4 | | |
| | | th | | |
| | | Floor, Office | | |
| | | Block C, Grand Baie, | | |
| | | Mauritius | | |
| | | | 100 | Mineral |
| | | | | exploration |
| | | | | and mining |
| Altona Mozambique | | | | | |
| 11, Lda* | | | | | |
| Mozambique | 27 May | | | |
| | 2022 | | | |
| | | c/o Griffon Solutions Ltd, | | |
| | | C2-410, 4 | | |
| | | th | | |
| | | Floor, Office | | |
| | | Block C, Grand Baie, | | |
| | | Mauritius | | |
| | | | 100 | Mineral |
| | | | | exploration |
| | | | | and mining |
| Altona Mozambique | | | | | |
| 111, Lda* | | | | | |
| Mozambique | 27 May | | | |
| | 2022 | | | |
| | | c/o Griffon Solutions Ltd, | | |
| | | C2-410, 4 | | |
| | | th | | |
| | | Floor, Office | | |
| | | Block C, Grand Baie, | | |
| | | Mauritius | | |
| | | | 100 | Mineral |
| | | | | exploration |
| | | | | and mining |
*subsidiaries held indirectly through Altona Rare Earths Mauritius Ltd.
On 25 July 2023, Cedric Simonet transferred the 0.1% of the share capital of Altona Mozambique,
Lda and Altona Mozambique II, Lda that he was holding on behalf of Altona Rare Earths Mauritius
Limited to Altona Rare Earths Mauritius Limited, (both for nil consideration), giving it a 100% total
holding of the share capital in both companies.
On the same day, Altona Rare Earths Mauritius Limited, transferred 5% of the share capital of
Altona Mozambique, Lda and Altona Mozambique II Lda, (for nil consideration), to Ossanzaya
Empreendimentos Lda, a company registered in Mozambique.
In prior year, on 23 June 2021, the Company acquired 1% of the issued share capital of Monte
Muambe Mining Lda (\u201cMMM\u201d), a newly incorporated exploration company based in
Mozambique, for a cash consideration of \u00a340,000. The acquisition provides the Company with
the opportunity to expand its mineral exploration programme. Altona Rare Earths Plc was
deemed to have gained control over MMM on 12 August 2021, due to holding the majority of
voting rights on the board of directors of MMM.
The amounts recognised in respect of the identifiable assets acquired and liabilities assumed as a
result of the acquisition are as follows:
| Net book value | | |
| of assets | | |
| acquired | | |
| | Fair value | |
| | adjustments | |
| | | Fair value of |
| | | assets |
| | | acquired |
| \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
| Intangible assets | - | 58 | 58 |
| Deferred tax liability | - | (18) | (18) |
| Total identifiable assets acquired and | | | |
| liabilities assumed | - | 40 | 40 |
| | | | |
| Fair Value of Consideration Paid: | | | |
| Total cash consideration | | | |
| | | | 40 |
Under IFRS 3, a business must have three elements: inputs, processes and outputs. MMM is an
early stage exploration company. It has no mineral reserves and no plan to develop mines. Is
has a title to mineral properties but this could not be considered an input because of its early
stage of development. The company do not have processes to produce outputs and have not
completed a feasibility study or a preliminary economic assessment on any of its properties and
no infrastructure or assets that could produce outputs. Therefore, the Directors\u2019 conclusion is
that the above transaction is an asset acquisition and not a business combination. The fair value
adjustment to intangible assets of \u00a358,000 represents the excess of the purchase consideration
of \u00a340,000 over the excess of the net assets acquired (net assets of \u00a3nil) and a deferred tax
liability of \u00a318,000.
In prior year, on 15 June 2022, the Company acquired a further 19% of the issued share capital
of MMM, for a cash consideration of \u00a340,000 and 1 million consideration shares which were
fair valued at \u00a388,000 using the market price of the Company\u2019s shares on the date of issue.
The amounts recognised in respect of the identifiable assets acquired and liabilities assumed as
a result of the additional 19% acquisition are as follows:
| Net book | | | |
| value of assets | | | |
| acquired | | | |
| | 19% of NBV | | |
| | assets | | |
| | acquired | | |
| | | Fair value | |
| | | adjustments | |
| | | | Fair value of |
| | | | assets |
| | | | acquired |
| \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
| Intangible assets | 617 | 117 | 191 | 308 |
| Tangible fixed assets | 167 | 32 | - | 32 |
| Financial assets | 103 | 19 | - | 19 |
| Financial liabilities | (912) | (173) | - | (173) |
| Deferred tax liability | - | - | (59) | (59) |
| Total identifiable | | | | |
| assets acquired and | | | | |
| liabilities assumed | (25) | | | |
| | (5) | 132 | 127 |
| | | | | |
| Fair Value of | | | | |
| Consideration Paid: | | | | |
| Cash consideration | | | | |
| | | | | 40 |
| Share consideration | | | | |
| | | | | 87 |
| Total consideration | | | | |
| | | | | 127 |
Consistent with the 1% acquisition, the Directors\u2019 conclusion is that the above transaction is an
asset acquisition and not a business combination for the reasons set out above that MMM does
not have inputs, processes or outputs. The fair value adjustment to intangible assets of
\u00a3132,000 represents the excess of the purchase consideration of \u00a3127,500 over the excess of
the net assets acquired (net assets of \u00a3(5,000)) and a deferred tax liability of \u00a359,000.
During the prior period since acquisition, MMM contributed a loss of \u00a324,000 to the Group. If
the acquisition had occurred on 1 July 2021, consolidated pro-forma loss for the year ended 30
June 2022 would have been \u00a324,000.
11. INTANGIBLE ASSETS
The intangible assets held by the Group increased primarily as a result of the acquisition of
Monte Muambe Mining Lda (\u201cMMM\u201d) and the work carried out thereon. See note 10 for
further information.
| | Exploration and |
| evaluation assets |
| | \u00a3\u2019000 |
| Cost and carrying amount | |
| At 1 July 2022 | |
| 867 |
| Exploration and evaluation assets additions (see note 10) | |
| 40 |
| Additions to exploration assets | |
| 460 |
| Unwinding of deferred tax liability | |
| (77) |
| At 30 June 2023 | |
| 1,290 |
On 25 September 2023, the Company published its Maiden Resource Estimate which reported
that there is an estimated 13.6 million tons at 2.42% TREO with a cut-off grade of 1.5% TREO.
The Scoping Study published on 18 October 2023 confirmed the potential viability of the project
and gave the Company sufficient confidence to proceed with the Prefeasibility Study and with
Phase 3 of the Farm-Out Agreement.
In accordance with IFRS 6, the Directors undertook an assessment of the following areas and
circumstances which could indicate the existence of impairment:
\u2022 The Group\u2019s right to explore in an area has expired, or will expire in the near future without
renewal.
\u2022 No further exploration or evaluation is planned or budgeted for.
\u2022 A decision has been taken by the Board to discontinue exploration and evaluation in an area
due to the absence of a commercial level of reserves.
\u2022 Sufficient data exists to indicate that the book value may not be fully recovered from future
development and production.
Following their assessment, and the publication of the MRE and Scoping Study, with the
potential economic viability of the project established therein, the Directors concluded that no
impairment charge in respect to any licences held, was necessary for the year ended 30 June
2023 (2022: \u00a3nil).
12. TANGIBLE FIXED ASSETS
| GROUP | Buildings | | | | |
| \u00a3\u2019000 | | | | |
| | Heavy | | | |
| | machinery | | | |
| | \u00a3\u2019000 | | | |
| | | Precision | | |
| | | machinery | | |
| | | and office | | |
| | | equipment | | |
| | | \u00a3\u2019000 | | |
| | | | Vehicles | |
| | | | \u00a3\u2019000 | |
| | | | | Total |
| | | | | Assets |
| | | | | \u00a3\u2019000 |
| Cost | | | | | |
| At 1 July 2022 | 32 | 107 | 15 | 24 | 178 |
| Reclassification | - | (20) | 20 | - | - |
| Additions | - | - | 3 | - | 3 |
| Disposals | | | (1) | | (1) |
| Foreign exchange | (1) | (1) | (4) | - | (6) |
| At 30 June 2023 | 31 | 86 | 33 | 24 | 174 |
| Accumulated depreciation | | | | | |
| At 1 July 2022 | - | 1 | 3 | 1 | 5 |
| Depreciation charge | 1 | 11 | 6 | 6 | 24 |
| Disposals | - | - | - | | - |
| Foreign exchange | - | 1 | (2) | - | (1) |
| At 30 June 2023 | 1 | 13 | 7 | 7 | 28 |
| Net book value | | | | | |
| At 30 June 2022 | 32 | 106 | 12 | 23 | 173 |
| At 30 June 2023 | 30 | 73 | 26 | 17 | 146 |
| COMPANY | Precision machinery |
| and office equipment |
| \u00a3\u2019000 |
| Cost | |
| At 1 July 2022 | 8 |
| Disposals | (1) |
| At 30 June 2023 | 7 |
| Accumulated depreciation | |
| At 1 July 2022 | 1 |
| Depreciation charge for the year | 2 |
| At 30 June 2023 | 3 |
| Net book value | |
| At 30 June 2022 | 7 |
| At 30 June 2023 | 4 |
13. TRADE AND OTHER RECEIVABLES
| | Group | | Company | |
| 2023 | | | |
| \u00a3\u2019000 | | | |
| | 2022 | | |
| | \u00a3\u2019000 | | |
| | | 2023 | |
| | | \u00a3\u2019000 | |
| | | | 2022 |
| | | | \u00a3\u2019000 |
| Receivables due from related parties | - | - | 24 | 955 |
| Taxes & Social security receivable | 154 | 94 | 68 | 10 |
| Prepayments and other receivables | 14 | 25 | 14 | 21 |
| | 168 | 119 | 106 | 986 |
At 30 June 2023, the Group recognised an amount of \u00a380,000 (2022: \u00a381,000) within other receivables
which relates to VAT receivable from the Mozambique government. This includes a provision for 25%.
New legalisation in Mozambique has provided a path for companies operating in the mining sector to
seek reimbursement of VAT prior to the production stage. Therefore, the Directors believe that this
amount (including a 25% provision) will be recovered.
| CAPITAL CONTRIBUTIONS/LOANS TO SUBSIDIARIES | Company | |
| 2023 | |
| \u00a3\u2019000 | |
| | 2022 |
| | \u00a3\u2019000 |
| Capital contributions/Loans to related parties (see note 21) | 1,425 | - |
A decision was taken by the Board to reclassify the loans due from MMM to the Company into
Investments (capital contributions) due to the nature of the Farm-Out Agreement. Following
publication of the Scoping Study, the Company has initiated the contractual and administrative
process to increase its interest to a 51% holding. The Board now view this loan as a long term
investment in the company rather than a non-interest bearing loan, repayable on demand.
14. TRADE CREDITORS AND OTHER PAYABLES
| | Group | | Company | |
| 2023 | | | |
| \u00a3\u2019000 | | | |
| | 2022 | | |
| | \u00a3\u2019000 | | |
| | | 2023 | |
| | | \u00a3\u2019000 | |
| | | | 2022 |
| | | | \u00a3\u2019000 |
| Trade payables | 257 | 115 | 255 | 112 |
| Accruals and other payables | 336 | 199 | 335 | 197 |
| Convertible loan notes | 256 | - | 256 | - |
| | 849 | 314 | 846 | 309 |
Trade and other payables are non-interest bearing and are normally settled on terms of 30 days from
month end. The directors consider that the carrying amount of financial liabilities recorded at
amortised costs in the financial statements approximate their fair value.
CONVERTIBLE LOAN NOTES:
The Company issued 5.5 million 15% convertible loan notes (\u201cnotes\u201d) for \u00a3275,000 on 1 February 2023.
The notes are convertible into ordinary shares of the entity, at the option of the holder, or repayable
on or before 1 May 2025.
The conversion rate is 20 shares for every \u00a31 note held, which is based on the Fundraise issue price
per share on 9th June 2023. The convertible loan notes are presented in the balance sheet as follows:
| 2023 |
| | \u00a3\u2019000 |
| Face value of notes issued | 275 |
| Less costs of issue | (32) |
| Other equity securities \u2013 value of conversion rights | (12) |
| | 231 |
| Interest expense* | 25 |
| Interest paid | - |
| Current liability | 256 |
*interest expense is calculated by applying the effective interest rate of 21.64% to the liability
component.
The initial fair value of the liability portion of the note was determined using a market interest rate for
a short term loan at the issue date, with a similar risk profile. The liability is subsequently recognised
on an amortised basis until extinguished on conversion or maturity of the notes. The remainder of
the proceeds is allocated to the conversion option and recognised in shareholders\u2019 equity, and not
subsequently remeasured.
The note holder has the option of receiving the interest in cash or the equivalent value in shares which
are priced at the VWAP for the previous 3 months. On conversion of the notes the note holders are
entitled to 2 warrants per share, priced at 10p and 15p. They expire 2 years after grant.
There is not a material difference between the initial fair value of the notes and their carrying amount,
since the interest payable on those borrowings is close to the current market rate for such a loan.
OTHER BORROWINGS:
On 2 November 2022, the Company entered into a short-term loan facility of up to \u00a3150,000 with
Catalyse Capital Limited (\u201cCCL\u201d), formerly Align Research Investments Ltd. The loan carried a fixed
interest rate of 15%. On 28
January 2023, the Company amended the terms of the loan with CCL to
extend the repayment date to the earlier of the completion of the Fundraise or 30 June 2023. An
additional charge of 10% on the outstanding loan was made and this was added to the principal of the
loan. (Resulting in an overall interest charge of \u00a340,000). On 31 March 2023, the Company agreed to
create a new warrant instrument for warrants over 7,500,000 ordinary shares in the Company with an
exercise price of 5p and an expiry date of 9 June 2026. It was further agreed that these warrants, will
be subject to a lock in period until 30 December 2023 with regards to their exercise unless the share
price exceeds 11 pence per share on a VWAP basis for 10 consecutive days, at which point the lock in
shall cease.
A payment of one million shares was also charged for the extension of this loan, which was paid as
part of the Fee Shares at the Fundraise, equivalent to \u00a350,000.
This loan and the related interest was fully repaid before the year end.
15. DEFERRED TAX
| | Group | |
| 2023 | |
| \u00a3\u2019000 | |
| | 2022 |
| | \u00a3\u2019000 |
| Deferred tax liability brought forward | 77 | - |
| Unwinding of liability | (77) | - |
| Acquisition of subsidiary | - | 77 |
| Deferred tax liability carried forward | - | 77 |
The deferred tax liability recognised in the prior year has been unwound in the year as the Directors
do not believe it will crystallise on the fair value uplift of the assets acquired.
16. SHARE CAPITAL
| | 2023 | | 2022 | |
| | No. | \u00a3\u2019000 | No. | \u00a3\u2019000 |
| Ordinary Shares | | | | |
| Ordinary shares at 1 July | 37,484,999 | 375 | 21,665,990 | 217 |
| Shares issued in the year (see table | 44,918,200 | 449 | 15,819,009 | 158 |
| TOTAL ORDINARY SHARES at 30 June | 82,403,199 | 824 | 37,484,999 | 375 |
| | | | | |
| Deferred Shares at 0.09p | | | | |
| Deferred shares at 1 July | 1,411,956,853 | 1,271 | 1,411,956,85 | 1,271 |
| Movement during the year | - | - | - | - |
| | 1,411,956,853 | 1,271 | 1,411,956,85 | 1,271 |
| Deferred Shares at 9p | | | | |
| Deferred shares at 1 July | 1,602,434 | 144 | 1,602,434 | 144 |
| Movement during the year | - | - | - | - |
| | 1,602,434 | 144 | 1,602,434 | 144 |
| | | | | |
| TOTAL DEFERRED SHARES at 30 June | 1,413,559,287 | 1,415 | 1,413,559,28 | 1,415 |
| | | | | |
| TOTAL SHARES at 30 June | 1,495,962,486 | 2,239 | 1,451,044,28 | 1,790 |
| ORDINARY SHARES | Number of shares | | | |
| - | | | |
| ordinary | | | |
| | | | |
| | Share | | |
| | Capital | | |
| | | Share | |
| | | Premium | |
| | | | Total |
| | No. | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
| As at 30 June 2021 | 21,665,990 | 217 | 19,869 | 20,086 |
| Issued 9 September 2021 | 83,333 | 1 | 9 | 10 |
| Issued 9 September 2021 | 8,285,676 | 83 | 1,077 | 1,160 |
| Issued 20 October 2021 | 200,000 | 2 | 26 | 28 |
| Issued 10 May 2022 | 6,250,000 | 62 | 438 | 500 |
| Issued 13 June 2022 | 1,000,000 | 10 | 77 | 87 |
| Share issue costs | - | - | (92) | (92) |
| As at 30 June 2022 | 37,484,999 | 375 | 21,404 | 21,779 |
| Issued 9 June 2023 \u2013 Placing shares | 33,546,000 | 335 | 1,342 | 1,677 |
| Issued 9 June 2023 \u2013 Subscription | | | | |
| shares | | | | |
| 6,454,000 | 65 | 258 | 323 |
| Issued 9 June 2023 \u2013 Fee shares | 4,918,200 | 49 | 197 | 246 |
| Share issue costs | - | - | (251) | (251) |
| As at 30 June 2023 | 82,403,199 | 824 | 22,950 | 23,774 |
On 9 June 2023, the Company raised gross proceeds of \u00a32,000,000 through the placing and
subscription of 40 million ordinary shares of \u00a30.01 each at a placing price of \u00a30.05 per share. The
Company also issued 4,918,200 ordinary shares of \u00a30.01 each at the placing price of \u00a30.05 to pay
Directors and service providers in lieu of cash settlement.
PRIOR YEAR:
On 9 September 2021, the Company issued 83,333 ordinary shares of \u00a30.01 each at an issue price of
\u00a30.12 to a service provider in lieu of cash settlement for services provided to the Company with a total
value of \u00a310,000.
On 9 September 2021, the Company raised gross proceeds of \u00a31,159,995 through the placing of
8,285,676 ordinary shares at \u00a30.14 per share.
On 20 October 2022, the Company completed the placing above and raised a further gross proceeds
of \u00a328,000 through the placing of an additional 200,000 ordinary shares at \u00a30.14 per share.
On 10 May 2022, the Company raised gross proceeds of \u00a3500,000 through the placing of 6,250,000
ordinary shares at \u00a30.08 per share.
On 13 June 2022, the Company issued 1,000,000 ordinary shares of \u00a30.01 each at a deemed price of
\u00a30.0875 per share to the owners of Monte Muambe Mining Lda as part of the consideration for the
acquisition of a further 19% interest of said company.
The deferred shares do not have any voting rights nor carry dividend and distribution rights, however
have the right on a return of assets on liquidation not exceeding the amount paid up on the deferred
shares as may be available after payment to each holder of ordinary shares the sum of \u00a310,000 per
ordinary share.
17. SHARE OPTIONS
The Company periodically grants share options to employees, consultants and Directors, as approved
by the Board. At 30 June 2023, there were no share options outstanding in respect of the ordinary
shares:
Year ended 30 June 2023
| Grant | | | | | | |
| Date | | | | | | |
| Expiry | | | | | |
| Date | | | | | |
| | Number of Options | | | | |
| | outstanding at | | | | |
| | beginning of the year | | | | |
| | | Expired | | | |
| | | | Granted/ | | |
| | | | exercised | | |
| | | | in year | | |
| | | | | Number of Options | |
| | | | | outstanding at end | |
| | | | | of the year | |
| | | | | | Exercise |
| | | | | | Price per |
| | | | | | Option |
| 21.07.17 | 21.07.22 | 180,000 | 180,000 | - | - | 500p |
| | | | | | 3 |
| 21.07.17 | 21.07.22 | 90,000 | 90,000 | - | - | 500p |
| | | | | | 4 |
| | | 270,000 | 270,000 | - | - | |
The highest and lowest market price of the Company\u2019s shares during the year was 8.3p and 5.1p
respectively (2022: 13.8p and 8.1p). The share price at year end was 5.1p (2022: 8.1p).
18. WARRANTS AND SHARE-BASED PAYMENTS
The Company has issued the following warrants, which are still in force at the balance sheet date.
| Date of Issue | Reason for issue | Number of | | |
| | Warrants | | |
| | | Exercise | |
| | | Price | |
| | | | Expiry date |
| | | | | |
| Issued in 2021 | Placing warrants | | | |
| \u2013 | | | |
| Share issue | 8,777,866 | 12p | 31 March 2025* |
| Issued 10 March 2021 | Directors warrants - Investors | 1,100,000 | 12p | 31 March 2024 |
| Issued 10 September 2021 | Placing warrants | | | |
| \u2013 | | | |
| Share issue | 4,463,078 | 12p* | 31 March 2025* |
| Issued 11 May 2022 | Broker warrants 1 | 342,857 | 14p | 6 October 2024 |
| Issued 11 May 2022 | Broker warrants 2 | 375,000 | 8p | 24 April 2025 |
| Issued 18 June 2022 | Placing warrants | | | |
| \u2013 | | | |
| Share issue | 3,125,000 | 12p | 31 March 2025** |
| Issued 9 June 2023 | Admission warrants | | | |
| \u2013 | | | |
| Share issue | 40,000,000 | 10p | 9 June 2025 |
| Issued 9 June 2023 | Broker warrants 3 | 2,512,760 | 5p | 9 June 2025 |
| Issued 9 June 2023 | CCL warrants | 7,500,000 | 5p | 9 June 2026 |
| Issued 9 June 2023 | CLN Broker warrants | 550,000 | 5p | 9 June 2025 |
| | | 68,746,561 | | |
*On 30 March 2023, the Company held a Warrantholder Meeting at which it was voted to amend the
expiry date of the 12p Warrants to 31 March 2025.
**On 31 March 2023, the Board entered into a Deed Poll to amend the Warrant Instrument in relation
to these Placing Warrants 2 to amend the expiry date to 31 March 2025.
In addition to the above warrants, the Company has agreed to issue 40 million piggyback warrants
which are conditional on the exercise of the Admission warrants if they are exercised within 30
calendar days of the date on which the VWAP of the shares exceeds 10p. This piggyback warrant will
allow the warrantholder to subscribe for one share per each piggyback warrant held.
There are also 11,000,000 warrants which the Company will grant to the holders of the CLNs on
conversion of these notes. Half of which are exercisable at 10p and the balance are exercisable at
15p.
| Reason for issue | Number of | | |
| Warrants | | |
| | Exercise | |
| | Price | |
| | | Expiry date |
| | | | |
| Admission piggyback warrants | 40,000,000 | 20p | 9 June 2026 |
| CLN warrants 10p | 5,500,000 | 10p | 2 years from conversion of CLN |
| CLN warrants 15p | 5,500,000 | 15p | 2 years from conversion of CLN |
The Placing, Directors and Admission warrants were issued to investors as part of new share placings.
More details of these placings can be found in note 17 above. These investor warrants have been
determined as equity instruments under IAS 32. Since the fair value of the shares issued at the same
time is equal to the price paid, these warrants, by deduction, are considered to have been issued at
nil value.
The Broker 3 warrants are made up of 2,012,760 warrants and 500,000 performance warrants. The
performance warrants are valued at the contracted value of \u00a325,000 and the remaining warrants have
been fair valued at \u00a316,497 in accordance with IFRS 2 as equity settled share-based payment
transactions. \u00a316,497 has been recognised as the fair value of Broker warrants issued as part of the
share raise in the year. These amounts are attributable to the cost of shares issued and therefore have
been accounted for in the Share Premium reserve.
The CCL warrants have been fair valued at \u00a361,471 in accordance with IFRS 2 as equity settled share-
based payment transactions. \u00a361,471 has been recognised as the fair value of the cost of extending
the CCL loan during the year. This amount is attributable to the cost of finance and therefore has been
accounted for in the profit and loss account in the year.
The CLN Broker warrants have been fair valued at \u00a34,483 in accordance with IFRS 2 as equity settled
share-based payment transactions. \u00a34,483 has been recognised as the fair value of the cost of issue
of the CLNs and has been net off the liability held in the balance sheet for these notes.
The fair value was calculated using the Black Scholes model with inputs as detailed below:
| | Broker | | | | |
| warrants 1 | | | | |
| | Broker | | | |
| | warrants 2 | | | |
| | | Broker | | |
| | | warrants 3 | | |
| | | | CCL | |
| | | | warrants | |
| | | | | CLN |
| | | | | warrants |
| Number of warrants | 342,857 | 375,000 | 2,012,760 | 7,500,000 | 550,000 |
| Share price | 11.5p | 9p | 5p | 5p | 6.1p |
| Exercise price | 14p | 8p | 5p | 5p | 5p |
| Expected life | 3 years | 3 years | 3 years | 3 years | 2 years |
| Volatility | 31% | 31% | 40% | 40% | 40% |
| Risk-Free Interest rate | 0.13% | 0.13% | 5.04% | 5.04% | 3.66% |
| Expected dividends | - | - | - | - | - |
| Fair Values | \u00a35,613 | \u00a38,836 | \u00a316,497 | \u00a361,471 | \u00a34,483 |
Expected volatility has been based on an evaluation of the historical volatility of the Company\u2019s share
price. The fair value has been discounted by 50% to account for the early-stage development of the
Company and limited liquidity due to its small capital nature.
The following table sets out the movement of warrants during the year, no warrants were exercised
during either year:
| | | Number of warrants | Exercise price (pence) |
| As at 30 June 2021 | | 9,877,866 | 12p |
| Issued in the year | | 8,305,935 | 8p to 14p |
| As at 30 June 2022 | | 18,183,801 | 8p to 14p |
| Issued in the year | | 50,562,760 | 5p to 10p |
| As at 30 June 2023 | | 68,746,561 | 5p to 12p |
| Granted but not issued in the year | | 51,000,000 | 10p to 15p |
| TOTAL | | 119,746,561 | |
The weighted average price of the issued warrants at the year end is 10.2p (2022: 11.8p) and weighted
average life of the warrants is 1.54 years (2022: 0.88 years).
The weighted average price of the total amount of granted and issued warrants, including the
piggyback and CLN warrants is 11.1p and the weighted average life of these warrants is 2.13 years.
19. RESERVES AND NCI
The following describe the nature and purpose of each reserve within owners\u2019 equity:
| Reserve | Description and Purpose |
| Share capital | Amount subscribed for share capital at nominal value |
| Share premium | Amount subscribed for share capital in excess of nominal value. |
| Share-based payment | |
| reserve | |
| Reserve created to recognise share-based payments such as |
| warrants used in lieu of cash settlement. |
| Convertible loan note | |
| (CLN) reserve | |
| The value of the conversion portion of the CLN, calculated as the |
| proceeds, less amortised cost, less fair value. |
| Non-controlling | |
| Interest | |
| Reserve created to recognise the 80% Non controlling interest at |
| year end. |
| Retained deficit | Cumulative net gains and losses recognised in the consolidated |
| statement of comprehensive income. |
20. COMMITMENTS AND CONTINGENT LIABILITIES
As at 30 June 2023 the only significant capital commitments of the Group relate to the Farm-Out
Agreement in Mozambique which sets out a minimum spend for each phase of the project. On 23
October 2023, the Company notified the original shareholders of Monte Muambe Mining Lda of the
successful completion of Phase 2 and of its intention to proceed to Phase 3 of the Project. The
committed minimum spend for this Phase is $2m over 2 years.
21. RELATED PARTY TRANSACTIONS
Transactions with group undertakings:
Balances and transactions between the Company and its subsidiaries, which are related parties, have
been eliminated on consolidation.
Amounts owed to the parent company by subsidiaries are as follows:
| | 2023 |
| | \u00a3\u2019000 |
| Monte Muambe Mining Lda \u2013 capital contribution | 1,425 |
| Altona Rare Earths (Uganda) Limited | - |
| Altona Rare Earths (Tanzania) Limited | 5 |
| Altona Rare Earths Maurtius Ltd | 19 |
Transactions with key management:
The key management personnel are considered to be the Directors. Details of their remuneration are
included in the remuneration report.
On 9 June 2023, certain Directors and Senior Management participated in the Fundraise and
subscribed for the following shares at the placing value of \u00a30.05 per share:
| Louise Adrian | 300,000 shares | \u00a315,000 |
| Martin Wood | 500,000 shares | \u00a325,000 |
| Christian Taylor-Wilkinson | 1,200,000 shares | \u00a360,000 |
At the year end \u00a350,000 (2022: \u00a357,500) is owing to Leander PR Limited, a company who Christian
Taylor-Wilkinson is a director, for marketing, public and investor relations services. This debt was
settled on 11 July 2023 through the issue of 1 million shares at the placing value of \u00a30.05 per share.
In the prior year, before taking on an executive role, C\u00e9dric Simonet, was employed as a contractor
through his company Akili Minerals Services Ltd. He was paid \u00a312,813 in 2022 to act as a Consultant
Geologist for the Company.
Transactions with other related parties:
Louise Adrian also works as a consultant for Orana Corporate LLP who provide the Company with
accounting and bookkeeping services and are the corporate Company Secretary for the Company.
During the year these services cost the Company \u00a348,270 (2022: \u00a344,240).
22. CONTROLLING PARTY
The Directors consider that there is no single controlling party.
23. POST REPORTING DATE EVENTS
On 11 July 2023 an additional 1,033,600 Ordinary Shares were issued in lieu of fees of \u00a351,680,
including an amount of \u00a350,000 to settle fees owed to Leander PR Limited, a company wholly owned
by Christian Taylor-Wilkinson.
On 25 July 2023, Cedric Simonet transferred the 0.1% of the share capital of Altona Mozambique, Lda
and Altona Mozambique II, Lda that he was holding on behalf of Altona Rare Earths Mauritius
Limited to Altona Rare Earths Mauritius Limited, (both for nil consideration), giving it a 100% total
holding of the share capital in both companies.
On the same day, Altona Rare Earths Mauritius Limited, transferred 5% of the share capital of Altona
Mozambique, Lda and Altona Mozambique II Lda, (for nil consideration), to Ossanzaya
Empreendimentos Lda, a company registered in Mozambique.
On 25 September 2023, the Company published its Maiden Resource Estimate which reported that
there is an estimated 13.6 million tons at 2.42% TREO with a cut-off grade of 1.5% TREO. The Scoping
Study published on 18 October 2023 demonstrated the potential for Monte Muambe to become a
viable mining operation and provided the Company with sufficient confidence to proceed with the
Prefeasibility Study and with Phase 3 of the Farm-Out Agreement.
The Company has also initiated the contractual and administrative process to increase its holding in
MMM to 51% for a further consideration of \u00a340,000 and one million shares.
1. ACCOUNTING POLICIES
GENERAL INFORMATION
Altona Rare Earths Plc (the \u201cCompany\u201d) is incorporated and domiciled in England & Wales, with
registered number 05350512. Its registered office is at Eccleston Yards, 25 Eccleston Place,
London SW1W 9NF.
On 9 June 2023, the Company announced its admission to the Main Market of the London Stock
Exchange under the Standard Segment of the Official List under the ticker \u201cLSE:REE\u201d. The
Company ceased trading on the AQSE Growth Market on 17 March 2023.
The principal activity of the Company and its subsidiaries (the \u201cGroup\u201d) is in rare earths
exploration, and the development of appropriate exploration projects, focusing on
opportunities in Africa. The Group is made up of the Company and the subsidiaries as set out in
note 10 below.
BASIS OF PREPARATION
The consolidated financial statements have been prepared in accordance with UK-adopted
international accounting standards and the requirements of the Companies Act 2006. The
principal accounting policies are summarised below. They have been applied consistently
throughout the year. The financial statements have been prepared on the historical cost basis,
except for the assets acquisition which was measured at fair value.
The functional currency for each entity in the Group is determined as the currency of the
primary economic environment in which it operates. The functional currency of the parent
company is Pounds Sterling (\u00a3) as this is the currency that finance is raised in. The functional
currency of its main subsidiary is Mozambique Meticals (MTN) as this is the currency that mainly
influences labour, material and other costs of providing services. The Group has chosen to
present its consolidated financial statements in Pounds Sterling (\u00a3), as the Directors believe it
is the most relevant presentational currency for users of the consolidated financial statements.
All values are rounded to the nearest thousand pounds (\u00a3\u2019000) unless otherwise stated. Foreign
operations are included in accordance with the policies set out below.
The preparation of financial statements requires the use of certain critical accounting estimates.
It also requires management to exercise its judgement in the process of applying the Group\u2019s
accounting policies. The areas involving a higher degree of judgement or complexity, or areas
where assumptions and estimates are significant to the financial information are disclosed in
Note 2.
GOING CONCERN
The Company raises money for exploration and capital projects as and when required. There
can be no assurance that the Company\u2019s projects will be fully developed in accordance with
current plans or completed on time or to budget. Future work on the development of these
projects, the levels of production and financial returns arising therefrom, may be adversely
affected by factors outside the control of the Company.
An operating loss is expected in the 12 months subsequent to the date of these financial
statements. As a result the Group will need to raise funding to provide additional working
capital within the next 12 months. The ability of the Group to meet its projected expenditure is
dependent on these further equity injections and / or the raising of cash through bank loans or
other debt instruments, and/or government grants, and/or loans. These conditions necessarily
indicate that a material uncertainty exists that may cast significant doubt over the Group\u2019s
ability to continue as a going concern and therefore their ability to realise their assets and
discharge their liabilities in the normal course of business. Whilst acknowledging this material
uncertainty, the Directors remain confident of raising finance and therefore, the Directors
consider it appropriate to prepare the consolidated financial statements on a going concern
basis. The consolidated financial statements do not include the adjustments that would result
if the Group were unable to continue as a going concern.
The Auditors have made reference to going concern by way of a material uncertainty within the
financial statements.
NEW STANDARDS AND INTERPRETATIONS
a) New standards, amendments and interpretations adopted by the Group.
There were no new or amended accounting standards that required the Group to change its
accounting policies for the year ended 30 June 2023 and no new standards, amendments or
interpretations were adopted by the Group
b) New standards, amendments and interpretations not yet adopted by the Group.
The standards and interpretations that are relevant to the Group, issued, but not yet effective,
up to the date of the Financial Statements are listed below. The Group intends to adopt these
standards, if applicable, when they become effective.
| Standard | Impact on initial application | Effective date |
| IFRS 10 and IAS 28 | | |
| (Amendments) | | |
| Long term interests in associates and joint | |
| ventures | |
| | Unknown |
| Amendments to IAS 1 | Classification of Liabilities as current or non- | |
| current | |
| | 1 January 2023 |
| Amendments to IAS 1 | Disclosure of material rather than significant | |
| accounting policies. | |
| | 1 January 2023 |
| Amendments to IAS 8 | Clarification on how companies should | |
| distinguish between changed in accounting | |
| policies and accounting estimates | |
| | 1 January 2023 |
| Amendments to IFRS 12 | Deferred Tax assets and Liabilities arising from | |
| a single transaction | |
| | 1 January 2023 |
The Directors have evaluated the impact of transition to the above standards and do not
consider that there will be a material impact of transition on the financial statements.
BASIS OF CONSOLIDATION
The consolidated financial statements incorporate the financial statements of the Company and
entities controlled by the Company (its subsidiaries) made up to 30 June each year. Per IFRS 10,
control is achieved when the Company:
\u2022 has the power over the investee;
\u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and
\u2022 has the ability to use its power to affects its returns.
The Company reassesses 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 listed above.
When the Company has less than a majority of the voting rights of an investee, it considers that
it has power over the investee when the voting rights are sufficient to give it the practical ability
to direct the relevant activities of the investee unilaterally. The Company considers all relevant
facts and circumstances in assessing whether or not the Company\u2019s voting rights in an investee
are sufficient to give it power, including:
\u2022 the size of the Company\u2019s holding of voting rights relative to the size and dispersion of
holdings of the other vote holders;
\u2022 potential voting rights held by the Company, other vote holders or other parties;
\u2022 rights arising from other contractual arrangements; and
\u2022 any additional facts and circumstances that indicate that the Company has, or does not
have, the current ability to direct the relevant activities at the time that decisions
need to be made, including voting patterns at previous shareholders\u2019 meetings.
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and
ceases when the Company loses control of the subsidiary. Specifically, the results of subsidiaries
acquired or disposed of during the year are included in profit or loss from the date the Company
gains control until the date when the Company ceases to control the subsidiary. Where
necessary, adjustments are made to the financial statements of subsidiaries to bring the
accounting policies used into line with the Group\u2019s accounting policies.
Inter-company transactions, balances and unrealised gains on transactions between group
companies are eliminated. Unrealised losses are also eliminated. When necessary, amounts
reported by subsidiaries have been adjusted to conform with the group\u2019s accounting policies.
The Group recognises any non-controlling interest in the acquired entity at the non-controlling
interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. Subsequent to
acquisition, the carrying amount of non-controlling interests is the amount of those interests at
initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. The
Group treats transactions with non-controlling interests that do not result in a loss of control as
transactions with equity owners of the group. A change in ownership interest results in an
adjustment between the carrying amounts of the controlling and non-controlling interests to
reflect their relative interests in the subsidiary.
Profit or loss and each component of other comprehensive income are attributed to the owners
of the Company and to the non-controlling interests. Total comprehensive income of the
subsidiaries is attributed to the owners of the Company and to the non-controlling interests
even if this results in the non-controlling interests having a deficit balance.
Asset Acquisitions
Acquisitions of mineral exploration licences through the acquisition of non-operational
corporate structures that do not represent a business, and therefore do not meet the definition
of a business combination, are accounted for as the acquisition of an asset.
Where an acquisition transaction constitutes the acquisition of an asset and not a business, the
consideration paid is allocated to assets and liabilities acquired based on their relative fair
values, with transaction costs capitalised. No gain or loss is recognised. Consideration paid in
the form of equity instruments is measured by reference to the fair value of the asset acquired.
The fair value of the assets acquired would be measured at the point control is obtained. The
Group recognises the fair value of contingent consideration in respect to an asset acquisition,
where it is probable that a liability has been incurred, and th
e amount of that liability can be
reasonably estimated. Such contingent consideration is recognised at the time control of the
underlying asset is obtained, and such an amount is included in the initial measurement of the
cost of the acquired assets.
The Group recognises contingent consideration in the form of cash, and contingent
consideration in the form of equity instruments. Contingent consideration in the form of cash
is recognised as a liability, and contingent consideration in the form of equity instruments is
recognised in the contingent share reserve. For contingent cash consideration milestones, the
Group estimates a probability for the likelihood of completion to estimate the total liability for
the expected variable payments. The probability estimated for the likelihood of completion is
considered at each reporting period. Movements in the fair value of contingent cash
consideration payable is capitalised as part of the asset. For contingent share consideration
milestones, the Group estimates a probability for the likelihood of completion to estimate the
total contingent share consideration payable. The probability estimated for the likelihood of
completion is not reassessed in subsequent reporting periods.
FOREIGN CURRENCIES AND FOREIGN EXCHANGE RESERVE
In preparing the financial statements of the Group entities, transactions in currencies other than
the entity\u2019s functional currency (foreign currencies) are recognised at the rates of exchange
prevailing on the dates of the transactions. At each reporting date, monetary assets and
liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at
that date. Non-monetary items carried at fair value that are denominated in foreign currencies
are translated at the rates prevailing at the date when the fair value was determined. Non-
monetary items that are measured in terms of historical cost in a foreign currency are not
retranslated.
Exchange differences are recognised in profit or loss in the period in which they arise except
for:
\u2022 exchange differences on foreign currency borrowings relating to assets under construction
for future productive use, which are included in the cost of those assets when they are
regarded as an adjustment to interest costs on those foreign currency borrowings;
\u2022 exchange differences on transactions entered into to hedge certain foreign currency risks
(see below under financial instruments/hedge accounting); and
\u2022 exchange differences on monetary items receivable from or payable to a foreign operation
for which settlement is neither planned nor likely to occur in the foreseeable future
(therefore forming part of the net investment in the foreign operation), which are
recognised initially in other comprehensive income and reclassified from equity to profit or
loss on disposal or partial disposal of the net investment.
For the purpose of presenting consolidated financial statements, the assets and liabilities of the
Group\u2019s foreign operations are translated at exchange rates prevailing on the reporting date.
Income and expense items are translated at the average exchange rates for the period, unless
exchange rates fluctuate significantly during that period, in which case the exchange rates at
the date of transactions are used. Exchange differences arising, if any, are recognised in other
comprehensive income and accumulated in a foreign exchange translation reserve (attributed
to non-controlling interests as appropriate).
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as
assets and liabilities of the foreign entity and translated at the closing rate. Exchange differences
arising are recognised in other comprehensive income.
SEGMENTAL REPORTING
Operating segments are reported in a manner consistent with the internal reporting provided
to the chief decision-maker. The chief decision-maker has been identified as the Executive
Board, at which level strategic decisions are made.
An operating segment is a component of the Group:
\u2022 That engages in business activities from which it may earn revenues and earn expenses,
\u2022 Whose operating results are regularly reviewed by the entity\u2019s chief operating decision-
maker to make decisions about resources to be allocated to the segment and assess its
performance, and
\u2022 For which discrete financial information is available.
TAXATION
Current income tax assets and liabilities for the current period are measured at the amount
expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws
used to compute the amount are those that are enacted or substantively enacted, at the
reporting date, in the countries where the Group operates.
Deferred tax is accounted for using the liability method in respect of temporary differences
arising from differences between the carrying amount of assets and liabilities in the Financial
Statements and the corresponding tax bases used in the computation of taxable profit or loss.
In principle, deferred tax liabilities are recognised for all taxable temporary differences and
deferred tax assets are recognised to the extent that it is probable that taxable profits will be
available against which deductible temporary differences can be utilised.
The Group has losses to be carried forward on which no deferred tax asset is recognised due to
the uncertainty as to the timing of profit.
INTANGIBLE ASSETS - EXPLORATION AND EVALUATION ASSETS
Mineral exploration and evaluation expenditure relates to costs incurred in the exploration and
evaluation of potential mineral resources and includes exploration and mineral licences,
researching and analysing historical exploration data, exploratory drilling, trenching, sampling
and the costs of pre-feasibility studies.
Exploration and evaluation expenditure for each area of interest, other than that acquired from
another entity, is charged to the consolidated statement of income as incurred except when
the expenditure is expected to be recouped from future exploitation or sale of the area of
interest and it is planned to continue with active and significant operations in relation to the
area, or at the reporting period end, the activity has not reached a stage which permits a
reasonable assessment of the existence of commercially recoverable reserves, in which case
the expenditure is capitalised. Purchased exploration and evaluation assets are recognised at
their fair value at acquisition. As the capitalised exploration and evaluation expenditure asset is
not available for use, it is not depreciated.
Exploration and evaluation assets have an indefinite useful life and are assessed for impairment
annually or when facts and circumstances suggest that the carrying amount of an asset may
exceed its recoverable amount. The assessment is carried out by allocating exploration and
evaluation assets to cash generating units, which are based on specific projects or geographical
areas. IFRS 6 permits impairments of exploration and evaluation expenditure to be reversed
should the conditions which led to the impairment improve. The Group continually monitors
the position of the projects capitalised and impaired.
Whenever the exploration for and evaluation of mineral resources in cash generating units does
not lead to the discovery of commercially viable quantities of mineral resources and the Group
has decided to discontinue such activities of that unit, the associated expenditures are written
off to the Income Statement.
PROPERTY, PLANT AND EQUIPMENT
Property, plant, and equipment are stated at cost, less accumulated depreciation, and any
provision for impairment losses. The asset\u2019s residual values, useful lives and methods of
depreciation /amortisation are reviewed at each reporting period and adjusted prospectively,
if appropriate.
Depreciation is charged on each part of an item of property, plant, and equipment to write off
the cost of assets less the residual value over their estimated useful lives, using the straight\u2013
line method. Depreciation is charged to the income statement. The estimated useful lives are
as follows:
Buildings/Constructions \u2013 25 years
Heavy machinery and equipment \u2013 8 years
Precision machinery, computer and printers \u2013 4 years
Vehicles \u2013 4 years
FINANCIAL INSTRUMENTS
Financial assets
Classification
The Group\u2019s financial assets consist of financial assets held at amortised cost. The classification
depends on the purpose for which the financial assets were acquired. Management determines
the classification of its financial assets at initial recognition.
Financial assets held at amortised cost
Assets that are held for collection of contractual cash flows, where those cash flows represent
solely payments of principal and interest, are measured at amortised cost. Any gain or loss
arising on derecognition is recognised directly in the profit or loss and presented in other gains/
(losses) together with foreign exchange gains and losses. Impairment losses are presented as a
separate line item in the statement of profit or loss.
They are included in current assets, except for maturities greater than 12 months after the
reporting date, which are classified as non-current assets. The Group\u2019s financial assets at
amortised cost comprise trade and other receivables and cash and cash equivalents at the year
end.
Recognition and measurement
Regular purchases and sales of financial assets are recognised on the trade date \u2013 the date on
which the Group commits to purchasing or selling the asset. Financial assets are initially
measured at fair value plus transaction costs. Financial assets are de-recognised when the
rights to receive cash flows from the assets have expired or have been transferred, and the
Group has transferred substantially all of the risks and rewards of ownership.
Financial assets are subsequently carried at amortised cost using the effective interest method.
Other receivables are recognised initially at the amount of consideration that is unconditional,
unless they contain significant financing components when they are recognised at fair value.
The other receivables in the accounts do not contain significant financing components.
Impairment of financial assets
The Group assesses, on a forward-looking basis, the expected credit losses associated with its
financial assets carried at amortised cost. For trade and other receivable due within 12 months
the Group applies the simplified approach permitted by IFRS 9. Therefore, the Group does not
track changes in credit risk, but rather recognises a loss allowance based on the financial asset\u2019s
lifetime expected credit losses at each reporting date.
A financial asset is impaired if there is objective evidence of impairment as a result of one or
more events that occurred after the initial recognition of the asset, and that loss event(s) had
an impact on the estimated future cash flows of that asset that can be estimated reliably. The
Group assesses at the end of each reporting period whether there is objective evidence that a
financial asset, or a group of financial assets, is impaired.
The criteria that the Group uses to determine that there is objective evidence of an impairment
loss include:
\u2022 Significant financial difficulty of the issuer or obligor;
\u2022 A breach of contract, such as a default or delinquency in interest or principal
repayments;
\u2022 The Group, for economic or legal reasons relating the borrower\u2019s financial difficulty,
granting the borrower a concession that the lender would not otherwise consider;
\u2022 It becomes probable that the borrower will enter bankruptcy or other financial
reorganisation.
The Group first assesses whether objective evidence of impairment exists.
The amount of the loss is measured as the difference between the asset\u2019s carrying amount and
the present value of estimated future cash flow (excluding future credit losses that have not
been incurred), discounted at the financial asset\u2019s original effective interest rate. The asset\u2019s
carrying amount is reduced and the loss is recognised in profit or loss.
If, in a subsequent period, the amount of the impairment loss decreases and the decrease can
be related objectively to an event occurring after the impairment was recognised (such as an
improvement in the debtor\u2019s credit rating), the reversal of the previously recognised
impairment loss is recognised in profit or loss.
Financial liabilities at amortised cost
Trade payables are obligations to pay for goods or services that have been acquired in the
ordinary course of business from suppliers. Accounts payable are classified as current liabilities
if payment is due within one year or less. If not, they are presented as non-current liabilities.
Trade payables are recognised initially at fair value, and subsequently measured at amortised
cost using the effective interest method.
Other financial liabilities are initially measured at fair value. They are subsequently measured
at amortised cost using the effective interest method.
Financial liabilities are de-recognised when the Group\u2019s contractual obligations expire or are
discharged or cancelled.
INVESTMENTS IN SUBSIDIARIES
The Company recognises its investments in subsidiaries at cost, less any provision for
impairment. Capital contributions are measured at their value on the date on which the
Company makes the contribution. The Company assesses the impairment of each subsidiary
against the total cost (both acquisition costs and capital contributions) made.
BORROWINGS
The fair value of the liability portion of a convertible loan notes is determined using a market
interest rate for an equivalent non-convertible bond. This amount is recorded as a liability on
an amortised cost basis until extinguished on conversion or maturity of the loan notes. The
remainder of the proceeds is allocated to the conversion option. This is recognised and included
in shareholders\u2019 equity, net of income tax effects in the Convertible loan notes reserve (\u201cCLN
Reserve\u201d).
Borrowings are removed from the balance sheet when the obligation specified in the contract
is discharged, cancelled or expired. The difference between the carrying amount of a financial
liability that has been extinguished or transferred to another party and the consideration paid,
including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as
other income or finance costs.
Borrowings are classified as current liabilities unless the company has an unconditional right to
defer settlement of the liability for at least 12 months after the reporting period.
EQUITY INSTRUMENTS
An equity instrument is any contract that evidences a residual interest in the assets of a
Company after deducting all of its liabilities. Equity instruments issued are recorded at the
proceeds received net of direct issue costs.
Share capital represents the amount subscribed for shares at nominal value.
The share premium account represents premiums received on the initial issuing of the share
capital. Any transaction costs associated with the issuing of shares are deducted from share
premium, net of any related income tax benefits.
The share-based payments reserve represents equity-settled shared-based employee
remuneration for the fair value of the warrants issued. It also includes the warrants issued for
services rendered accounted for in accordance with IFRS 2.
The Convertible Loan Note \"CLN\u201d reserve represents the value of the conversion portion of the
CLN, calculated as the proceeds, less amortised cost, less fair value.
The foreign exchange translation reserve arises from the translation of the Group\u2019s foreign
operations at each year end. The assets and liabilities of these operations are translated at
exchange rates prevailing on the reporting date and differences, if any, are recognised in this
reserve.
Retained earnings include all current and prior period results as disclosed in the Statement of
Comprehensive Income, less dividends paid to the owners of the Company.
The Non-Controlling Interest reserve shows the share of equity that belongs to others besides
the parent company.
SHARE BASED PAYMENTS
The Company issues equity-settled share-based payments to certain employees. Equity-settled
share-based payments are measured at fair value at the date of grant. The equity-settled share-
based payments are expensed to profit or loss or capitalised to investments or intangibles in
the statement of financial position over a straight line basis over the vesting period based on
the Company\u2019s estimate of shares that will eventually vest. A corresponding entry is then made
in the share-based payment reserve.
The fair value of these share-based payments is determined using Black-Scholes option pricing
models and the assumptions are included in note 18 to the financial statements.
The Group has two types of share-based payments other than employee compensation.
Warrants issued for services rendered which are accounted for in accordance with IFRS 2
recognising either the costs of the service if it can be reliably measured or the fair value of the
warrant (using Black-Scholes option pricing models \u2013 see note 18).
Warrants issued as part of share issues have been determined as equity instruments under IAS
32. Since the fair value of the shares issued at the same time is equal to the price paid, these
warrants, by deduction, are considered to have been issued at nil value.
EARNINGS PER SHARE
Basic earnings per share is calculated by dividing;
- the profit or loss attributable to the owners of the company, excluding any costs of
servicing equity other than ordinary shares
- by the weighted average number of ordinary shares outstanding during the financial
year
Diluted earnings per share adjusts the figures used in the determination of basic earnings per
share to take into account:
- after income tax effect of interest and other financing costs associated with dilutive
potential ordinary shares, and
- weighted average number of ordinary shares that would have been outstanding
assuming the conversion of all dilutive potential ordinary shares.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_D1624503087_CY": {
"value": "GENERAL INFORMATION
Altona Rare Earths Plc (the \u201cCompany\u201d) is incorporated and domiciled in England & Wales, with
registered number 05350512. Its registered office is at Eccleston Yards, 25 Eccleston Place,
London SW1W 9NF.
On 9 June 2023, the Company announced its admission to the Main Market of the London Stock
Exchange under the Standard Segment of the Official List under the ticker \u201cLSE:REE\u201d. The
Company ceased trading on the AQSE Growth Market on 17 March 2023.
The principal activity of the Company and its subsidiaries (the \u201cGroup\u201d) is in rare earths
exploration, and the development of appropriate exploration projects, focusing on
opportunities in Africa. The Group is made up of the Company and the subsidiaries as set out in
note 10 below.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"ifrs-full_NameOfReportingEntityOrOtherMeansOfIdentification_E3_CY": {
"value": "Altona Rare Earths Plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"ifrs-full_DomicileOfEntity_E5_CY": {
"value": "England & Wales",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"ifrs-full_CountryOfIncorporation_E7_CY": {
"value": "England & Wales",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"ifrs-full_AddressOfRegisteredOfficeOfEntity_E8_CY": {
"value": "Eccleston Yards, 25 Eccleston Place, London SW1W 9NF",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"ifrs-full_PrincipalPlaceOfBusiness_E9_CY": {
"value": "London",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_E10_CY": {
"value": "The principal activity of the Company and its subsidiaries (the \u201cGroup\u201d) is in rare earths
exploration, and the development of appropriate exploration projects, focusing on
opportunities in Africa. The Group is made up of the Company and the subsidiaries as set out in
note 10 below.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_D1193904567_CY": {
"value": "BASIS OF PREPARATION
The consolidated financial statements have been prepared in accordance with UK-adopted
international accounting standards and the requirements of the Companies Act 2006. The
principal accounting policies are summarised below. They have been applied consistently
throughout the year. The financial statements have been prepared on the historical cost basis,
except for the assets acquisition which was measured at fair value.
The functional currency for each entity in the Group is determined as the currency of the
primary economic environment in which it operates. The functional currency of the parent
company is Pounds Sterling (\u00a3) as this is the currency that finance is raised in. The functional
currency of its main subsidiary is Mozambique Meticals (MTN) as this is the currency that mainly
influences labour, material and other costs of providing services. The Group has chosen to
present its consolidated financial statements in Pounds Sterling (\u00a3), as the Directors believe it
is the most relevant presentational currency for users of the consolidated financial statements.
All values are rounded to the nearest thousand pounds (\u00a3\u2019000) unless otherwise stated. Foreign
operations are included in accordance with the policies set out below.
The preparation of financial statements requires the use of certain critical accounting estimates.
It also requires management to exercise its judgement in the process of applying the Group\u2019s
accounting policies. The areas involving a higher degree of judgement or complexity, or areas
where assumptions and estimates are significant to the financial information are disclosed in
Note 2.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfGoingConcernExplanatory_D1468116760_CY": {
"value": "GOING CONCERN
The Company raises money for exploration and capital projects as and when required. There
can be no assurance that the Company\u2019s projects will be fully developed in accordance with
current plans or completed on time or to budget. Future work on the development of these
projects, the levels of production and financial returns arising therefrom, may be adversely
affected by factors outside the control of the Company.
An operating loss is expected in the 12 months subsequent to the date of these financial
statements. As a result the Group will need to raise funding to provide additional working
capital within the next 12 months. The ability of the Group to meet its projected expenditure is
dependent on these further equity injections and / or the raising of cash through bank loans or
other debt instruments, and/or government grants, and/or loans. These conditions necessarily
indicate that a material uncertainty exists that may cast significant doubt over the Group\u2019s
ability to continue as a going concern and therefore their ability to realise their assets and
discharge their liabilities in the normal course of business. Whilst acknowledging this material
uncertainty, the Directors remain confident of raising finance and therefore, the Directors
consider it appropriate to prepare the consolidated financial statements on a going concern
basis. The consolidated financial statements do not include the adjustments that would result
if the Group were unable to continue as a going concern.
The Auditors have made reference to going concern by way of a material uncertainty within the
financial statements.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations_D1432750446_CY": {
"value": "NEW STANDARDS AND INTERPRETATIONS
a) New standards, amendments and interpretations adopted by the Group.
There were no new or amended accounting standards that required the Group to change its
accounting policies for the year ended 30 June 2023 and no new standards, amendments or
interpretations were adopted by the Group
b) New standards, amendments and interpretations not yet adopted by the Group.
The standards and interpretations that are relevant to the Group, issued, but not yet effective,
up to the date of the Financial Statements are listed below. The Group intends to adopt these
standards, if applicable, when they become effective.
| Standard | Impact on initial application | Effective date |
| IFRS 10 and IAS 28 | | |
| (Amendments) | | |
| Long term interests in associates and joint | |
| ventures | |
| | Unknown |
| Amendments to IAS 1 | Classification of Liabilities as current or non- | |
| current | |
| | 1 January 2023 |
| Amendments to IAS 1 | Disclosure of material rather than significant | |
| accounting policies. | |
| | 1 January 2023 |
| Amendments to IAS 8 | Clarification on how companies should | |
| distinguish between changed in accounting | |
| policies and accounting estimates | |
| | 1 January 2023 |
| Amendments to IFRS 12 | Deferred Tax assets and Liabilities arising from | |
| a single transaction | |
| | 1 January 2023 |
The Directors have evaluated the impact of transition to the above standards and do not
consider that there will be a material impact of transition on the financial statements.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfBasisOfConsolidationExplanatory_D192154009_CY": {
"value": "BASIS OF CONSOLIDATION
The consolidated financial statements incorporate the financial statements of the Company and
entities controlled by the Company (its subsidiaries) made up to 30 June each year. Per IFRS 10,
control is achieved when the Company:
\u2022 has the power over the investee;
\u2022 is exposed, or has rights, to variable returns from its involvement with the investee; and
\u2022 has the ability to use its power to affects its returns.
The Company reassesses 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 listed above.
When the Company has less than a majority of the voting rights of an investee, it considers that
it has power over the investee when the voting rights are sufficient to give it the practical ability
to direct the relevant activities of the investee unilaterally. The Company considers all relevant
facts and circumstances in assessing whether or not the Company\u2019s voting rights in an investee
are sufficient to give it power, including:
\u2022 the size of the Company\u2019s holding of voting rights relative to the size and dispersion of
holdings of the other vote holders;
\u2022 potential voting rights held by the Company, other vote holders or other parties;
\u2022 rights arising from other contractual arrangements; and
\u2022 any additional facts and circumstances that indicate that the Company has, or does not
have, the current ability to direct the relevant activities at the time that decisions
need to be made, including voting patterns at previous shareholders\u2019 meetings.
Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and
ceases when the Company loses control of the subsidiary. Specifically, the results of subsidiaries
acquired or disposed of during the year are included in profit or loss from the date the Company
gains control until the date when the Company ceases to control the subsidiary. Where
necessary, adjustments are made to the financial statements of subsidiaries to bring the
accounting policies used into line with the Group\u2019s accounting policies.
Inter-company transactions, balances and unrealised gains on transactions between group
companies are eliminated. Unrealised losses are also eliminated. When necessary, amounts
reported by subsidiaries have been adjusted to conform with the group\u2019s accounting policies.
The Group recognises any non-controlling interest in the acquired entity at the non-controlling
interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. Subsequent to
acquisition, the carrying amount of non-controlling interests is the amount of those interests at
initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. The
Group treats transactions with non-controlling interests that do not result in a loss of control as
transactions with equity owners of the group. A change in ownership interest results in an
adjustment between the carrying amounts of the controlling and non-controlling interests to
reflect their relative interests in the subsidiary.
Profit or loss and each component of other comprehensive income are attributed to the owners
of the Company and to the non-controlling interests. Total comprehensive income of the
subsidiaries is attributed to the owners of the Company and to the non-controlling interests
even if this results in the non-controlling interests having a deficit balance.
Asset Acquisitions
Acquisitions of mineral exploration licences through the acquisition of non-operational
corporate structures that do not represent a business, and therefore do not meet the definition
of a business combination, are accounted for as the acquisition of an asset.
Where an acquisition transaction constitutes the acquisition of an asset and not a business, the
consideration paid is allocated to assets and liabilities acquired based on their relative fair
values, with transaction costs capitalised. No gain or loss is recognised. Consideration paid in
the form of equity instruments is measured by reference to the fair value of the asset acquired.
The fair value of the assets acquired would be measured at the point control is obtained. The
Group recognises the fair value of contingent consideration in respect to an asset acquisition,
where it is probable that a liability has been incurred, and th
e amount of that liability can be
reasonably estimated. Such contingent consideration is recognised at the time control of the
underlying asset is obtained, and such an amount is included in the initial measurement of the
cost of the acquired assets.
The Group recognises contingent consideration in the form of cash, and contingent
consideration in the form of equity instruments. Contingent consideration in the form of cash
is recognised as a liability, and contingent consideration in the form of equity instruments is
recognised in the contingent share reserve. For contingent cash consideration milestones, the
Group estimates a probability for the likelihood of completion to estimate the total liability for
the expected variable payments. The probability estimated for the likelihood of completion is
considered at each reporting period. Movements in the fair value of contingent cash
consideration payable is capitalised as part of the asset. For contingent share consideration
milestones, the Group estimates a probability for the likelihood of completion to estimate the
total contingent share consideration payable. The probability estimated for the likelihood of
completion is not reassessed in subsequent reporting periods.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_E42_CY": {
"value": "FOREIGN CURRENCIES AND FOREIGN EXCHANGE RESERVE
In preparing the financial statements of the Group entities, transactions in currencies other than
the entity\u2019s functional currency (foreign currencies) are recognised at the rates of exchange
prevailing on the dates of the transactions. At each reporting date, monetary assets and
liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at
that date. Non-monetary items carried at fair value that are denominated in foreign currencies
are translated at the rates prevailing at the date when the fair value was determined. Non-
monetary items that are measured in terms of historical cost in a foreign currency are not
retranslated.
Exchange differences are recognised in profit or loss in the period in which they arise except
for:
\u2022 exchange differences on foreign currency borrowings relating to assets under construction
for future productive use, which are included in the cost of those assets when they are
regarded as an adjustment to interest costs on those foreign currency borrowings;
\u2022 exchange differences on transactions entered into to hedge certain foreign currency risks
(see below under financial instruments/hedge accounting); and
\u2022 exchange differences on monetary items receivable from or payable to a foreign operation
for which settlement is neither planned nor likely to occur in the foreseeable future
(therefore forming part of the net investment in the foreign operation), which are
recognised initially in other comprehensive income and reclassified from equity to profit or
loss on disposal or partial disposal of the net investment.
For the purpose of presenting consolidated financial statements, the assets and liabilities of the
Group\u2019s foreign operations are translated at exchange rates prevailing on the reporting date.
Income and expense items are translated at the average exchange rates for the period, unless
exchange rates fluctuate significantly during that period, in which case the exchange rates at
the date of transactions are used. Exchange differences arising, if any, are recognised in other
comprehensive income and accumulated in a foreign exchange translation reserve (attributed
to non-controlling interests as appropriate).
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as
assets and liabilities of the foreign entity and translated at the closing rate. Exchange differences
arising are recognised in other comprehensive income.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForSegmentReportingExplanatory_E84_CY": {
"value": "SEGMENTAL REPORTING
Operating segments are reported in a manner consistent with the internal reporting provided
to the chief decision-maker. The chief decision-maker has been identified as the Executive
Board, at which level strategic decisions are made.
An operating segment is a component of the Group:
\u2022 That engages in business activities from which it may earn revenues and earn expenses,
\u2022 Whose operating results are regularly reviewed by the entity\u2019s chief operating decision-
maker to make decisions about resources to be allocated to the segment and assess its
performance, and
\u2022 For which discrete financial information is available.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForIncomeTaxExplanatory_E52_CY": {
"value": "TAXATION
Current income tax assets and liabilities for the current period are measured at the amount
expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws
used to compute the amount are those that are enacted or substantively enacted, at the
reporting date, in the countries where the Group operates.
Deferred tax is accounted for using the liability method in respect of temporary differences
arising from differences between the carrying amount of assets and liabilities in the Financial
Statements and the corresponding tax bases used in the computation of taxable profit or loss.
In principle, deferred tax liabilities are recognised for all taxable temporary differences and
deferred tax assets are recognised to the extent that it is probable that taxable profits will be
available against which deductible temporary differences can be utilised.
The Group has losses to be carried forward on which no deferred tax asset is recognised due to
the uncertainty as to the timing of profit.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory_E17_CY": {
"value": "Deferred tax is accounted for using the liability method in respect of temporary differences
arising from differences between the carrying amount of assets and liabilities in the Financial
Statements and the corresponding tax bases used in the computation of taxable profit or loss.
In principle, deferred tax liabilities are recognised for all taxable temporary differences and
deferred tax assets are recognised to the extent that it is probable that taxable profits will be
available against which deductible temporary differences can be utilised.
The Group has losses to be carried forward on which no deferred tax asset is recognised due to
the uncertainty as to the timing of profit.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures_E32_CY": {
"value": "INTANGIBLE ASSETS - EXPLORATION AND EVALUATION ASSETS
Mineral exploration and evaluation expenditure relates to costs incurred in the exploration and
evaluation of potential mineral resources and includes exploration and mineral licences,
researching and analysing historical exploration data, exploratory drilling, trenching, sampling
and the costs of pre-feasibility studies.
Exploration and evaluation expenditure for each area of interest, other than that acquired from
another entity, is charged to the consolidated statement of income as incurred except when
the expenditure is expected to be recouped from future exploitation or sale of the area of
interest and it is planned to continue with active and significant operations in relation to the
area, or at the reporting period end, the activity has not reached a stage which permits a
reasonable assessment of the existence of commercially recoverable reserves, in which case
the expenditure is capitalised. Purchased exploration and evaluation assets are recognised at
their fair value at acquisition. As the capitalised exploration and evaluation expenditure asset is
not available for use, it is not depreciated.
Exploration and evaluation assets have an indefinite useful life and are assessed for impairment
annually or when facts and circumstances suggest that the carrying amount of an asset may
exceed its recoverable amount. The assessment is carried out by allocating exploration and
evaluation assets to cash generating units, which are based on specific projects or geographical
areas. IFRS 6 permits impairments of exploration and evaluation expenditure to be reversed
should the conditions which led to the impairment improve. The Group continually monitors
the position of the projects capitalised and impaired.
Whenever the exploration for and evaluation of mineral resources in cash generating units does
not lead to the discovery of commercially viable quantities of mineral resources and the Group
has decided to discontinue such activities of that unit, the associated expenditures are written
off to the Income Statement.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_E73_CY": {
"value": "PROPERTY, PLANT AND EQUIPMENT
Property, plant, and equipment are stated at cost, less accumulated depreciation, and any
provision for impairment losses. The asset\u2019s residual values, useful lives and methods of
depreciation /amortisation are reviewed at each reporting period and adjusted prospectively,
if appropriate.
Depreciation is charged on each part of an item of property, plant, and equipment to write off
the cost of assets less the residual value over their estimated useful lives, using the straight\u2013
line method. Depreciation is charged to the income statement. The estimated useful lives are
as follows:
Buildings/Constructions \u2013 25 years
Heavy machinery and equipment \u2013 8 years
Precision machinery, computer and printers \u2013 4 years
Vehicles \u2013 4 years
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_E39_CY": {
"value": "FINANCIAL INSTRUMENTS
Financial assets
Classification
The Group\u2019s financial assets consist of financial assets held at amortised cost. The classification
depends on the purpose for which the financial assets were acquired. Management determines
the classification of its financial assets at initial recognition.
Financial assets held at amortised cost
Assets that are held for collection of contractual cash flows, where those cash flows represent
solely payments of principal and interest, are measured at amortised cost. Any gain or loss
arising on derecognition is recognised directly in the profit or loss and presented in other gains/
(losses) together with foreign exchange gains and losses. Impairment losses are presented as a
separate line item in the statement of profit or loss.
They are included in current assets, except for maturities greater than 12 months after the
reporting date, which are classified as non-current assets. The Group\u2019s financial assets at
amortised cost comprise trade and other receivables and cash and cash equivalents at the year
end.
Recognition and measurement
Regular purchases and sales of financial assets are recognised on the trade date \u2013 the date on
which the Group commits to purchasing or selling the asset. Financial assets are initially
measured at fair value plus transaction costs. Financial assets are de-recognised when the
rights to receive cash flows from the assets have expired or have been transferred, and the
Group has transferred substantially all of the risks and rewards of ownership.
Financial assets are subsequently carried at amortised cost using the effective interest method.
Other receivables are recognised initially at the amount of consideration that is unconditional,
unless they contain significant financing components when they are recognised at fair value.
The other receivables in the accounts do not contain significant financing components.
Impairment of financial assets
The Group assesses, on a forward-looking basis, the expected credit losses associated with its
financial assets carried at amortised cost. For trade and other receivable due within 12 months
the Group applies the simplified approach permitted by IFRS 9. Therefore, the Group does not
track changes in credit risk, but rather recognises a loss allowance based on the financial asset\u2019s
lifetime expected credit losses at each reporting date.
A financial asset is impaired if there is objective evidence of impairment as a result of one or
more events that occurred after the initial recognition of the asset, and that loss event(s) had
an impact on the estimated future cash flows of that asset that can be estimated reliably. The
Group assesses at the end of each reporting period whether there is objective evidence that a
financial asset, or a group of financial assets, is impaired.
The criteria that the Group uses to determine that there is objective evidence of an impairment
loss include:
\u2022 Significant financial difficulty of the issuer or obligor;
\u2022 A breach of contract, such as a default or delinquency in interest or principal
repayments;
\u2022 The Group, for economic or legal reasons relating the borrower\u2019s financial difficulty,
granting the borrower a concession that the lender would not otherwise consider;
\u2022 It becomes probable that the borrower will enter bankruptcy or other financial
reorganisation.
The Group first assesses whether objective evidence of impairment exists.
The amount of the loss is measured as the difference between the asset\u2019s carrying amount and
the present value of estimated future cash flow (excluding future credit losses that have not
been incurred), discounted at the financial asset\u2019s original effective interest rate. The asset\u2019s
carrying amount is reduced and the loss is recognised in profit or loss.
If, in a subsequent period, the amount of the impairment loss decreases and the decrease can
be related objectively to an event occurring after the impairment was recognised (such as an
improvement in the debtor\u2019s credit rating), the reversal of the previously recognised
impairment loss is recognised in profit or loss.
Financial liabilities at amortised cost
Trade payables are obligations to pay for goods or services that have been acquired in the
ordinary course of business from suppliers. Accounts payable are classified as current liabilities
if payment is due within one year or less. If not, they are presented as non-current liabilities.
Trade payables are recognised initially at fair value, and subsequently measured at amortised
cost using the effective interest method.
Other financial liabilities are initially measured at fair value. They are subsequently measured
at amortised cost using the effective interest method.
Financial liabilities are de-recognised when the Group\u2019s contractual obligations expire or are
discharged or cancelled.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForSubsidiariesExplanatory_E88_CY": {
"value": "INVESTMENTS IN SUBSIDIARIES
The Company recognises its investments in subsidiaries at cost, less any provision for
impairment. Capital contributions are measured at their value on the date on which the
Company makes the contribution. The Company assesses the impairment of each subsidiary
against the total cost (both acquisition costs and capital contributions) made.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory_E6_CY": {
"value": "BORROWINGS
The fair value of the liability portion of a convertible loan notes is determined using a market
interest rate for an equivalent non-convertible bond. This amount is recorded as a liability on
an amortised cost basis until extinguished on conversion or maturity of the loan notes. The
remainder of the proceeds is allocated to the conversion option. This is recognised and included
in shareholders\u2019 equity, net of income tax effects in the Convertible loan notes reserve (\u201cCLN
Reserve\u201d).
Borrowings are removed from the balance sheet when the obligation specified in the contract
is discharged, cancelled or expired. The difference between the carrying amount of a financial
liability that has been extinguished or transferred to another party and the consideration paid,
including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as
other income or finance costs.
Borrowings are classified as current liabilities unless the company has an unconditional right to
defer settlement of the liability for at least 12 months after the reporting period.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory_D1153070035_CY": {
"value": "EQUITY INSTRUMENTS
An equity instrument is any contract that evidences a residual interest in the assets of a
Company after deducting all of its liabilities. Equity instruments issued are recorded at the
proceeds received net of direct issue costs.
Share capital represents the amount subscribed for shares at nominal value.
The share premium account represents premiums received on the initial issuing of the share
capital. Any transaction costs associated with the issuing of shares are deducted from share
premium, net of any related income tax benefits.
The share-based payments reserve represents equity-settled shared-based employee
remuneration for the fair value of the warrants issued. It also includes the warrants issued for
services rendered accounted for in accordance with IFRS 2.
The Convertible Loan Note \"CLN\u201d reserve represents the value of the conversion portion of the
CLN, calculated as the proceeds, less amortised cost, less fair value.
The foreign exchange translation reserve arises from the translation of the Group\u2019s foreign
operations at each year end. The assets and liabilities of these operations are translated at
exchange rates prevailing on the reporting date and differences, if any, are recognised in this
reserve.
Retained earnings include all current and prior period results as disclosed in the Statement of
Comprehensive Income, less dividends paid to the owners of the Company.
The Non-Controlling Interest reserve shows the share of equity that belongs to others besides
the parent company.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory_E86_CY": {
"value": "SHARE BASED PAYMENTS
The Company issues equity-settled share-based payments to certain employees. Equity-settled
share-based payments are measured at fair value at the date of grant. The equity-settled share-
based payments are expensed to profit or loss or capitalised to investments or intangibles in
the statement of financial position over a straight line basis over the vesting period based on
the Company\u2019s estimate of shares that will eventually vest. A corresponding entry is then made
in the share-based payment reserve.
The fair value of these share-based payments is determined using Black-Scholes option pricing
models and the assumptions are included in note 18 to the financial statements.
The Group has two types of share-based payments other than employee compensation.
Warrants issued for services rendered which are accounted for in accordance with IFRS 2
recognising either the costs of the service if it can be reliably measured or the fair value of the
warrant (using Black-Scholes option pricing models \u2013 see note 18).
Warrants issued as part of share issues have been determined as equity instruments under IAS
32. Since the fair value of the shares issued at the same time is equal to the price paid, these
warrants, by deduction, are considered to have been issued at nil value.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DescriptionOfAccountingPolicyForEarningsPerShareExplanatory_E26_CY": {
"value": "EARNINGS PER SHARE
Basic earnings per share is calculated by dividing;
- the profit or loss attributable to the owners of the company, excluding any costs of
servicing equity other than ordinary shares
- by the weighted average number of ordinary shares outstanding during the financial
year
Diluted earnings per share adjusts the figures used in the determination of basic earnings per
share to take into account:
- after income tax effect of interest and other financing costs associated with dilutive
potential ordinary shares, and
- weighted average number of ordinary shares that would have been outstanding
assuming the conversion of all dilutive potential ordinary shares.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_D1069558860_CY": {
"value": "2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
In applying the Group\u2019s accounting policies, which are described in note 1, the Directors are
required to make judgements (other than those involving estimations) that have a significant
impact on the amounts recognised and to make estimates and assumptions about the carrying
amounts of assets and liabilities that are not readily apparent from other sources. The estimates
and associated assumptions are based on historical experience and other factors that are
considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the estimate is revised if the revision
affects only that period, or in the period of the revision and future periods if the revision affects
both current and future periods.
a) Critical judgement in the recoverability of exploration and evaluation assets (see note 11)
Exploration and evaluation assets include mineral rights and exploration and evaluation costs,
including geophysical, topographical, geological and similar types of costs. Exploration and
evaluation costs are capitalised if management concludes that future economic benefits are
likely to be realised and determines that economically viable extraction operation can be
established as a result of exploration activities and internal assessment of mineral resources.
According to \u2018IFRS 6 Exploration for and evaluation of mineral resources\u2019, the potential
indicators of impairment include: management\u2019s plans to discontinue the exploration
activities, lack of further substantial exploration expenditure planned, expiry of exploration
licences in the period or in the nearest future, or existence of other data indicating the
expenditure capitalised is not recoverable. At the end of each reporting period, management
assesses whether such indicators exist for the exploration and evaluation assets capitalised,
which requires significant judgement. The current exploration projects are actively being
progressed and therefore the Company does not believe any circumstances have arisen to
indicate these assets require impairment.
b) Critical estimate in accounting for share-based payments (see note 18)
The Group has issued various warrants to its service providers. These are valued in accordance
with IFRS 2 \u201cShare-based payments\u201d. The grant date fair value of such share-based payments
is calculated using a Black-Scholes model whose input assumptions are derived from market
and other internal estimates.
These are set out in note 18 to the accounts. Changes to these
inputs may impact the related charge.
c) Consolidation of entities with less than 50% ownership (see note 10)
The directors have concluded that the Group controls Monte Muambe Mining Lda, even though
it holds less than half of the voting rights of this subsidiary. This is because an agreement signed
between the shareholders grants the Company the right to appoint the majority of the Board of
Directors with management responsibility for directing the relevant activities over this
subsidiary. Therefore the Group holds 67% of the voting rights.
d) Critical judgement in the recoverability of VAT (see note 13)
At 30 June 2023, the Group recognised an amount of \u00a380,000 (2022: \u00a381,000) within other
receivables which relates to VAT receivable from the Mozambique government. This includes
a provision for 25%. New legalisation in Mozambique has provided a path for companies
operating in the mining sector to seek reimbursement of VAT prior to the production stage.
Therefore, the Directors believe that this amount (including a 25% provision) will be recovered.
e) Company only - Critical judgement in the impairment assessment of investment in
subsidiaries (see notes 10)
In preparing the parent company financial statements, the Directors apply their judgement to
decide if any or all of the Company\u2019s investments (including capital contributions) in its
subsidiaries should be impaired.
In undertaking their review, the Directors consider the outcome of their impairment assessment
of the exploration and evaluation assets as noted above.
In view of the Maiden Resource Estimate published in September 2023, which shows the
existence of substantial resources at the property, the Directors do not believe an impairment is
appropriate in relation to the investments in these subsidiaries.
f) Critical judgement in the apportionment of listing transaction costs (see note 5)
The Company incurred total transaction costs of \u00a3154,768 for the joint transaction of a
concurrent Fundraise and change in listing from AQSE to LSE. The Directors were required to
make a judgment on this apportionment of transaction costs, which related to both the share
issuance and the listing. The Directors agreed to allocate this amount between expense and
equity based on the proportion of new shares issued to the total number of (new and existing)
shares listed. This resulted in \u00a348,391 being recognised in the profit and loss account as an
expense in the year and the remaining balance of \u00a3106,378, being set against the Share
Premium account.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory_E53_CY": {
"value": "3. FINANCIAL INSTRUMENTS \u2013 RISK MANAGEMENT
The financial instruments were categorised as follows:
| | Group | | Company | |
| | 2023 | | | |
| \u00a3\u2019000 | | | |
| | 2022 | | |
| | \u00a3\u2019000 | | |
| | | 2023 | |
| | | \u00a3\u2019000 | |
| | | | 2022 |
| | | | \u00a3\u2019000 |
| Financial assets measured at | | | | |
| amortised cost: | | | | |
| Trade and other receivables (note 13) | 154 | 119 | 68 | 986 |
| Cash and cash equivalents | 1,130 | 283 | 1,109 | 230 |
| 1,327 | 402 | 2,639 | 1,216 |
| Financial liabilities measured at | | | | |
| amortised cost: | | | | |
| Trade and other payables (note 14) | 440 | 125 | 437 | 120 |
| Convertible loan notes (note 14) | 256 | - | 256 | - |
| | 696 | 125 | 693 | 120 |
The Group\u2019s financial instruments comprise cash and sundry receivables (all of which are carried
at amortised cost) and payables that arise directly from its operations.
The main risks arising from financial instruments are credit risk, liquidity risk and currency risk.
The Directors review and agree policies for managing these risks and these are summarised
below. There have been no substantial changes to the Group\u2019s exposure to financial instrument
risks, its objectives, policies and processes for managing those risks or the methods used to
measure them from previous periods unless otherwise stated in this note.
There is no significant difference between the carrying value and fair value of receivables, cash
and cash equivalents and payables.
Credit risk
Credit risk refers to the risk that a counter party will default on its contractual obligations
resulting in financial loss. The Company has adopted a policy of only dealing with creditworthy
counterparties, as assessed by the Directors using relevant available information. Credit risk
also arises on cash and cash equivalents and deposits with banks and financial institutions. The
Company\u2019s cash deposits are only held in banks and financial institutions which are
independently rated with a minimum credit agency rating of B. At year end 98% of the Group\u2019s
cash was held in the UK at HSBC (credit rating AA-) and 2% was held in Mozambique at the
Millennium Bank (credit rating B). There were no bad debts recognised during the year and
there is no provision required at the reporting date nor any linked IFRS 9 disclosures. The
balances are not material at year end and therefore no sensitivity analysis has been performed.
Liquidity risk
Liquidity risk arises from the management of working capital. It is the risk that the Group will
encounter difficulty in meeting its financial obligations as they fall due. Short term payables are
classified as those payables that are due within 30 days. The Group\u2019s policy is to ensure that it
will always have sufficient cash to allow it to meet its liabilities when they become due. To
achieve this aim, it seeks to maintain liquid cash balances (or agreed facilities) to meet expected
requirements for a period of at least 45 days. No maturity analysis has been disclosed as all
liabilities are repayable within one year.
Funding risk
Funding risk is the possibility that the Group might not have access to the financing it needs.
The Group\u2019s continued future operations depend on the ability to raise sufficient working
capital through the issue of equity share capital. The Directors are confident that adequate
funding will be forthcoming with which to finance operations. The Directors have a strong track
record of raising funds as required. Controls over expenditure are carefully managed and
activities planned to ensure that the Group has sufficient funding.
Foreign currency risk
Foreign currency risk is the risk that fair value or future cash flows of a financial instrument will
fluctuate because of changes in foreign exchange rates. The Group reports in Pounds Sterling,
but the functional currency of its subsidiary is the Mozambique Meticals (MTN). The Group
does not currently hedge its exposure to other currencies. The Group\u2019s cash and cash
equivalents are held in Pounds Sterling and MTN. At 30 June 2023, only 2% (2022: 19%) of the
Group\u2019s cash and cash equivalent were held in MTN. The balances are not material at year end
and therefore no sensitivity analysis has been performed.
Interest rate risk
The Group finance operations through the issue of equity share capital. The Group manages
the interest rate risk associated with the Group\u2019s cash assets by ensuring that interest rates are
as favourable as possible, whether this is through investment in floating or fixed interest rate
deposits, whilst managing the access the Group requires to the funds for working capital
purposes. At the reporting date, cash at bank floating interest rate is not subject to any interest
receivable. The Group has not performed a sensitivity analysis in relation to the interest rate
movements on financial assets as this is not considered to be material.
Capital Management
The Group considers its capital to comprise its ordinary share capital, share premium and
accumulated retained losses. The Group\u2019s objective when maintaining capital is to safeguard
the entity's ability to continue as a going concern, so that it can provide returns for shareholders
and benefits for other stakeholders.
The Group meets its capital needs by equity financing. The Group sets the amount of capital it
requires to fund the Group\u2019s project evaluation costs and administration expenses. The Group
manages its capital structure and makes adjustments to it in the light of changes in economic
conditions and the risk characteristics of the underlying assets. The Group do not have any
derivative instruments or hedging instruments. It has been determined that a sensitivity
analysis will not be representative of the Group\u2019s position in relation to market risk and
therefore, such an analysis has not been undertaken.
3. FINANCIAL INSTRUMENTS \u2013 RISK MANAGEMENT
The financial instruments were categorised as follows:
| | Group | | Company | |
| | 2023 | | | |
| \u00a3\u2019000 | | | |
| | 2022 | | |
| | \u00a3\u2019000 | | |
| | | 2023 | |
| | | \u00a3\u2019000 | |
| | | | 2022 |
| | | | \u00a3\u2019000 |
| Financial assets measured at | | | | |
| amortised cost: | | | | |
| Trade and other receivables (note 13) | 154 | 119 | 68 | 986 |
| Cash and cash equivalents | 1,130 | 283 | 1,109 | 230 |
| 1,327 | 402 | 2,639 | 1,216 |
| Financial liabilities measured at | | | | |
| amortised cost: | | | | |
| Trade and other payables (note 14) | 440 | 125 | 437 | 120 |
| Convertible loan notes (note 14) | 256 | - | 256 | - |
| | 696 | 125 | 693 | 120 |
The Group\u2019s financial instruments comprise cash and sundry receivables (all of which are carried
at amortised cost) and payables that arise directly from its operations.
The main risks arising from financial instruments are credit risk, liquidity risk and currency risk.
The Directors review and agree policies for managing these risks and these are summarised
below. There have been no substantial changes to the Group\u2019s exposure to financial instrument
risks, its objectives, policies and processes for managing those risks or the methods used to
measure them from previous periods unless otherwise stated in this note.
There is no significant difference between the carrying value and fair value of receivables, cash
and cash equivalents and payables.
Credit risk
Credit risk refers to the risk that a counter party will default on its contractual obligations
resulting in financial loss. The Company has adopted a policy of only dealing with creditworthy
counterparties, as assessed by the Directors using relevant available information. Credit risk
also arises on cash and cash equivalents and deposits with banks and financial institutions. The
Company\u2019s cash deposits are only held in banks and financial institutions which are
independently rated with a minimum credit agency rating of B. At year end 98% of the Group\u2019s
cash was held in the UK at HSBC (credit rating AA-) and 2% was held in Mozambique at the
Millennium Bank (credit rating B). There were no bad debts recognised during the year and
there is no provision required at the reporting date nor any linked IFRS 9 disclosures. The
balances are not material at year end and therefore no sensitivity analysis has been performed.
Liquidity risk
Liquidity risk arises from the management of working capital. It is the risk that the Group will
encounter difficulty in meeting its financial obligations as they fall due. Short term payables are
classified as those payables that are due within 30 days. The Group\u2019s policy is to ensure that it
will always have sufficient cash to allow it to meet its liabilities when they become due. To
achieve this aim, it seeks to maintain liquid cash balances (or agreed facilities) to meet expected
requirements for a period of at least 45 days. No maturity analysis has been disclosed as all
liabilities are repayable within one year.
Funding risk
Funding risk is the possibility that the Group might not have access to the financing it needs.
The Group\u2019s continued future operations depend on the ability to raise sufficient working
capital through the issue of equity share capital. The Directors are confident that adequate
funding will be forthcoming with which to finance operations. The Directors have a strong track
record of raising funds as required. Controls over expenditure are carefully managed and
activities planned to ensure that the Group has sufficient funding.
Foreign currency risk
Foreign currency risk is the risk that fair value or future cash flows of a financial instrument will
fluctuate because of changes in foreign exchange rates. The Group reports in Pounds Sterling,
but the functional currency of its subsidiary is the Mozambique Meticals (MTN). The Group
does not currently hedge its exposure to other currencies. The Group\u2019s cash and cash
equivalents are held in Pounds Sterling and MTN. At 30 June 2023, only 2% (2022: 19%) of the
Group\u2019s cash and cash equivalent were held in MTN. The balances are not material at year end
and therefore no sensitivity analysis has been performed.
Interest rate risk
The Group finance operations through the issue of equity share capital. The Group manages
the interest rate risk associated with the Group\u2019s cash assets by ensuring that interest rates are
as favourable as possible, whether this is through investment in floating or fixed interest rate
deposits, whilst managing the access the Group requires to the funds for working capital
purposes. At the reporting date, cash at bank floating interest rate is not subject to any interest
receivable. The Group has not performed a sensitivity analysis in relation to the interest rate
movements on financial assets as this is not considered to be material.
Capital Management
The Group considers its capital to comprise its ordinary share capital, share premium and
accumulated retained losses. The Group\u2019s objective when maintaining capital is to safeguard
the entity's ability to continue as a going concern, so that it can provide returns for shareholders
and benefits for other stakeholders.
The Group meets its capital needs by equity financing. The Group sets the amount of capital it
requires to fund the Group\u2019s project evaluation costs and administration expenses. The Group
manages its capital structure and makes adjustments to it in the light of changes in economic
conditions and the risk characteristics of the underlying assets. The Group do not have any
derivative instruments or hedging instruments. It has been determined that a sensitivity
analysis will not be representative of the Group\u2019s position in relation to market risk and
therefore, such an analysis has not been undertaken.
Credit risk
Credit risk refers to the risk that a counter party will default on its contractual obligations
resulting in financial loss. The Company has adopted a policy of only dealing with creditworthy
counterparties, as assessed by the Directors using relevant available information. Credit risk
also arises on cash and cash equivalents and deposits with banks and financial institutions. The
Company\u2019s cash deposits are only held in banks and financial institutions which are
independently rated with a minimum credit agency rating of B. At year end 98% of the Group\u2019s
cash was held in the UK at HSBC (credit rating AA-) and 2% was held in Mozambique at the
Millennium Bank (credit rating B). There were no bad debts recognised during the year and
there is no provision required at the reporting date nor any linked IFRS 9 disclosures. The
balances are not material at year end and therefore no sensitivity analysis has been performed.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfLiquidityRiskExplanatory_E88_CY": {
"value": "Liquidity risk
Liquidity risk arises from the management of working capital. It is the risk that the Group will
encounter difficulty in meeting its financial obligations as they fall due. Short term payables are
classified as those payables that are due within 30 days. The Group\u2019s policy is to ensure that it
will always have sufficient cash to allow it to meet its liabilities when they become due. To
achieve this aim, it seeks to maintain liquid cash balances (or agreed facilities) to meet expected
requirements for a period of at least 45 days. No maturity analysis has been disclosed as all
liabilities are repayable within one year.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory_E41_CY": {
"value": "
4. SEGMENTAL INFORMATION
For the purpose of IFRS 8, the Chief Operating Decision Maker \u201cCODM\u201d takes the form of the
board of directors. The directors are of the opinion that the business of the Group focused on
two reportable segments as follows:
\u2022 Head office, corporate and administrative, including parent company activities of raising
finance and seeking new investment and exploration opportunities, all based in the UK and
\u2022 Mineral exploration, all based in Mozambique.
The geographical information is the same as the operational segmental information shown
below.
| Year ended 30 June 2023 | Corporate and | | | |
| Administrative | | | |
| (UK) | | | |
| | Other | | |
| | | Mineral | |
| | | exploration | |
| | | (Mozambique) | |
| | | | Total |
| | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
| Operating loss before and | | | | |
| after taxation | 1,190 | 12 | | |
| | | 94 | 1,296 |
| | | | | |
| Segment total assets (net of | | | | |
| investments in subsidiaries) | 1,324 | - | | |
| | | 1,410 | 2,734 |
| | | | | |
| Segment liabilities | (846) | - | (3) | (849) |
| Year ended 30 June 2022 | Corporate and | | | |
| Administrative | | | |
| (UK) | | | |
| | | Mineral | |
| | | exploration | |
| | | (Mozambique) | |
| | | | Total |
| | \u00a3\u2019000 | | \u00a3\u2019000 | \u00a3\u2019000 |
| Operating loss before and | | | | |
| after taxation | 774 | | | |
| | | 27 | 801 |
| | | | | |
| Segment total assets (net | | | | |
| of investments in | | | | |
| subsidiaries) | 305 | | | |
| | | 1,136 | 1,441 |
| | | | | |
| Segment liabilities | (308) | | (83) | (391) |
5. EXPENSES BY NATURE
| 2023 | |
| \u00a3\u2019000 | |
| | 2022 |
| | \u00a3\u2019000 |
| | | |
| Exploration expenditure (not capitalised) | - | 59 |
| Fees payable to the Company\u2019s Auditor and its associates in | | |
| relation to the audit of the parent company and consolidated | | |
| financial statements | | |
| 53 | |
| | 30 |
| Fees payable to the Company\u2019s Auditor and its associates in | | |
| relation to the audit of the Company\u2019s subsidiaries | 5 | 2 |
| Fees payable to the Company\u2019s Auditor for other services: | | |
| Reporting Accountant services in respect to the Fundraise | | |
| 8* | |
| | 22 |
| Legal and professional fees | | |
| 259 | 88 |
| Depreciation | | |
| 24 | 5 |
| Listing costs | | |
| 48 | |
| | 100 |
| Wages and salaries | 437 | 378 |
| Insurance costs | 37 | 15 |
| Regulatory fees | 17 | 31 |
| Other | 228 | 71 |
| | 1,116 | 801 |
The Company incurred total transaction costs of \u00a3154,768 and broker commission costs of
\u00a3139,337 in the year for the joint transaction of a concurrent Fundraise and change in listing
from AQSE to LSE. The total broker commission costs were set against equity. However, the
transaction costs, which related to both the share issuance and the listing, were allocated
between expense and equity based on the proportion of new shares issued to the total number
of (new and existing) shares listed. This resulted in \u00a348,391 being recognised in the profit and
loss account as an expense in the year and the remaining balance of \u00a3106,378, being set against
the Share Premium account (see note 16)
*Another \u00a317,000 was charged to cost of capital as part of the above allocation.
Exploration expenditure mainly comprises of amounts relating to pre-licence due diligence costs
that have not yet resulted in the securing of licences. This is in accordance with IFRS 6 which
specifically excludes expenditure incurred before the entity has obtained legal rights to explore
in a specific area.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory_E40_CY": {
"value": "6. STAFF COSTS (INCLUDING DIRECTORS)
| | 2023 | |
| \u00a3\u2019000 | |
| | 2022 |
| | \u00a3\u2019000 |
| Salaries and fees | 490 | 412 |
| Pensions | 1 | 1 |
| Social security costs | 27 | 22 |
| Total staff costs | 518 | 435 |
| Amounts capitalised in intangibles | (81) | (55) |
| | 437 | 380 |
The average monthly numbers of employees (both permanent and temporary) during the year
ended 30 June 2023 was 17 (2022: 14 employees) and is shown in the table below. The costs of
the wages and salaries in MMM have been capitalised as part of the cost of exploration assets
additions in the year.
Key management and personnel are considered to be the Directors.
| | 2023 | 2022 |
| Management | 3 | 3 |
| Technical | 10 | 2 |
| Administration | 4 | 9 |
| | 17 | 14 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfEarningsPerShareExplanatory_E38_CY": {
"value": "7. EARNINGS PER SHARE
The basic earnings per share is derived by dividing the loss for the period attributable to ordinary
shareholders by the weighted average number of shares in issue.
| | 2023 | 2022 |
| | | |
| Loss for the year (\u00a3\u2019000) | (1,296) | (801) |
| Weighted average number of shares \u2013 expressed in thousands | 40,069 | 29,466 |
| Basic earnings per share \u2013 expressed in pence | | |
| (3.23p) | (2.72p) |
As the inclusion of the potential ordinary shares would result in a decrease in the loss per share
they are considered to be anti-dilutive and, as such, the diluted loss per share calculation is the
same as the basic loss per share.
On 11 July 2023 an additional 1,033,600 Ordinary Shares were issued, increasing the weighted
average number of shares to 40,100,484.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfFinanceCostExplanatory_E49_CY": {
"value": "8. FINANCE COSTS
| | 2023 | 2022 |
| | \u00a3\u2019000 | \u00a3\u2019000 |
| Interest payable on the CLNs (note 14) | 25 | - |
| Share-based payment (warrant cost) of loans (note 18) | 62 | - |
| Shares issued for loan extension (note 14) | 50 | - |
| Interest paid on loans (note 14) | | |
| 40 | |
| Other interest | | |
| 3 | |
| 180 | - |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfIncomeTaxExplanatory_E67_CY": {
"value": "9. INCOME TAX
The income and deferred tax charge for the year was \u00a3nil (2022:\u00a3nil) due to the losses incurred.
The tax on the Group\u2019s loss before tax differs from the theoretical amount that would arise
using the weighted average tax rate applicable to the losses of the consolidated entities as
follows:
| GROUP | 2023 | 2022 |
| | \u00a3\u2019000 | \u00a3\u2019000 |
| Loss before tax | (1,296) | (801) |
| Tax at the applicable rate of 24% (2022:25%) | (313) | (200) |
| Expenses not deductible for tax purposes | 73 | 148 |
| Tax losses for which no deferred tax is recognised | (1,222) | (653) |
| Total tax charge | - | - |
The weighted average applicable tax rate of 24% (2022: 25%) used is a combination of the 19%
standard rate of corporation tax in the UK and 31% Mozambique corporation tax.
The Group has total tax losses of \u00a334,581,000 to carry forward against future profits (2022:
\u00a333,089,000 losses brought forward). No deferred tax asset on losses carried forward has been
recognised on the grounds of uncertainty as to when profits will be generated against which to
relieve said amount.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory_E126_CY": {
"value": "10. INVESTMENT IN SUBSIDIARIES
| COMPANY | 2023 | 2022 |
| | \u00a3\u2019000 | \u00a3\u2019000 |
| Cost and net book value | | |
| Investments in subsidiaries at beginning of year | 168 | - |
| Incorporation of subsidiaries | - | 1 |
| Additional payments | 40 | 167 |
| | 208 | 168 |
| Loans reclassified to capital contributions (note 13) | 956 | - |
| Capital contributions in the year | 469 | - |
| | 1,425 | - |
| Investments in subsidiaries at end of year | 1,633 | 168 |
In May 2023, the Company paid a further cash consideration of \u00a340,000 to the other shareholders
of Monte Muambe Mining Lda (\u201cMMM\u201d), to extend Phase 2 of the Farm-Out Agreement. This has
been recognised as an additional cost of investment in the subsidiary.
During the year the following subsidiaries were incorporated/ acquired. Dates of incorporation/
acquisition and registered addresses are listed below.
| Subsidiaries of | | | | | |
| Altona Rare Earths | | | | | |
| Plc | | | | | |
| Country of | | | | |
| Registration | | | | |
| | Date of | | | |
| | Incorporation | | | |
| | /Acquisition | | | |
| | | Registered Address | Nature of Business and | |
| | | | Holding | |
| | | | | 2022/3 | |
| | | | % | |
| Altona Rare Earths | | | | | |
| (Uganda) Limited | | | | | |
| Uganda | 30 March | | | |
| | 2021 | | | |
| | | Plot 2&4A Nakasero Road, | | |
| | | Kampala, Uganda. | | |
| | | | 100 | Mineral |
| | | | | exploration |
| | | | | and mining |
| Altona Rare Earths | | | | | |
| (Tanzania) Limited | | | | | |
| Tanzania | 5 August | | | |
| | 2021 | | | |
| | | Plot No.466, Block 43, | | |
| | | Mpakani A, Kinondoni, | | |
| | | Tanzania. | | |
| | | | 100 | Mineral |
| | | | | exploration |
| | | | | and mining |
| Altona Rare Earths | | | | | |
| Maurtius Ltd | | | | | |
| Mauritius | 17 | | | |
| | February | | | |
| | 2022 | | | |
| | | c/o Griffon Solutions Ltd, | | |
| | | C2-410, 4 | | |
| | | th | | |
| | | Floor, Office | | |
| | | Block C, Grand Baie, | | |
| | | Mauritius | | |
| | | | 100 | Business |
| | | | | activities |
| Monte Muambe | | | | | |
| Mining Lda | | | | | |
| Mozambique | 23 June | | | |
| | 2021 | | | |
| | | Avenida 24 de Julho, no | | |
| | | 851 R/C, Maputo, | | |
| | | Mozambique. | | |
| | | | 20 | Mineral |
| | | | | exploration |
| | | | | and mining |
| Altona Mozambique, | | | | | |
| Lda* | | | | | |
| Mozambique | 27 May | | | |
| | 2022 | | | |
| | | c/o Griffon Solutions Ltd, | | |
| | | C2-410, 4 | | |
| | | th | | |
| | | Floor, Office | | |
| | | Block C, Grand Baie, | | |
| | | Mauritius | | |
| | | | 100 | Mineral |
| | | | | exploration |
| | | | | and mining |
| Altona Mozambique | | | | | |
| 11, Lda* | | | | | |
| Mozambique | 27 May | | | |
| | 2022 | | | |
| | | c/o Griffon Solutions Ltd, | | |
| | | C2-410, 4 | | |
| | | th | | |
| | | Floor, Office | | |
| | | Block C, Grand Baie, | | |
| | | Mauritius | | |
| | | | 100 | Mineral |
| | | | | exploration |
| | | | | and mining |
| Altona Mozambique | | | | | |
| 111, Lda* | | | | | |
| Mozambique | 27 May | | | |
| | 2022 | | | |
| | | c/o Griffon Solutions Ltd, | | |
| | | C2-410, 4 | | |
| | | th | | |
| | | Floor, Office | | |
| | | Block C, Grand Baie, | | |
| | | Mauritius | | |
| | | | 100 | Mineral |
| | | | | exploration |
| | | | | and mining |
*subsidiaries held indirectly through Altona Rare Earths Mauritius Ltd.
On 25 July 2023, Cedric Simonet transferred the 0.1% of the share capital of Altona Mozambique,
Lda and Altona Mozambique II, Lda that he was holding on behalf of Altona Rare Earths Mauritius
Limited to Altona Rare Earths Mauritius Limited, (both for nil consideration), giving it a 100% total
holding of the share capital in both companies.
On the same day, Altona Rare Earths Mauritius Limited, transferred 5% of the share capital of
Altona Mozambique, Lda and Altona Mozambique II Lda, (for nil consideration), to Ossanzaya
Empreendimentos Lda, a company registered in Mozambique.
In prior year, on 23 June 2021, the Company acquired 1% of the issued share capital of Monte
Muambe Mining Lda (\u201cMMM\u201d), a newly incorporated exploration company based in
Mozambique, for a cash consideration of \u00a340,000. The acquisition provides the Company with
the opportunity to expand its mineral exploration programme. Altona Rare Earths Plc was
deemed to have gained control over MMM on 12 August 2021, due to holding the majority of
voting rights on the board of directors of MMM.
The amounts recognised in respect of the identifiable assets acquired and liabilities assumed as a
result of the acquisition are as follows:
| Net book value | | |
| of assets | | |
| acquired | | |
| | Fair value | |
| | adjustments | |
| | | Fair value of |
| | | assets |
| | | acquired |
| \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
| Intangible assets | - | 58 | 58 |
| Deferred tax liability | - | (18) | (18) |
| Total identifiable assets acquired and | | | |
| liabilities assumed | - | 40 | 40 |
| | | | |
| Fair Value of Consideration Paid: | | | |
| Total cash consideration | | | |
| | | | 40 |
Under IFRS 3, a business must have three elements: inputs, processes and outputs. MMM is an
early stage exploration company. It has no mineral reserves and no plan to develop mines. Is
has a title to mineral properties but this could not be considered an input because of its early
stage of development. The company do not have processes to produce outputs and have not
completed a feasibility study or a preliminary economic assessment on any of its properties and
no infrastructure or assets that could produce outputs. Therefore, the Directors\u2019 conclusion is
that the above transaction is an asset acquisition and not a business combination. The fair value
adjustment to intangible assets of \u00a358,000 represents the excess of the purchase consideration
of \u00a340,000 over the excess of the net assets acquired (net assets of \u00a3nil) and a deferred tax
liability of \u00a318,000.
In prior year, on 15 June 2022, the Company acquired a further 19% of the issued share capital
of MMM, for a cash consideration of \u00a340,000 and 1 million consideration shares which were
fair valued at \u00a388,000 using the market price of the Company\u2019s shares on the date of issue.
The amounts recognised in respect of the identifiable assets acquired and liabilities assumed as
a result of the additional 19% acquisition are as follows:
| Net book | | | |
| value of assets | | | |
| acquired | | | |
| | 19% of NBV | | |
| | assets | | |
| | acquired | | |
| | | Fair value | |
| | | adjustments | |
| | | | Fair value of |
| | | | assets |
| | | | acquired |
| \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
| Intangible assets | 617 | 117 | 191 | 308 |
| Tangible fixed assets | 167 | 32 | - | 32 |
| Financial assets | 103 | 19 | - | 19 |
| Financial liabilities | (912) | (173) | - | (173) |
| Deferred tax liability | - | - | (59) | (59) |
| Total identifiable | | | | |
| assets acquired and | | | | |
| liabilities assumed | (25) | | | |
| | (5) | 132 | 127 |
| | | | | |
| Fair Value of | | | | |
| Consideration Paid: | | | | |
| Cash consideration | | | | |
| | | | | 40 |
| Share consideration | | | | |
| | | | | 87 |
| Total consideration | | | | |
| | | | | 127 |
Consistent with the 1% acquisition, the Directors\u2019 conclusion is that the above transaction is an
asset acquisition and not a business combination for the reasons set out above that MMM does
not have inputs, processes or outputs. The fair value adjustment to intangible assets of
\u00a3132,000 represents the excess of the purchase consideration of \u00a3127,500 over the excess of
the net assets acquired (net assets of \u00a3(5,000)) and a deferred tax liability of \u00a359,000.
During the prior period since acquisition, MMM contributed a loss of \u00a324,000 to the Group. If
the acquisition had occurred on 1 July 2021, consolidated pro-forma loss for the year ended 30
June 2022 would have been \u00a324,000.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfIntangibleAssetsExplanatory_D1627291041_CY": {
"value": "11. INTANGIBLE ASSETS
The intangible assets held by the Group increased primarily as a result of the acquisition of
Monte Muambe Mining Lda (\u201cMMM\u201d) and the work carried out thereon. See note 10 for
further information.
| | Exploration and |
| evaluation assets |
| | \u00a3\u2019000 |
| Cost and carrying amount | |
| At 1 July 2022 | |
| 867 |
| Exploration and evaluation assets additions (see note 10) | |
| 40 |
| Additions to exploration assets | |
| 460 |
| Unwinding of deferred tax liability | |
| (77) |
| At 30 June 2023 | |
| 1,290 |
On 25 September 2023, the Company published its Maiden Resource Estimate which reported
that there is an estimated 13.6 million tons at 2.42% TREO with a cut-off grade of 1.5% TREO.
The Scoping Study published on 18 October 2023 confirmed the potential viability of the project
and gave the Company sufficient confidence to proceed with the Prefeasibility Study and with
Phase 3 of the Farm-Out Agreement.
In accordance with IFRS 6, the Directors undertook an assessment of the following areas and
circumstances which could indicate the existence of impairment:
\u2022 The Group\u2019s right to explore in an area has expired, or will expire in the near future without
renewal.
\u2022 No further exploration or evaluation is planned or budgeted for.
\u2022 A decision has been taken by the Board to discontinue exploration and evaluation in an area
due to the absence of a commercial level of reserves.
\u2022 Sufficient data exists to indicate that the book value may not be fully recovered from future
development and production.
Following their assessment, and the publication of the MRE and Scoping Study, with the
potential economic viability of the project established therein, the Directors concluded that no
impairment charge in respect to any licences held, was necessary for the year ended 30 June
2023 (2022: \u00a3nil).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory_E109_CY": {
"value": "12. TANGIBLE FIXED ASSETS
| GROUP | Buildings | | | | |
| \u00a3\u2019000 | | | | |
| | Heavy | | | |
| | machinery | | | |
| | \u00a3\u2019000 | | | |
| | | Precision | | |
| | | machinery | | |
| | | and office | | |
| | | equipment | | |
| | | \u00a3\u2019000 | | |
| | | | Vehicles | |
| | | | \u00a3\u2019000 | |
| | | | | Total |
| | | | | Assets |
| | | | | \u00a3\u2019000 |
| Cost | | | | | |
| At 1 July 2022 | 32 | 107 | 15 | 24 | 178 |
| Reclassification | - | (20) | 20 | - | - |
| Additions | - | - | 3 | - | 3 |
| Disposals | | | (1) | | (1) |
| Foreign exchange | (1) | (1) | (4) | - | (6) |
| At 30 June 2023 | 31 | 86 | 33 | 24 | 174 |
| Accumulated depreciation | | | | | |
| At 1 July 2022 | - | 1 | 3 | 1 | 5 |
| Depreciation charge | 1 | 11 | 6 | 6 | 24 |
| Disposals | - | - | - | | - |
| Foreign exchange | - | 1 | (2) | - | (1) |
| At 30 June 2023 | 1 | 13 | 7 | 7 | 28 |
| Net book value | | | | | |
| At 30 June 2022 | 32 | 106 | 12 | 23 | 173 |
| At 30 June 2023 | 30 | 73 | 26 | 17 | 146 |
| COMPANY | Precision machinery |
| and office equipment |
| \u00a3\u2019000 |
| Cost | |
| At 1 July 2022 | 8 |
| Disposals | (1) |
| At 30 June 2023 | 7 |
| Accumulated depreciation | |
| At 1 July 2022 | 1 |
| Depreciation charge for the year | 2 |
| At 30 June 2023 | 3 |
| Net book value | |
| At 30 June 2022 | 7 |
| At 30 June 2023 | 4 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory_E130_CY": {
"value": "13. TRADE AND OTHER RECEIVABLES
| | Group | | Company | |
| 2023 | | | |
| \u00a3\u2019000 | | | |
| | 2022 | | |
| | \u00a3\u2019000 | | |
| | | 2023 | |
| | | \u00a3\u2019000 | |
| | | | 2022 |
| | | | \u00a3\u2019000 |
| Receivables due from related parties | - | - | 24 | 955 |
| Taxes & Social security receivable | 154 | 94 | 68 | 10 |
| Prepayments and other receivables | 14 | 25 | 14 | 21 |
| | 168 | 119 | 106 | 986 |
At 30 June 2023, the Group recognised an amount of \u00a380,000 (2022: \u00a381,000) within other receivables
which relates to VAT receivable from the Mozambique government. This includes a provision for 25%.
New legalisation in Mozambique has provided a path for companies operating in the mining sector to
seek reimbursement of VAT prior to the production stage. Therefore, the Directors believe that this
amount (including a 25% provision) will be recovered.
| CAPITAL CONTRIBUTIONS/LOANS TO SUBSIDIARIES | Company | |
| 2023 | |
| \u00a3\u2019000 | |
| | 2022 |
| | \u00a3\u2019000 |
| Capital contributions/Loans to related parties (see note 21) | 1,425 | - |
A decision was taken by the Board to reclassify the loans due from MMM to the Company into
Investments (capital contributions) due to the nature of the Farm-Out Agreement. Following
publication of the Scoping Study, the Company has initiated the contractual and administrative
process to increase its interest to a 51% holding. The Board now view this loan as a long term
investment in the company rather than a non-interest bearing loan, repayable on demand.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfTradeAndOtherPayablesExplanatory_E129_CY": {
"value": "
14. TRADE CREDITORS AND OTHER PAYABLES
| | Group | | Company | |
| 2023 | | | |
| \u00a3\u2019000 | | | |
| | 2022 | | |
| | \u00a3\u2019000 | | |
| | | 2023 | |
| | | \u00a3\u2019000 | |
| | | | 2022 |
| | | | \u00a3\u2019000 |
| Trade payables | 257 | 115 | 255 | 112 |
| Accruals and other payables | 336 | 199 | 335 | 197 |
| Convertible loan notes | 256 | - | 256 | - |
| | 849 | 314 | 846 | 309 |
Trade and other payables are non-interest bearing and are normally settled on terms of 30 days from
month end. The directors consider that the carrying amount of financial liabilities recorded at
amortised costs in the financial statements approximate their fair value.
CONVERTIBLE LOAN NOTES:
The Company issued 5.5 million 15% convertible loan notes (\u201cnotes\u201d) for \u00a3275,000 on 1 February 2023.
The notes are convertible into ordinary shares of the entity, at the option of the holder, or repayable
on or before 1 May 2025.
The conversion rate is 20 shares for every \u00a31 note held, which is based on the Fundraise issue price
per share on 9th June 2023. The convertible loan notes are presented in the balance sheet as follows:
| 2023 |
| | \u00a3\u2019000 |
| Face value of notes issued | 275 |
| Less costs of issue | (32) |
| Other equity securities \u2013 value of conversion rights | (12) |
| | 231 |
| Interest expense* | 25 |
| Interest paid | - |
| Current liability | 256 |
*interest expense is calculated by applying the effective interest rate of 21.64% to the liability
component.
The initial fair value of the liability portion of the note was determined using a market interest rate for
a short term loan at the issue date, with a similar risk profile. The liability is subsequently recognised
on an amortised basis until extinguished on conversion or maturity of the notes. The remainder of
the proceeds is allocated to the conversion option and recognised in shareholders\u2019 equity, and not
subsequently remeasured.
The note holder has the option of receiving the interest in cash or the equivalent value in shares which
are priced at the VWAP for the previous 3 months. On conversion of the notes the note holders are
entitled to 2 warrants per share, priced at 10p and 15p. They expire 2 years after grant.
There is not a material difference between the initial fair value of the notes and their carrying amount,
since the interest payable on those borrowings is close to the current market rate for such a loan.
OTHER BORROWINGS:
On 2 November 2022, the Company entered into a short-term loan facility of up to \u00a3150,000 with
Catalyse Capital Limited (\u201cCCL\u201d), formerly Align Research Investments Ltd. The loan carried a fixed
interest rate of 15%. On 28
January 2023, the Company amended the terms of the loan with CCL to
extend the repayment date to the earlier of the completion of the Fundraise or 30 June 2023. An
additional charge of 10% on the outstanding loan was made and this was added to the principal of the
loan. (Resulting in an overall interest charge of \u00a340,000). On 31 March 2023, the Company agreed to
create a new warrant instrument for warrants over 7,500,000 ordinary shares in the Company with an
exercise price of 5p and an expiry date of 9 June 2026. It was further agreed that these warrants, will
be subject to a lock in period until 30 December 2023 with regards to their exercise unless the share
price exceeds 11 pence per share on a VWAP basis for 10 consecutive days, at which point the lock in
shall cease.
A payment of one million shares was also charged for the extension of this loan, which was paid as
part of the Fee Shares at the Fundraise, equivalent to \u00a350,000.
This loan and the related interest was fully repaid before the year end.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfDeferredTaxesExplanatory_E31_CY": {
"value": "15. DEFERRED TAX
| | Group | |
| 2023 | |
| \u00a3\u2019000 | |
| | 2022 |
| | \u00a3\u2019000 |
| Deferred tax liability brought forward | 77 | - |
| Unwinding of liability | (77) | - |
| Acquisition of subsidiary | - | 77 |
| Deferred tax liability carried forward | - | 77 |
The deferred tax liability recognised in the prior year has been unwound in the year as the Directors
do not believe it will crystallise on the fair value uplift of the assets acquired.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfIssuedCapitalExplanatory_E84_CY": {
"value": "16. SHARE CAPITAL
| | 2023 | | 2022 | |
| | No. | \u00a3\u2019000 | No. | \u00a3\u2019000 |
| Ordinary Shares | | | | |
| Ordinary shares at 1 July | 37,484,999 | 375 | 21,665,990 | 217 |
| Shares issued in the year (see table | 44,918,200 | 449 | 15,819,009 | 158 |
| TOTAL ORDINARY SHARES at 30 June | 82,403,199 | 824 | 37,484,999 | 375 |
| | | | | |
| Deferred Shares at 0.09p | | | | |
| Deferred shares at 1 July | 1,411,956,853 | 1,271 | 1,411,956,85 | 1,271 |
| Movement during the year | - | - | - | - |
| | 1,411,956,853 | 1,271 | 1,411,956,85 | 1,271 |
| Deferred Shares at 9p | | | | |
| Deferred shares at 1 July | 1,602,434 | 144 | 1,602,434 | 144 |
| Movement during the year | - | - | - | - |
| | 1,602,434 | 144 | 1,602,434 | 144 |
| | | | | |
| TOTAL DEFERRED SHARES at 30 June | 1,413,559,287 | 1,415 | 1,413,559,28 | 1,415 |
| | | | | |
| TOTAL SHARES at 30 June | 1,495,962,486 | 2,239 | 1,451,044,28 | 1,790 |
| ORDINARY SHARES | Number of shares | | | |
| - | | | |
| ordinary | | | |
| | | | |
| | Share | | |
| | Capital | | |
| | | Share | |
| | | Premium | |
| | | | Total |
| | No. | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 |
| As at 30 June 2021 | 21,665,990 | 217 | 19,869 | 20,086 |
| Issued 9 September 2021 | 83,333 | 1 | 9 | 10 |
| Issued 9 September 2021 | 8,285,676 | 83 | 1,077 | 1,160 |
| Issued 20 October 2021 | 200,000 | 2 | 26 | 28 |
| Issued 10 May 2022 | 6,250,000 | 62 | 438 | 500 |
| Issued 13 June 2022 | 1,000,000 | 10 | 77 | 87 |
| Share issue costs | - | - | (92) | (92) |
| As at 30 June 2022 | 37,484,999 | 375 | 21,404 | 21,779 |
| Issued 9 June 2023 \u2013 Placing shares | 33,546,000 | 335 | 1,342 | 1,677 |
| Issued 9 June 2023 \u2013 Subscription | | | | |
| shares | | | | |
| 6,454,000 | 65 | 258 | 323 |
| Issued 9 June 2023 \u2013 Fee shares | 4,918,200 | 49 | 197 | 246 |
| Share issue costs | - | - | (251) | (251) |
| As at 30 June 2023 | 82,403,199 | 824 | 22,950 | 23,774 |
On 9 June 2023, the Company raised gross proceeds of \u00a32,000,000 through the placing and
subscription of 40 million ordinary shares of \u00a30.01 each at a placing price of \u00a30.05 per share. The
Company also issued 4,918,200 ordinary shares of \u00a30.01 each at the placing price of \u00a30.05 to pay
Directors and service providers in lieu of cash settlement.
PRIOR YEAR:
On 9 September 2021, the Company issued 83,333 ordinary shares of \u00a30.01 each at an issue price of
\u00a30.12 to a service provider in lieu of cash settlement for services provided to the Company with a total
value of \u00a310,000.
On 9 September 2021, the Company raised gross proceeds of \u00a31,159,995 through the placing of
8,285,676 ordinary shares at \u00a30.14 per share.
On 20 October 2022, the Company completed the placing above and raised a further gross proceeds
of \u00a328,000 through the placing of an additional 200,000 ordinary shares at \u00a30.14 per share.
On 10 May 2022, the Company raised gross proceeds of \u00a3500,000 through the placing of 6,250,000
ordinary shares at \u00a30.08 per share.
On 13 June 2022, the Company issued 1,000,000 ordinary shares of \u00a30.01 each at a deemed price of
\u00a30.0875 per share to the owners of Monte Muambe Mining Lda as part of the consideration for the
acquisition of a further 19% interest of said company.
The deferred shares do not have any voting rights nor carry dividend and distribution rights, however
have the right on a return of assets on liquidation not exceeding the amount paid up on the deferred
shares as may be available after payment to each holder of ordinary shares the sum of \u00a310,000 per
ordinary share.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_are_DisclosureOfShareOptionsExplanatory_D1435983118_CY": {
"value": "17. SHARE OPTIONS
The Company periodically grants share options to employees, consultants and Directors, as approved
by the Board. At 30 June 2023, there were no share options outstanding in respect of the ordinary
shares:
Year ended 30 June 2023
| Grant | | | | | | |
| Date | | | | | | |
| Expiry | | | | | |
| Date | | | | | |
| | Number of Options | | | | |
| | outstanding at | | | | |
| | beginning of the year | | | | |
| | | Expired | | | |
| | | | Granted/ | | |
| | | | exercised | | |
| | | | in year | | |
| | | | | Number of Options | |
| | | | | outstanding at end | |
| | | | | of the year | |
| | | | | | Exercise |
| | | | | | Price per |
| | | | | | Option |
| 21.07.17 | 21.07.22 | 180,000 | 180,000 | - | - | 500p |
| | | | | | 3 |
| 21.07.17 | 21.07.22 | 90,000 | 90,000 | - | - | 500p |
| | | | | | 4 |
| | | 270,000 | 270,000 | - | - | |
The highest and lowest market price of the Company\u2019s shares during the year was 8.3p and 5.1p
respectively (2022: 13.8p and 8.1p). The share price at year end was 5.1p (2022: 8.1p).
",
"dimensions": {
"concept": "are:DisclosureOfShareOptionsExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_are_DisclosureOfWarrantsAndSharebasedPaymentsExplanatory_D479880293_CY": {
"value": "18. WARRANTS AND SHARE-BASED PAYMENTS
The Company has issued the following warrants, which are still in force at the balance sheet date.
| Date of Issue | Reason for issue | Number of | | |
| | Warrants | | |
| | | Exercise | |
| | | Price | |
| | | | Expiry date |
| | | | | |
| Issued in 2021 | Placing warrants | | | |
| \u2013 | | | |
| Share issue | 8,777,866 | 12p | 31 March 2025* |
| Issued 10 March 2021 | Directors warrants - Investors | 1,100,000 | 12p | 31 March 2024 |
| Issued 10 September 2021 | Placing warrants | | | |
| \u2013 | | | |
| Share issue | 4,463,078 | 12p* | 31 March 2025* |
| Issued 11 May 2022 | Broker warrants 1 | 342,857 | 14p | 6 October 2024 |
| Issued 11 May 2022 | Broker warrants 2 | 375,000 | 8p | 24 April 2025 |
| Issued 18 June 2022 | Placing warrants | | | |
| \u2013 | | | |
| Share issue | 3,125,000 | 12p | 31 March 2025** |
| Issued 9 June 2023 | Admission warrants | | | |
| \u2013 | | | |
| Share issue | 40,000,000 | 10p | 9 June 2025 |
| Issued 9 June 2023 | Broker warrants 3 | 2,512,760 | 5p | 9 June 2025 |
| Issued 9 June 2023 | CCL warrants | 7,500,000 | 5p | 9 June 2026 |
| Issued 9 June 2023 | CLN Broker warrants | 550,000 | 5p | 9 June 2025 |
| | | 68,746,561 | | |
*On 30 March 2023, the Company held a Warrantholder Meeting at which it was voted to amend the
expiry date of the 12p Warrants to 31 March 2025.
**On 31 March 2023, the Board entered into a Deed Poll to amend the Warrant Instrument in relation
to these Placing Warrants 2 to amend the expiry date to 31 March 2025.
In addition to the above warrants, the Company has agreed to issue 40 million piggyback warrants
which are conditional on the exercise of the Admission warrants if they are exercised within 30
calendar days of the date on which the VWAP of the shares exceeds 10p. This piggyback warrant will
allow the warrantholder to subscribe for one share per each piggyback warrant held.
There are also 11,000,000 warrants which the Company will grant to the holders of the CLNs on
conversion of these notes. Half of which are exercisable at 10p and the balance are exercisable at
15p.
| Reason for issue | Number of | | |
| Warrants | | |
| | Exercise | |
| | Price | |
| | | Expiry date |
| | | | |
| Admission piggyback warrants | 40,000,000 | 20p | 9 June 2026 |
| CLN warrants 10p | 5,500,000 | 10p | 2 years from conversion of CLN |
| CLN warrants 15p | 5,500,000 | 15p | 2 years from conversion of CLN |
The Placing, Directors and Admission warrants were issued to investors as part of new share placings.
More details of these placings can be found in note 17 above. These investor warrants have been
determined as equity instruments under IAS 32. Since the fair value of the shares issued at the same
time is equal to the price paid, these warrants, by deduction, are considered to have been issued at
nil value.
The Broker 3 warrants are made up of 2,012,760 warrants and 500,000 performance warrants. The
performance warrants are valued at the contracted value of \u00a325,000 and the remaining warrants have
been fair valued at \u00a316,497 in accordance with IFRS 2 as equity settled share-based payment
transactions. \u00a316,497 has been recognised as the fair value of Broker warrants issued as part of the
share raise in the year. These amounts are attributable to the cost of shares issued and therefore have
been accounted for in the Share Premium reserve.
The CCL warrants have been fair valued at \u00a361,471 in accordance with IFRS 2 as equity settled share-
based payment transactions. \u00a361,471 has been recognised as the fair value of the cost of extending
the CCL loan during the year. This amount is attributable to the cost of finance and therefore has been
accounted for in the profit and loss account in the year.
The CLN Broker warrants have been fair valued at \u00a34,483 in accordance with IFRS 2 as equity settled
share-based payment transactions. \u00a34,483 has been recognised as the fair value of the cost of issue
of the CLNs and has been net off the liability held in the balance sheet for these notes.
The fair value was calculated using the Black Scholes model with inputs as detailed below:
| | Broker | | | | |
| warrants 1 | | | | |
| | Broker | | | |
| | warrants 2 | | | |
| | | Broker | | |
| | | warrants 3 | | |
| | | | CCL | |
| | | | warrants | |
| | | | | CLN |
| | | | | warrants |
| Number of warrants | 342,857 | 375,000 | 2,012,760 | 7,500,000 | 550,000 |
| Share price | 11.5p | 9p | 5p | 5p | 6.1p |
| Exercise price | 14p | 8p | 5p | 5p | 5p |
| Expected life | 3 years | 3 years | 3 years | 3 years | 2 years |
| Volatility | 31% | 31% | 40% | 40% | 40% |
| Risk-Free Interest rate | 0.13% | 0.13% | 5.04% | 5.04% | 3.66% |
| Expected dividends | - | - | - | - | - |
| Fair Values | \u00a35,613 | \u00a38,836 | \u00a316,497 | \u00a361,471 | \u00a34,483 |
Expected volatility has been based on an evaluation of the historical volatility of the Company\u2019s share
price. The fair value has been discounted by 50% to account for the early-stage development of the
Company and limited liquidity due to its small capital nature.
The following table sets out the movement of warrants during the year, no warrants were exercised
during either year:
| | | Number of warrants | Exercise price (pence) |
| As at 30 June 2021 | | 9,877,866 | 12p |
| Issued in the year | | 8,305,935 | 8p to 14p |
| As at 30 June 2022 | | 18,183,801 | 8p to 14p |
| Issued in the year | | 50,562,760 | 5p to 10p |
| As at 30 June 2023 | | 68,746,561 | 5p to 12p |
| Granted but not issued in the year | | 51,000,000 | 10p to 15p |
| TOTAL | | 119,746,561 | |
The weighted average price of the issued warrants at the year end is 10.2p (2022: 11.8p) and weighted
average life of the warrants is 1.54 years (2022: 0.88 years).
The weighted average price of the total amount of granted and issued warrants, including the
piggyback and CLN warrants is 11.1p and the weighted average life of these warrants is 2.13 years.
",
"dimensions": {
"concept": "are:DisclosureOfWarrantsAndSharebasedPaymentsExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfReservesAndOtherEquityInterestExplanatory_E117_CY": {
"value": "19. RESERVES AND NCI
The following describe the nature and purpose of each reserve within owners\u2019 equity:
| Reserve | Description and Purpose |
| Share capital | Amount subscribed for share capital at nominal value |
| Share premium | Amount subscribed for share capital in excess of nominal value. |
| Share-based payment | |
| reserve | |
| Reserve created to recognise share-based payments such as |
| warrants used in lieu of cash settlement. |
| Convertible loan note | |
| (CLN) reserve | |
| The value of the conversion portion of the CLN, calculated as the |
| proceeds, less amortised cost, less fair value. |
| Non-controlling | |
| Interest | |
| Reserve created to recognise the 80% Non controlling interest at |
| year end. |
| Retained deficit | Cumulative net gains and losses recognised in the consolidated |
| statement of comprehensive income. |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory_E24_CY": {
"value": "20. COMMITMENTS AND CONTINGENT LIABILITIES
As at 30 June 2023 the only significant capital commitments of the Group relate to the Farm-Out
Agreement in Mozambique which sets out a minimum spend for each phase of the project. On 23
October 2023, the Company notified the original shareholders of Monte Muambe Mining Lda of the
successful completion of Phase 2 and of its intention to proceed to Phase 3 of the Project. The
committed minimum spend for this Phase is $2m over 2 years.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfRelatedPartyExplanatory_E114_CY": {
"value": "21. RELATED PARTY TRANSACTIONS
Transactions with group undertakings:
Balances and transactions between the Company and its subsidiaries, which are related parties, have
been eliminated on consolidation.
Amounts owed to the parent company by subsidiaries are as follows:
| | 2023 |
| | \u00a3\u2019000 |
| Monte Muambe Mining Lda \u2013 capital contribution | 1,425 |
| Altona Rare Earths (Uganda) Limited | - |
| Altona Rare Earths (Tanzania) Limited | 5 |
| Altona Rare Earths Maurtius Ltd | 19 |
Transactions with key management:
The key management personnel are considered to be the Directors. Details of their remuneration are
included in the remuneration report.
On 9 June 2023, certain Directors and Senior Management participated in the Fundraise and
subscribed for the following shares at the placing value of \u00a30.05 per share:
| Louise Adrian | 300,000 shares | \u00a315,000 |
| Martin Wood | 500,000 shares | \u00a325,000 |
| Christian Taylor-Wilkinson | 1,200,000 shares | \u00a360,000 |
At the year end \u00a350,000 (2022: \u00a357,500) is owing to Leander PR Limited, a company who Christian
Taylor-Wilkinson is a director, for marketing, public and investor relations services. This debt was
settled on 11 July 2023 through the issue of 1 million shares at the placing value of \u00a30.05 per share.
In the prior year, before taking on an executive role, C\u00e9dric Simonet, was employed as a contractor
through his company Akili Minerals Services Ltd. He was paid \u00a312,813 in 2022 to act as a Consultant
Geologist for the Company.
Transactions with other related parties:
Louise Adrian also works as a consultant for Orana Corporate LLP who provide the Company with
accounting and bookkeeping services and are the corporate Company Secretary for the Company.
During the year these services cost the Company \u00a348,270 (2022: \u00a344,240).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_are_DisclosureOfControllingPartyExplanatory_D1457161695_CY": {
"value": "22. CONTROLLING PARTY
The Directors consider that there is no single controlling party.
",
"dimensions": {
"concept": "are:DisclosureOfControllingPartyExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"fact_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory_E42_CY": {
"value": "23. POST REPORTING DATE EVENTS
On 11 July 2023 an additional 1,033,600 Ordinary Shares were issued in lieu of fees of \u00a351,680,
including an amount of \u00a350,000 to settle fees owed to Leander PR Limited, a company wholly owned
by Christian Taylor-Wilkinson.
On 25 July 2023, Cedric Simonet transferred the 0.1% of the share capital of Altona Mozambique, Lda
and Altona Mozambique II, Lda that he was holding on behalf of Altona Rare Earths Mauritius
Limited to Altona Rare Earths Mauritius Limited, (both for nil consideration), giving it a 100% total
holding of the share capital in both companies.
On the same day, Altona Rare Earths Mauritius Limited, transferred 5% of the share capital of Altona
Mozambique, Lda and Altona Mozambique II Lda, (for nil consideration), to Ossanzaya
Empreendimentos Lda, a company registered in Mozambique.
On 25 September 2023, the Company published its Maiden Resource Estimate which reported that
there is an estimated 13.6 million tons at 2.42% TREO with a cut-off grade of 1.5% TREO. The Scoping
Study published on 18 October 2023 demonstrated the potential for Monte Muambe to become a
viable mining operation and provided the Company with sufficient confidence to proceed with the
Prefeasibility Study and with Phase 3 of the Farm-Out Agreement.
The Company has also initiated the contractual and administrative process to increase its holding in
MMM to 51% for a further consideration of \u00a340,000 and one million shares.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800HRE3FQJ6RK4H10",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
}
}
}