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The Group has been seeking to do this by building an energy metals production business focused on nickel, vanadium and copper mineral resources projects in Scandinavia. Having assessed the current funding market for nickel exploration and development companies and the operational and maintenance costs of its projects and their relative prospectivity the Board has decided to focus on its Airijoki vanadium energy storage project in Sweden notwithstanding the prospectivity of its other projects were they fully funded. 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The financial statements were approved by the Board of Directors and authorised for issue on 29
April 2025 and were signed on its behalf by
C Bird Chairman
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GENERAL INFORMATION Kendrick Resources PLC (the \u2018Company\u2019 or \u201cKendrick\u201d) is incorporated and domiciled in England and Wales. The address of the registered office is 7/8 Kendrick Mews, London SW7 3HG. The Company\u2019s period being reported on in these accounts is for the year to 29 December 2024. The comparative period is for the year to 29 December 2023. The Group\u2019s business is the exploration of nickel, vanadium and copper mineral resource projects in Scandinavia and it currently has projects in Norway, Sweden and Finland. The exploration and evaluation assets held in these countries is shown in note 12. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-236": { "value": "PLC ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-205": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-238": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-237": { "value": "7/8 Kendrick Mews, London SW7 3HG", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-206": { "value": "
2. ADOPTION OF NEW AND REVISED STANDARDS
There are a number of standards, amendments to standards, and interpretations which
have been issued by the IASB that are effective from 1 January 2024, none of which have
a material impact on these financial statements.
There are a number of standards, amendments to standards, and interpretations which
have been issued by the IASB that are effective in future accounting periods that the
Group has decided not to apply early.
The following amendments were not effective for the year ended 29 December 2024:
\u2022 IAS 1 (Amendments) \u2013 Classification of Liabilities as Current or Non-current
(effective date 1 January 2027
\u2022 IAS 7 and IFRS 7 (Amendments) \u2013 Supplier Finance Arrangements (effective date 1
January 2027)
\u2022 IFRS 10 and IAS 28 (Amendments) \u2013 Sale or Contribution of Assets between an
Investor and its Associate or Joint Venture (effective date deferred indefinitely)
\u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements (effective 1 January
2027)
\u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures (effective date 1
January 2027)
It is not expected that the amendments listed above, once adopted, will have a material
impact on the financial statements.
2. ADOPTION OF NEW AND REVISED STANDARDS (continued)
The financial statements have been prepared in accordance with UK adopted
International Accounting Standards (\u2018IFRS\u2019) and those parts of the Companies Act
2006 applicable to companies reporting under IFRSs.
The principal accounting policies adopted are set out below.
The Company has taken advantage of the exemption allowed under section 408 of the
Companies Act 2006 and has not presented its own Statement of Comprehensive Income
in these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-4": { "value": "2. ADOPTION OF NEW AND REVISED STANDARDS There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective from 1 January 2024, none of which have a material impact on these financial statements. There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has decided not to apply early. The following amendments were not effective for the year ended 29 December 2024: \u2022 IAS 1 (Amendments) \u2013 Classification of Liabilities as Current or Non-current (effective date 1 January 2027 \u2022 IAS 7 and IFRS 7 (Amendments) \u2013 Supplier Finance Arrangements (effective date 1 January 2027) \u2022 IFRS 10 and IAS 28 (Amendments) \u2013 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (effective date deferred indefinitely) \u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements (effective 1 January 2027) \u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures (effective date 1 January 2027) It is not expected that the amendments listed above, once adopted, will have a material impact on the financial statements. 2. ADOPTION OF NEW AND REVISED STANDARDS (continued) The financial statements have been prepared in accordance with UK adopted International Accounting Standards (\u2018IFRS\u2019) and those parts of the Companies Act 2006 applicable to companies reporting under IFRSs. The principal accounting policies adopted are set out below. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-239": { "value": "The financial statements have been prepared in accordance with UK adopted International Accounting Standards (\u2018IFRS\u2019) and those parts of the Companies Act 2006 applicable to companies reporting under IFRSs. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-5": { "value": "3. SIGNIFICANT ACCOUNTING POLICIES Basis of preparation The financial statements are presented in Pounds Sterling (\u201c\u00a3\u201d) and rounded to the nearest \u00a3. Going concern The operational requirements of the Company comprise maintaining a Head Office in the UK with a Board of two executive Directors and three non-executive Directors for, amongst other things, determining and implementing strategy and managing operations. The Group currently has no income and meets its working capital requirements through raising development finance. In common with many businesses engaged in exploration and evaluation activities prior to production and sale of minerals the Group will require additional funds and/or funding facilities in order to fully develop its business plan. Ultimately the viability of the Group is dependent on future liquidity in the exploration period and this, in turn, depends on the Company\u2019s ability to raise funds to provide additional working capital to finance its ongoing activities. Management has successfully raised money in the past, but there is no guarantee that adequate funds will be available when needed in the future. As at 29 December 2024, the Group had net assets of \u00a31.32m and cash and cash equivalents of \u00a318k. An operating loss is expected in the year subsequent to the date of these financial statements and as a result the Group will need to raise funding to provide additional working capital to finance its ongoing activities. 3. SIGNIFICANT ACCOUNTING POLICIES (continued) The Board acknowledges the Disclaimer of opinion in the independent auditors\u2019 report in respect of the Company\u2019s and Group\u2019s ability to continue as a going concern. Based on its current reserves and the Board's assessment that the Group will be able to raise additional funds, as and when required, to meet its working capital and capital expenditure requirements, the Board have concluded that they have a reasonable expectation that the Group can based on a cash flow forecast to 30 April 2026 continue in operational existence for the foreseeable future and at least for a period of 12 months from the date of approval of these financial statements. For these reasons the financial statements have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and discharge of liabilities in the normal course of business. As there can be no guarantee that the required future funding can be raised in the necessary timeframe, a material uncertainty exists that may cast significant doubt on the Group\u2019s and Company\u2019s future ability to continue as a going concern. This financial report does not include any adjustments relating to the recoverability and classification of recorded assets amounts or liabilities that might be necessary should the entity not continue as a going concern. Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The tax payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. 3. SIGNIFICANT ACCOUNTING POLICIES (continued) Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Property, plant and equipment Property, plant and equipment are carried at cost less accumulated depreciation and any recognised impairment loss. Depreciation and amortisation is charged so as to write off the cost or valuation of assets, other than land, over their estimated useful lives, using the straight-line method, on the following bases: Office equipment and computers 25% The gain or loss arising on disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement. Exploration and evaluation assets Exploration, evaluation and development expenditure incurred is accumulated in respect of each identifiable area of interest. These costs are only carried forward to the extent that they are expected to be recouped through the successful development of the area or where activities in the area have not yet reached a stage which permits reasonable assessment of the existence of economically recoverable reserves. Accumulated costs in relation to an abandoned area are written off in full in the year in which the decision to abandon the area is made. When production commences, the accumulated costs for the relevant area of interest are transferred to development assets and amortised over the life of the area according to the rate of depletion of the economically recoverable reserves. A regular review is undertaken of each area of interest to determine the appropriateness of continuing to carry forward costs in relation to that area of interest. 3. SIGNIFICANT ACCOUNTING POLICIES (continued) Investment in subsidiaries In the Company\u2019s financial statements, investment in subsidiaries are stated at cost and reviewed for impairment if there are any indications that the carrying value may not be recoverable. Financial instruments Recognition of financial assets and financial liabilities Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. De-recognition of financial assets and financial liabilities The Group derecognises a financial asset only when the contractual rights to cash flows from the asset expire; or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for the amount it has to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. The Group derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled or expired.Loans and receivables Trade and other receivables are measured at initial recognition at fair value, and are subsequently measured at amortised cost less any provision for impairment. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits, and other short- term highly liquid investments that are readily convertible to a known amount of cash with three months or less remaining to maturity and are subject to an insignificant risk of changes in value. Impairment of financial assets The Group assesses on a forward-looking basis the expected credit losses associated with its receivables carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade and other receivables, the Group applies the simplified approach permitted by IFRS 9, resulting in trade and other receivables recognised and carried at amortised cost less an allowance for any uncollectible amounts based on expected credit losses. 3. SIGNIFICANT ACCOUNTING POLICIES (continued) Trade and other payables Trade and other payables are initially measured at fair value, and are subsequently measured at amortised cost, using the effective interest rate method. Convertible loan notes (CLNs) Each component of the loan note (principal/ interest and conversion feature) are assessed separately. Management has assessed the entire instrument as financial liability. Based on that, convertible loan notes are recorded at their issue price and are carried at their face value. Subsequently, the CLN is accounted for at amortised cost. Any interest due on these CLNs is recorded on accrual basis. On conversion/redemption, the face value of converted CLNs is reduced from the total carried value. Provisions Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic resource will result, and that outflow can be reliably measured. Share-based payments The Group applies IFRS 2 Share-based Payment for all grants of equity instruments. The Group issues equity-settled share-based payments to its employees. Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest. Fair value is measured using the Black Scholes model. The expected life used in the model is adjusted, based on management\u2019s best estimate, for the effects of non- transferability, exercise restrictions and behavioural considerations. The inputs to the model include: the share price at the date of grant, exercise price expected volatility, risk free rate of interest. Share capital Financial instruments issued by the Group are treated as equity only to the extent that they do not meet the definition of a financial liability. The Company\u2019s ordinary shares are classified as equity instruments. The Company considers its capital to be total equity. There have been no changes in what the Company considers to be capital since the previous period. The Group is not subject to any externally imposed capital requirements. 3. SIGNIFICANT ACCOUNTING POLICIES (continued) Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and all entities, which are controlled by the Group. Control is achieved when the Company: has the power over the investee; is exposed, or has rights to variable return from its involvement with the investee; and 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. The results of subsidiaries are included in the consolidated financial statements from the effective date of acquisition to the effective date of disposal. Adjustments are made when necessary to the financial statements of subsidiaries to bring their accounting policies in line with those of the Group. All intra-Group transactions, balances, income and expenses are eliminated in full on consolidation. 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: the size of the Company\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; potential voting rights held by the Company, other vote holders or other parties; rights arising from other contractual arrangements; and 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. Non-controlling interests in the net assets of consolidated subsidiaries are identified and recognised separately from the Group\u2019s interest therein and are recognised within equity. Losses of subsidiaries attributable to non-controlling interests are allocated to the non- controlling interest even if this results in a debit balance being recognised for non- controlling interest. 3. SIGNIFICANT ACCOUNTING POLICIES (continued) Transactions which result in changes in ownership, where the Group had control of the subsidiary, both before and after the transaction, are regarded as equity transactions and are recognised directly in the statement of changes in equity. The difference between the fair value of consideration paid or received and the movement in non-controlling interest for such transactions is recognised in equity attributable to the owners of the parent. Where a subsidiary is disposed of and a non-controlling shareholding is retained, the remaining investment is measured to fair value with the adjustment to fair value recognised in profit or loss as part of the gain or loss on disposal of the controlling interest. Foreign currency transactions and balances (i) Functional and presentational currency Items included in the Group\u2019s financial statements are measured using Pounds Sterling (\u201c\u00a3\u201d), which is the currency of the primary economic environment in which the Group operates (\u201cthe functional currency\u201d). The financial statements are presented in Pounds Sterling (\u201c\u00a3\u201d), which is the functional currency of the Company and is the Group\u2019s presentational currency. The individual financial statements of each Group company are presented in the functional currency of the primary economic environment in which it operates. (ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. Transactions in the accounts of individual Group companies are recorded at the rate of exchange ruling on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rates ruling at the balance sheet date. All differences are taken to the income statement. 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 balance sheet date. Income and expense items are translated at the average exchange rates for the year. Exchange differences arising recognised in other comprehensive income and transferred to the Group\u2019s translation reserve within equity as \u2018Other reserves\u2019. Upon disposal of foreign operations, such translation differences are derecognised as an income or as expenses in the year in which the operation is disposed of in other comprehensive income. 3. SIGNIFICANT ACCOUNTING POLICIES (continued) Geographical segments A segment is a distinguishable component of the Group that is engaged either in providing products or services (business segment) or in providing products or services within a particular economic environment (geographical segment), which is subject to risk and rewards that are different from those of other segments. The internal management reporting used by the chief operating decision maker consists of one segment. Hence in the opinion of the directors, no separate disclosures are required under IFRS 8. The Group\u2019s revenue in the current and prior year is \u00a3Nil and consequently no geographical segment information regarding revenue has been disclosed. In respect of non-current assets the only two geographical areas are Scandinavia and the UK of which the latter is \u00a3Nil.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-207": { "value": "Basis of preparation The financial statements are presented in Pounds Sterling (\u201c\u00a3\u201d) and rounded to the nearest \u00a3.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-208": { "value": "
Going concern
The operational requirements of the Company comprise maintaining a Head Office
in the UK with a Board of two executive Directors and three non-executive Directors
for, amongst other things, determining and implementing strategy and managing
operations.
The Group currently has no income and meets its working capital requirements
through raising development finance. In common with many businesses engaged in
exploration and evaluation activities prior to production and sale of minerals the
Group will require additional funds and/or funding facilities in order to fully develop
its business plan.
Ultimately the viability of the Group is dependent on future liquidity in the
exploration period and this, in turn, depends on the Company\u2019s ability to raise funds
to provide additional working capital to finance its ongoing activities. Management
has successfully raised money in the past, but there is no guarantee that adequate
funds will be available when needed in the future.
As at 29 December 2024, the Group had net assets of \u00a31.32m and cash and cash
equivalents of \u00a318k. An operating loss is expected in the year subsequent to the date
of these financial statements and as a result the Group will need to raise funding to
provide additional working capital to finance its ongoing activities.
The Board acknowledges the Disclaimer of opinion in the independent auditors\u2019
report in respect of the Company\u2019s and Group\u2019s ability to continue as a going
concern. Based on its current reserves and the Board's assessment that the Group
will be able to raise additional funds, as and when required, to meet its working
capital and capital expenditure requirements, the Board have concluded that they
have a reasonable expectation that the Group can based on a cash flow forecast to 30
April 2026 continue in operational existence for the foreseeable future and at least
for a period of 12 months from the date of approval of these financial statements.
For these reasons the financial statements have been prepared on the going concern
basis, which contemplates continuity of normal business activities and the realisation
of assets and discharge of liabilities in the normal course of business.
As there can be no guarantee that the required future funding can be raised in the
necessary timeframe, a material uncertainty exists that may cast significant doubt on
the Group\u2019s and Company\u2019s future ability to continue as a going concern.
This financial report does not include any adjustments relating to the recoverability
and classification of recorded assets amounts or liabilities that might be necessary
should the entity not continue as a going concern.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-240": { "value": "Going concern The operational requirements of the Company comprise maintaining a Head Office in the UK with a Board of two executive Directors and three non-executive Directors for, amongst other things, determining and implementing strategy and managing operations. The Group currently has no income and meets its working capital requirements through raising development finance. In common with many businesses engaged in exploration and evaluation activities prior to production and sale of minerals the Group will require additional funds and/or funding facilities in order to fully develop its business plan. Ultimately the viability of the Group is dependent on future liquidity in the exploration period and this, in turn, depends on the Company\u2019s ability to raise funds to provide additional working capital to finance its ongoing activities. Management has successfully raised money in the past, but there is no guarantee that adequate funds will be available when needed in the future. As at 29 December 2024, the Group had net assets of \u00a31.32m and cash and cash equivalents of \u00a318k. An operating loss is expected in the year subsequent to the date of these financial statements and as a result the Group will need to raise funding to provide additional working capital to finance its ongoing activities. The Board acknowledges the Disclaimer of opinion in the independent auditors\u2019 report in respect of the Company\u2019s and Group\u2019s ability to continue as a going concern. Based on its current reserves and the Board's assessment that the Group will be able to raise additional funds, as and when required, to meet its working capital and capital expenditure requirements, the Board have concluded that they have a reasonable expectation that the Group can based on a cash flow forecast to 30 April 2026 continue in operational existence for the foreseeable future and at least for a period of 12 months from the date of approval of these financial statements. For these reasons the financial statements have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and discharge of liabilities in the normal course of business. As there can be no guarantee that the required future funding can be raised in the necessary timeframe, a material uncertainty exists that may cast significant doubt on the Group\u2019s and Company\u2019s future ability to continue as a going concern. This financial report does not include any adjustments relating to the recoverability and classification of recorded assets amounts or liabilities that might be necessary should the entity not continue as a going concern. ", "dimensions": { "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-209": { "value": "Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The tax payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on
investments in subsidiaries and associates, and interests in joint ventures, except
where the Group is able to control the reversal of the temporary difference and it is
probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet date
and reduced to the extent that it is no longer probable that sufficient taxable profits
will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period
when the liability is settled, or the asset is realised. Deferred tax is charged or
credited in the income statement, except when it relates to items charged or credited
directly to equity, in which case the deferred tax is also dealt with in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-241": { "value": "
Deferred tax is the tax expected to be payable or recoverable on temporary
differences between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable
profit, and is accounted for using the balance sheet liability method. Deferred tax
liabilities are generally recognised for all taxable temporary differences and
deferred tax assets are recognised to the extent that it is probable that taxable profits
will be available against which deductible temporary differences can be utilised.
Such assets and liabilities are not recognised if the temporary difference arises from
the initial recognition of goodwill or from the initial recognition (other than in a
business combination) of other assets and liabilities in a transaction that affects
neither the tax profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-210": { "value": "
Property, plant and equipment
Property, plant and equipment are carried at cost less accumulated depreciation and
any recognised impairment loss.
Depreciation and amortisation is charged so as to write off the cost or valuation of
assets, other than land, over their estimated useful lives, using the straight-line
method, on the following bases:
Office equipment and computers 25%
The gain or loss arising on disposal or retirement of an asset is determined as the
difference between the sales proceeds and the carrying amount of the asset and is
recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-242": { "value": "Depreciation and amortisation is charged so as to write off the cost or valuation of assets, other than land, over their estimated useful lives, using the straight-line method, on the following bases: Office equipment and computers 25%", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-211": { "value": "
Exploration and evaluation assets
Exploration, evaluation and development expenditure incurred is accumulated in respect
of each identifiable area of interest. These costs are only carried forward to the extent that
they are expected to be recouped through the successful development of the area or where
activities in the area have not yet reached a stage which permits reasonable assessment of
the existence of economically recoverable reserves. Accumulated costs in relation to an
abandoned area are written off in full in the year in which the decision to abandon the
area is made. When production commences, the accumulated costs for the relevant area
of interest are transferred to development assets and amortised over the life of the area
according to the rate of depletion of the economically recoverable reserves. A regular
review is undertaken of each area of interest to determine the appropriateness of
continuing to carry forward costs in relation to that area of interest.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-216": { "value": "Investment in subsidiaries In the Company\u2019s financial statements, investment in subsidiaries are stated at cost and reviewed for impairment if there are any indications that the carrying value may not be recoverable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-212": { "value": "
Financial instruments
Recognition of financial assets and financial liabilities
Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when
the Group becomes a party to the contractual provisions of the instrument.
De-recognition of financial assets and financial liabilities
The Group derecognises a financial asset only when the contractual rights to cash flows
from the asset expire; or it transfers the financial asset and substantially all the risks and
rewards of ownership of the asset to another entity. If the Group neither transfers nor
retains substantially all the risks and rewards of ownership and continues to control the
transferred asset, the Group recognises its retained interest in the asset and an associated
liability for the amount it has to pay. If the Group retains substantially all the risks and
rewards of ownership of a transferred financial asset, the Group continues to recognise
the financial asset and also recognises a collateralised borrowing for the proceeds
received. The Group derecognises financial liabilities when the Group\u2019s obligations are
discharged, cancelled or expired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-252": { "value": "Financial instruments Recognition of financial assets and financial liabilities Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. De-recognition of financial assets and financial liabilities The Group derecognises a financial asset only when the contractual rights to cash flows from the asset expire; or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for the amount it has to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. The Group derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled or expired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-243": { "value": "Financial instruments Recognition of financial assets and financial liabilities Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. De-recognition of financial assets and financial liabilities The Group derecognises a financial asset only when the contractual rights to cash flows from the asset expire; or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for the amount it has to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. The Group derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled or expired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-253": { "value": "De-recognition of financial assets and financial liabilities The Group derecognises a financial asset only when the contractual rights to cash flows from the asset expire; or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognises its retained interest in the asset and an associated liability for the amount it has to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. The Group derecognises financial liabilities when the Group\u2019s obligations are discharged, cancelled or expired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-213": { "value": "
Loans and receivables
Trade and other receivables are measured at initial recognition at fair value, and are
subsequently measured at amortised cost less any provision for impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-214": { "value": "
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, and other short-
term highly liquid investments that are readily convertible to a known amount of cash
with three months or less remaining to maturity and are subject to an insignificant risk
of changes in value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-215": { "value": "
Impairment of financial assets
The Group assesses on a forward-looking basis the expected credit losses associated with
its receivables carried at amortised cost. The impairment methodology applied depends
on whether there has been a significant increase in credit risk. For trade and other
receivables, the Group applies the simplified approach permitted by IFRS 9, resulting in
trade and other receivables recognised and carried at amortised cost less an allowance
for any uncollectible amounts based on expected credit losses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-244": { "value": "Impairment of financial assets The Group assesses on a forward-looking basis the expected credit losses associated with its receivables carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade and other receivables, the Group applies the simplified approach permitted by IFRS 9, resulting in trade and other receivables recognised and carried at amortised cost less an allowance for any uncollectible amounts based on expected credit losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-217": { "value": "
Trade and other payables
Trade and other payables are initially measured at fair value, and are subsequently
measured at amortised cost, using the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-221": { "value": "
Convertible loan notes (CLNs)
Each component of the loan note (principal/ interest and conversion feature) are assessed
separately. Management has assessed the entire instrument as financial liability. Based on
that, convertible loan notes are recorded at their issue price and are carried at their face
value. Subsequently, the CLN is accounted for at amortised cost. Any interest due on
these CLNs is recorded on accrual basis. On conversion/redemption, the face value of
converted CLNs is reduced from the total carried value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-218": { "value": "
Provisions
Provisions are recognised when the Group has a legal or constructive obligation, as a
result of past events, for which it is probable that an outflow of economic resource will
result, and that outflow can be reliably measured.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-219": { "value": "
Share-based payments
The Group applies IFRS 2 Share-based Payment for all grants of equity instruments.
The Group issues equity-settled share-based payments to its employees. Equity-settled
share-based payments are measured at fair value at the date of grant. The fair value
determined at the grant date of the equity-settled share-based payments is expensed on a
straight-line basis over the vesting period, based on the Group\u2019s estimate of the shares
that will eventually vest.
Fair value is measured using the Black Scholes model. The expected life used in the
model is adjusted, based on management\u2019s best estimate, for the effects of non-
transferability, exercise restrictions and behavioural considerations. The inputs to the
model include: the share price at the date of grant, exercise price expected volatility, risk
free rate of interest.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-220": { "value": "
Share capital
Financial instruments issued by the Group are treated as equity only to the extent that
they do not meet the definition of a financial liability. The Company\u2019s ordinary shares
are classified as equity instruments.
The Company considers its capital to be total equity. There have been no changes in what
the Company considers to be capital since the previous period.
The Group is not subject to any externally imposed capital requirements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-222": { "value": "
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company
and all entities, which are controlled by the Group. Control is achieved when the
Company:
has the power over the investee;
is exposed, or has rights to variable return from its involvement with the investee; and
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.
The results of subsidiaries are included in the consolidated financial statements from the
effective date of acquisition to the effective date of disposal. Adjustments are made when
necessary to the financial statements of subsidiaries to bring their accounting policies in
line with those of the Group.
All intra-Group transactions, balances, income and expenses are eliminated in full on
consolidation.
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:
the size of the Company\u2019s holding of voting rights relative to the size and dispersion
of holdings of the other vote holders;
potential voting rights held by the Company, other vote holders or other parties;
rights arising from other contractual arrangements; and
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.
Non-controlling interests in the net assets of consolidated subsidiaries are identified and
recognised separately from the Group\u2019s interest therein and are recognised within equity.
Losses of subsidiaries attributable to non-controlling interests are allocated to the non-
controlling interest even if this results in a debit balance being recognised for non-
controlling interest.
Transactions which result in changes in ownership, where the Group had control of the subsidiary, both before and after the transaction, are regarded as equity transactions and are recognised directly in the statement of changes in equity. The difference between the fair value of consideration paid or received and the movement in non-controlling interest for such transactions is recognised in equity attributable to the owners of the parent. Where a subsidiary is disposed of and a non-controlling shareholding is retained, the remaining investment is measured to fair value with the adjustment to fair value recognised in profit or loss as part of the gain or loss on disposal of the controlling interest. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-223": { "value": "
Foreign currency transactions and balances
(i) Functional and presentational currency
Items included in the Group\u2019s financial statements are measured using Pounds Sterling
(\u201c\u00a3\u201d), which is the currency of the primary economic environment in which the Group
operates (\u201cthe functional currency\u201d). The financial statements are presented in Pounds
Sterling (\u201c\u00a3\u201d), which is the functional currency of the Company and is the Group\u2019s
presentational currency.
The individual financial statements of each Group company are presented in the functional
currency of the primary economic environment in which it operates.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using the
exchange rates prevailing at the dates of the transactions. Foreign exchange gains and
losses resulting from the settlement of such transactions and from the translation at year
end exchange rates of monetary assets and liabilities denominated in foreign currencies
are recognised in the income statement.
Transactions in the accounts of individual Group companies are recorded at the rate of
exchange ruling on the date of the transaction. Monetary assets and liabilities
denominated in foreign currencies are translated at the rates ruling at the balance sheet
date. All differences are taken to the income statement.
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
balance sheet date. Income and expense items are translated at the average exchange rates
for the year. Exchange differences arising recognised in other comprehensive income and
transferred to the Group\u2019s translation reserve within equity as \u2018Other reserves\u2019. Upon
disposal of foreign operations, such translation differences are derecognised as an income
or as expenses in the year in which the operation is disposed of in other comprehensive
income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-245": { "value": "(i) Functional and presentational currency Items included in the Group\u2019s financial statements are measured using Pounds Sterling (\u201c\u00a3\u201d), which is the currency of the primary economic environment in which the Group operates (\u201cthe functional currency\u201d). The financial statements are presented in Pounds Sterling (\u201c\u00a3\u201d), which is the functional currency of the Company and is the Group\u2019s presentational currency. The individual financial statements of each Group company are presented in the functional currency of the primary economic environment in which it operates.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-224": { "value": "
Geographical segments
A segment is a distinguishable component of the Group that is engaged either in providing
products or services (business segment) or in providing products or services within a
particular economic environment (geographical segment), which is subject to risk and
rewards that are different from those of other segments. The internal management
reporting used by the chief operating decision maker consists of one segment. Hence in
the opinion of the directors, no separate disclosures are required under IFRS 8. The
Group\u2019s revenue in the current and prior year is \u00a3Nil and consequently no geographical
segment information regarding revenue has been disclosed. In respect of non-current
assets the only two geographical areas are Scandinavia and the UK of which the latter is
\u00a3Nil.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-6": { "value": "4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the Group\u2019s accounting policies, management is required to make judgements, 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 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, on in the period of the revision and future periods if the revision affects both current and future periods. Critical accounting estimates and judgments are those that have a significant risk of causing material adjustment and are often applied to matters or outcomes that are inherently uncertain and subject to change. As such, management cautions that future events often vary from forecasts and expectations and that estimates routinely require adjustment. Details of the Group\u2019s significant accounting judgements and critical accounting estimates are as follows: Impairment of Exploration and evaluation assets The recoverable amounts of individual exploration assets have been determined based on various factors including Independent Expert Reports, the Group\u2019s exploration activities, and commodity prices. It is reasonably possible that assumptions may change which may then impact on estimates and may then require a material adjustment to the carrying value of assets including intangible assets. The Group tests annually whether exploration assets have suffered any impairment, in accordance with the accounting policy. As detailed in Note 12 the carrying value of the Group Exploration and Evaluation asset at the year end was \u00a32,200,826 (2023 \u00a34,756,879) after and an impairment provision of \u00a32,737,711 (2023 \u00a3448,904) and the Company Exploration and Evaluation asset at the year end was \u00a3Nil (2023 \u00a3637,639) after an impairment provision of \u00a3637,639 (2023 \u00a3125,625). 4 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (continued) Recoverability of Parent company investment in subsidiary undertakings The carrying value of the Parent company\u2019s investment is ultimately dependent on the recoverability of the underlying assets i.e. the exploration and evaluation assets which are reviewed for indicators of impairment on an annual basis as noted above. An impairment in the exploration and evaluation assets may then require an adjustment to the carrying value of the investment in the subsidiary companies. As detailed in Note 14 the Company conducted an impairment review under IFRS 9 of the loans made to subsidiaries and determined that i) the recoverability of the Company investment in and loans to Northern X Scandinava AB in relation to the Airijoki Project is supported by the Airijoki exploration licences owned by Northern X Scandinava AB, that ii) loans made to subsidiaries related to exploration licences that have been relinquished or will not be a focus of the Group going forward should be assessed as stage 3 loans and iii) that loans made to Northern X Scandinava AB related to the retained Airijoki exploration licences should be assessed as stage 1 loans with no provision against their carrying value. Accordingly an impairment provision of \u00a31,081,753 (2023: \u00a3152,145) against the carrying value of the Company\u2019s investment in subsidiaries and \u00a3794,287 (2023: \u00a3171,134) was made against the Company\u2019s loans to subsidiaries assessed as stage 3. The Company is satisfied that having made these provisions the carrying value of \u00a32,371,574 (2023: \u00a34,333,226) is reasonable and no further impairment is necessary. Business Combination There were no acquisitions during the year. In 2023 in line with IFRS3, the Directors applied the concentration test and determined that the fair value of the gross assets of EV Metals AB comprised its exploration licences and that the acquisition of EV Metals AB should be accounted for as an asset acquisition and not a business combination. The Directors assessed that the acquired company was not a business as it does not generate outputs and does not have a substantive system to generate outputs or an organised workforce to perform this process. Going Concern The Directors have considered the going concern basis of preparation and as per note 3 no adjustments have been made in these financial statements which are prepared on a going concern basis. Contingent consideration The amount of contingent consideration to be paid is based on the occurrence of future events, such as the achievement of expected and estimated project milestones such as a positive feasibility study or a decision to mine. Accordingly, the estimate of fair value contains uncertainties as it involves judgment about the likelihood and timing of achieving these milestones and the period in which they may be achieved as well as the discount rate used. Where a contingent consideration milestone in relation to an exploration project is uncertain and may only occur if at all in several years then the Company will disclose the contingent liability but not provide for it in the financial statements. 4 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (continued) Changes in fair value of the contingent consideration obligation result from changes to the assumptions used to estimate the probability of success for each milestone, the anticipated timing of achieving the milestones and the discount period and rate to be applied. A change in any of these assumptions could produce a different fair value, which could have a material impact on the results from operations. As detailed in Note 13 there is contingent consideration due to Pursuit Minerals Ltd in relation to the acquisition on 6 May 2022 of i) Northern X Finland Oy (\u201cNorthern X Finland\u201d) which owned in Finland the Koitelainen vanadium projects which hosts a defined Mineral Resource as defined by the JORC Code (2012) and the Karhujupukka vanadium-magnetite exploration project (\u201cFinnish Projects\u201d) and ii) Northern X Scandinavia AB (\u201cNorthern X Scandinavia\u201d) which owned in Sweden the Airijoki vanadium project (the \u201cAirijoki Project\u201d) which hosts a defined Mineral Resource as defined by the JORC Code (2012) and the Kramsta, Kullberget, Simesvallen and Sum\u00e5ssj\u00f6n exploration projects in Sweden (collectively known as the \u201cCentral Sweden Projects\u201d) (the Airijoki Project and the Central Sweden Projects are collectively the \u201cSwedish Projects\u201d). As at the end of the year the Group going forward will focus on the Group\u2019s Airijoki Project in Sweden and has impaired the other projects acquired from Pursuit. As part of the purchase agreement with Pursuit there is deferred contingent consideration based on two accretive value milestones being achieved; a) Milestone One which triggers a A$250,000 (approx. \u00a3136,000) payment in cash, is the completion by the Group (or any successor or assignee) of a Feasibility Study, as defined by the JORC Code (2012), on any individual project area in the Nordic Projects, demonstrating an internal rate of return of not less than 25%; and b) Milestone Two which triggers a A$500,000 (approx. \u00a3272,000) payment in cash is a decision to mine being made by the Group (or any successor or assignee) in respect of any project area in the Nordic Projects. No provision has been made in these financial statements for the deferred contingent consideration referred to above as all the other projects acquired from Pursuit have been impaired and the Airijoki Project is in the exploration phase and therefore it is not certain that a Feasibility Study will be completed or a decision to mine be made in the next few years, or if at all. 4 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (continued) Convertible loan notes (CLNs) Each component of the loan note (principal/ interest and conversion feature) are assessed separately. Management has assessed the entire instrument as financial liability. Based on that, convertible loan notes are recorded at their issue price and are carried at their face value. Subsequently, the CLN is accounted for at amortised cost. Any interest due on these CLNs is recorded on accrual basis. On conversion/redemption, the face value of converted CLNs is reduced from the total carried value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-8": { "value": "5. OPERATING LOSS The operating loss has been arrived at after charging:
2024
202
3
\u00a3
\u00a3
Sta
f
f
cost
s
(not
e 7
)
126,000
124,000
Impairment charge on exploration and evaluation assets
(note 12)
2,737,711
448,904
Loss in fair value of investment
-
6,376
Finance charge
6,351
3,837
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-7": { "value": "6. AUDITORS\u2019 REMUNERATION The remuneration of the auditors can be analysed as follows:
2024
20
2
3
\u00a3
\u00a3
Fees payable to the company\u2019s auditor for the audit of the
C
ompany\u2019s financial statements
82,225
55
,000
82,225
55
,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-225": { "value": "
7. STAFF COSTS
2024
20
2
3
Number
Number
Directors
5
5
The average monthly number of employees
5
5
Their aggregate remuneration comprised
:
-
\u00a3
\u00a3
Fees
126,000
124
,0
00
126,000
124
,0
00
Included within staff costs \u00a3126,000 (2023: \u00a3124,000) relates to amounts in respect of
Directors who are the only key management personnel. The highest paid director\u2019s
emoluments was \u00a348,000 (2023: \u00a348,000).
Remuneration of key management personnel
The key management personnel of the Company are considered to be the Directors.
Details of their remuneration are covered in note 7. Amounts owed to Directors is shown
in Note 16.
The shareholdings of the Directors in the issued share capital of the Company was as
follows:
29 December 2024
29 December 2023
Director
Number of
Percentage Number of Percentage
Ordinary of issued Ordinary of issued
Shares ordinary Shares ordinary
share share
capital capital
Colin Bird*
47,819,227
19.11% 45,069,227 18.48%
Kjeld Thygesen
2,142,857
0.86% 2,142,857 0.88%
Alex Borrelli
82,777
0.03% 82,777 0.03%
Evan Kirby
-
- - -
Martyn Churchouse - - - -
* Includes 3,695,238 shares held by Lion Mining Finance Ltd and 33,428,571 shares held
by Camden Park Trading Ltd, companies controlled by Colin Bird.
The Company entered into a licence agreement dated 1 February 2022 with Lion Mining
Finance Limited (a company controlled by Colin Bird, a director of the Company) which
was amended with effect from 1 June 2022. Pursuant to this agreement, the Company has
been granted a licence to use the premises at 7-8 Kendrick Mews, London SW7 for a
licence fee of \u00a31,500 per month (ex VAT) which can be terminated on 2 month\u2019s notice
as the initial 12 month term of the agreement has already expired.. In addition, Lion
Mining Finance Limited provides basic administrative and support services as required
by the Company from time-to-time. At the year end the Group owed Lion Mining Finance
Ltd \u00a327,250 (2023 - \u00a35,650) and incurred expenses of \u00a321,600 (2023 - \u00a321,850) in the
year.
Directors\u2019 Letters of Appointment and Service Agreements
(a) Pursuant to an agreement dated 29 April 2022 the Company renewed the appointment of
Colin Bird as a Director. The appointment continues unless terminated by either party
giving to the other three months\u2019 notice in writing. Colin Bird is entitled to director\u2019s fees
of \u00a318,000 per annum for being a Director of the Company plus reasonable and properly
documented expenses incurred during the performance of his duties. Colin Bird is not
entitled to any pension, medical or similar employee benefits. The agreement replaces all
previous agreements with Colin Bird in relation to his appointment as a director of the
Company. At the year end the Group owed Colin Bird \u00a338,708 (2023 - \u00a320,708) in respect
of director fees.
(b) Pursuant to a consultancy agreement dated 29 April 2022, the Company has, with effect
from the date of the IPO, appointed Colin Bird as a consultant to provide technical
advisory services in relation to its current and future projects including, but not limited
to, assessing existing geological data and studies, existing mine development studies and
developing exploration programs and defining the framework of future geological and
mine study reports (the \u201cColin Bird Services\u201d). The appointment continues unless
terminated by either party giving to the other three months\u2019 notice in writing. Colin Bird
is entitled to fees of \u00a32,500 per month for being a consultant to the Company plus
reasonable and properly documents expenses incurred during the performance of the
Colin Bird Services. At the year end the Group owed Colin Bird \u00a342,500 (2023 - \u00a315,000)
in respect of consultancy fees.
(c) Pursuant to an agreement dated 29 April 2022, renewed the appointment of Kjeld
Thygesen as a non-executive Director. The appointment continues unless terminated by
either party giving to the other three months\u2019 notice in writing. Kjeld Thygesen is entitled
to director\u2019s fees of \u00a318,000 per annum for being a director of the Company plus
reasonable and properly documented expenses incurred during the performance of his
duties. Kjeld Thygesen is not entitled to any pension, medical or similar employee
benefits. At the year end the Group owed Kjeld Thygesen \u00a354,000 (2023 - \u00a336,000) in
respect of director fees.
(d) Pursuant to an agreement dated 29 April 2022, Alex Borrelli was appointed as a non-
executive Director. The appointment continues unless terminated by either party giving
to the other three months\u2019 notice in writing. Alex Borrelli is entitled to director\u2019s fees of
\u00a318,000 per annum for being a director of the Company plus reasonable and properly
documented expenses incurred during the performance of his duties. Alex Borrelli is not
entitled to any pension, medical or similar employee benefits. At the year end the Group
owed Borelli Capital Ltd a company controlled by Alex Borrelli \u00a328,333 (2023 - \u00a35,684)
in respect of director fees in relation to Alex Borrelli.
(e) Pursuant to an agreement dated 29 April 2022, Evan Kirby was appointed as a non-
executive Director. The appointment continues unless terminated by either party giving
to the other three months\u2019 notice in writing. Evan Kirby is entitled to director\u2019s fees of
\u00a318,000 per annum for being a director of the Company plus reasonable and properly
documented expenses incurred during the performance of his duties. Evan Kirby is not
entitled to any pension, medical or similar employee benefits. At the year end the Group
owed Metallurgical Management Services a company controlled by Evan Kirby \u00a338,708
(2023 - \u00a36,000) in respect of director fees in relation to Evan Kirby.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-9": { "value": "7. STAFF COSTS
2024
20
2
3
Number
Number
Directors
5
5
The average monthly number of employees
5
5
Their aggregate remuneration comprised
:
-
\u00a3
\u00a3
Fees
126,000
124
,0
00
126,000
124
,0
00
Included within staff costs \u00a3126,000 (2023: \u00a3124,000) relates to amounts in respect of Directors who are the only key management personnel. The highest paid director\u2019s emoluments was \u00a348,000 (2023: \u00a348,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-10": { "value": "8. TAXATION No liability to corporation tax arose for the year ended 29 December 2024 and year ended 29 December 2023, as a result of underlying losses brought forward. Reconciliation of effective tax rate:
2024
20
2
3
\u00a3
\u00a3
Loss before tax
(3,437,121)
(1,099,162)
Tax credit at the standard rate of tax in the UK
(859,280)
(
208,841
)
Tax effect of non
-
deductible expenses
730,086
97,216
Loss carried forward
129,194
111,625
Tax for the
year
-
-
The standard rate of corporation tax in the UK applied during the year was 25% (2023: 19%). At 29 December 2024, the Company are carrying forward estimated tax losses of \u00a37.3m (2023: \u00a37.2m) in respect of various activities over the years. No deferred tax asset is recognised in respect to these accumulated tax losses as there is insufficient evidence that it is probable that the amount will be recovered in future years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-226": { "value": "
At 29 December 2024, the Company are carrying forward estimated tax losses of \u00a37.3m
(2023: \u00a37.2m) in respect of various activities over the years. No deferred tax asset is
recognised in respect to these accumulated tax losses as there is insufficient evidence that
it is probable that the amount will be recovered in future years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-11": { "value": "9. LOSS PER SHARE
29 December 29 December
2024
202
3
Loss after tax for the purposes of earnings
\u00a33,437,121
\u00a31,099,162
per share attributable to equity shareholders
Weighted average number of shares
245,674,119
242,565,645
Basic
and
diluted
loss per
ordinary share
(1.40) p
(0.45) p
The use of the weighted average number of shares in issue in the period recognises the variations in the number of shares throughout the period and this is in accordance with IAS 33 as is the fact that the diluted earnings per share should not show a more favourable position that the basic earnings per share. There would be no dilutive impact were the share options to be exercised as their exercise price is greater than the Company share price during the period and to the date of signing these accounts. As per note 23 as announced by the Company on 25 February 2025 the Company has raised \u00a3107,500 before expenses at 0.25 pence per Ordinary Share (the \u201cFundraising Price\u201d) through the issue of 43,000,000 new Ordinary Shares of \u00a30.0003 each. The Fundraising comprised a placing of 31,000,000 Fundraising Shares raising \u00a377,500 via Shard Capital Partners PLC (\u201cShard\u201d) and the Company also arranged share subscriptions for 12,000,000 raising \u00a330,000. Following the issue of the Fundraising Shares the Company\u2019s total issued share capital consist of 293,248,152 Ordinary Shares with voting rights. Were these shares issued during the period this would have affected the earnings per share calculations and reduced the loss per share.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-12": { "value": "10. PROPERTY PLANT AND EQUIPMENT
Group & Company
Office equipment
Total
and computer
\u00a3 \u00a3
COMPANY
Cost
A
t
29
December 20
2
2
60,587
60,587
Additions
-
-
A
t
29
December
2
0
2
3
60,587
60,587
Additions
-
-
At 29 December 2024
60,587
60,587
Accumulated depreciation
At 29 December 2022
(60,587)
(60,587)
Charge for the
year
-
-
A
t
29
December
2
0
2
3
(60,587)
(60,587)
Charge for the
year
-
-
A
t
29
December
2
0
2
4
(
60,587
)
(
60,587
)
Carrying amount
A
t
29
December
2
0
2
4
-
-
A
t
29
December
2
0
2
3
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-13": { "value": "11. CURRENT ASSET INVESTMENT
Group & Company
2024
20
2
3
\u00a3
\u00a3
Balance as at 29 December
1,798
8,174
Fair value through profit and loss
-
(6,376)
Balance as at 29 December
1,798
1,798
The investment represents the holding of 8,174,387 shares in Bezant Resources Plc, which were held at 29 December 2024 at their market value on 29 December 2024 of \u00a31,798.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-14": { "value": "12. EXPLORATION AND EVALUATION ASSETS Exploration and Evaluation Assets - Group
Swedish Finnish Norwegian
Projects
Projects
P
rojects
Total
\u00a3
\u00a3
\u00a3
\u00a3
Balance 29 December 2022
1,933,522
861,644
1,137,807
3,932,973
Additions in
y
ear
635,900
588
590,290
1,226,778
Acquisition of EV Metals
46,032
-
-
46,032
Impairment Provision *
(56,033)
(150,026)
(242,845)
(448,904)
Balance 29 December 2023
2,559,421
712,206
1,485,252
4,756,879
Additions in year
98,36
3
1,012
82,283
181,65
8
Impairment Provision
**
(
456,95
8
)
(
713
,2
18
)
(
1,567,535
)
(
2,737,71
1
)
Balance 29 December 2024
2,200,826
-
- 2,200,826
* The 2023 impairment provision related to the Kramsta 100 licence in Sweden, the Karhujupukka North & Karhujupukka North licences in Finland and the Hosanger & Sigdal licences in Norway. It was decided not to renew as part of the Group\u2019s ongoing licence management as they were assessed to have relatively low prospectivity compared to the Group\u2019s remaining licences. ** The 2024 impairment provision relates to the Simesvallen 100, Kullberget100, Sumasjon1, Mjovattent and Njuggtraskliden licences in Sweden , the Koitelainen and Karhujupukka North licences in Finland and the Espedalen & Sigdal licences in Norway. The provision was made as after an assessment of the current funding market for nickel exploration and development companies and the operational and maintenance costs of its projects and their relative prospectivity. The Board has decided to focus on its Airijoki vanadium energy storage project in Sweden notwithstanding the prospectivity of its other projects were they fully funded. The investment in the Airijoki Project represented the amounts paid in taking up and extending the option to acquire various Scandinavian assets described below attributable to the Airijoki Project together with costs incurred in running the projects prior to the acquisition including the costs associated with the listing. The Airijoki vanadium copper project in Sweden comprising seven contiguous exploration permits covering 39.41 km 2 and is supported by an Inferred Mineral Resource comprising 44.3 Mt at an in-situ grade of 0.4% V 2 O 5 , containing 5.9 Mt of magnetite averaging 1.7% V 2 O 5 (in magnetite concentrate) for 100,800 t of contained V 2 O 5 based on a 13.3% mass recovery of magnetite concentrate and a 0.7% V 2 O 5 cut-off grade, on a 100% equity basis (and net attributable basis). 12. EXPLORATION AND EVALUATION ASSETS (continued) Exploration and Evaluation Assets - Company
Norwegian
P
rojec
ts
Total
\u00a3 \u00a3
Balance 29 December 2022
704,730
704,730
Additions
58,534
58,534
Impairment Provision *
(125,625)
(125,625)
Balance 29 December 2023
637,639
637,639
Impairment
Provision
*
*
(
637,639
)
(
637,639
)
Balance 29 December 202
4
-
-
* The 2023 impairment provision related to the Hosanger and Sigdal licences in Norway where it was decided not to renew as part of the Group\u2019s ongoing licence management as they were assessed to have relatively low prospectivity compared to the Group\u2019s remaining licences. ** The 2024 impairment provision relates to the Espedalen & Sigdal licences in Norway. The provision was made as after an assessment of the current funding market for nickel exploration and development companies and the operational and maintenance costs of its projects and their relative prospectivity. The Board has decided to focus on its Airijoki vanadium energy storage project in Sweden notwithstanding the prospectivity of its other projects were they fully funded. No provision has been made in these financial statements for the further commitments under the Norwegian Projects in relation to drilling commitments, Milestone Payments or Production Royalties as it has been decided not to advance these projects. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-227": { "value": "
13. CONGINGENT LIABILITIES
On 6 May 2022 the Company completed the acquisition from Pursuit Minerals Ltd
(\u201cPursuit\u201d) of;
(a) 100% of Northern X Finland Oy (\u201cNorthern X Finland\u201d), which owned in Finland the
Koitelainen vanadium projects which hosts a defined Mineral Resource as defined by
the JORC Code (2012) and the Karhujupukka vanadium-magnetite exploration project
(\u201cFinnish Projects\u201d); and
(b) 100% of Northern X Scandinavia AB (\u201cNorthern X Scandinavia\u201d) which owned in
Sweden the Airijoki and vanadium project (the \u201cAirijoki Project\u201d) which hosts a
defined Mineral Resource as defined by the JORC Code (2012) and the Kramsta,
Kullberget, Simesvallen and Sum\u00e5ssj\u00f6n exploration projects in Sweden (collectively
known as the \u201cCentral Sweden Projects\u201d) (the Airijoki Project and the Central Sweden
Projects are collectively the \u201cSwedish Projects\u201d).
(Collectively the Northern X Group and the Nordic Projects ).
13. CONGINGENT LIABILITIES (continued)
As at the end of the year the Group going forward will focus on the Group\u2019s Airijoki
Project in Sweden and has impaired the other projects acquired from Pursuit.
As part of the purchase agreement with Pursuit there is deferred contingent consideration
based on two accretive value milestones being achieved;
c) Milestone One which triggers a A$250,000 (approx. \u00a3136,000) payment in cash, is
the completion by the Group (or any successor or assignee) of a Feasibility Study, as
defined by the JORC Code (2012), on any individual project area in the Nordic
Projects, demonstrating an internal rate of return of not less than 25%; and
d) Milestone Two which triggers a A$500,000 (approx. \u00a3272,000) payment in cash is a
decision to mine being made by the Group (or any successor or assignee) in respect
of any project area in the Nordic Projects.
No provision has been made in these financial statements for the deferred contingent
consideration referred to above as all the other projects acquired from Pursuit have been
fully impaired and the Airijoki Project is in the exploration phase and therefore it is not
certain that a Feasibility Study will be completed or a decision to mine be made in the
next few years, or if at all.
Acquisition of EV Metals AB
On 4 August 2023 the Company signed a Share Sale and Purchase Agreement with EMX
Royalty Corporation (EMX) to acquire 100% of EV Metals AB, a Swedish company that
owns the Njuggtraskliden and Mjovattnet exploration licences (the \u201cSwedish Nickel
Projects\u201d) hosting drill-defined magmatic nickel\u2013copper\u2013cobalt\u2013platinum group metal
mineralisation along the Swedish \u201cNickel Line\u201d. The consideration paid to acquire EV
Metals AB was SEK110,780 (approx. \u00a38,200) and the issue of 15 Million 5 year options
to EMX to acquire ordinary shares in the Company at 1.3 pence per Kendrick Share.
Further commitments in relation to the Swedish Nickel Projects
From 13 January 2024 onwards, the Company has to pay an annual advanced royalty
of US$30,000 per project to EMX which increases by US$5,000 annually per Project,
ceasing upon the Commencement of Commercial Production (\u201cAdvance Royalty\u201d).
The Advance Royalty for 2024 has not been paid but has been accrued for. The
Advance Royalty will not be due in relation to 2025 onwards as the Swedish Nickel
Projects are not being continued.
On or before 13 May 2024 the Company has committed to one thousand meter
drilling for each of the Swedish Nickel Projects and thereafter annually, ceasing for
a project on the date upon which the Company commissions a Pre-Feasibility Study
on the project (\u201cDrilling Commitment\u201d).
13. CONGINGENT LIABILITIES (continued)
Royalty Agreement: At the closing of the Swedish Nickel Projects acquisition the
Company entered into a royalty agreement under which a 3% net smelter royalty is
payable to EMX on commercial production from any of the Swedish Nickel Projects
(\u201cProduction Royalty\u201d). A 1% interest in this royalty may be bought back in stages
for a total cash consideration of US$1,000,000 on or before the fifth anniversary of
the closing of the Acquisition.
The Group is not continuing with the Swedish Nickel Projects and no liability has been
recognised in these financial statements for the further commitments under the Swedish
Nickel Projects Acquisition above in relation to;
the Drilling Commitment as the Group is not continuing with the Swedish Nickel
Projects; and
Production Royalty as the Group is not continuing with the Swedish Nickel Projects
so will not bring them into commercial production.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-15": { "value": "13. CONGINGENT LIABILITIES On 6 May 2022 the Company completed the acquisition from Pursuit Minerals Ltd (\u201cPursuit\u201d) of; (a) 100% of Northern X Finland Oy (\u201cNorthern X Finland\u201d), which owned in Finland the Koitelainen vanadium projects which hosts a defined Mineral Resource as defined by the JORC Code (2012) and the Karhujupukka vanadium-magnetite exploration project (\u201cFinnish Projects\u201d); and (b) 100% of Northern X Scandinavia AB (\u201cNorthern X Scandinavia\u201d) which owned in Sweden the Airijoki and vanadium project (the \u201cAirijoki Project\u201d) which hosts a defined Mineral Resource as defined by the JORC Code (2012) and the Kramsta, Kullberget, Simesvallen and Sum\u00e5ssj\u00f6n exploration projects in Sweden (collectively known as the \u201cCentral Sweden Projects\u201d) (the Airijoki Project and the Central Sweden Projects are collectively the \u201cSwedish Projects\u201d). (Collectively the Northern X Group and the Nordic Projects ). 13. CONGINGENT LIABILITIES (continued) As at the end of the year the Group going forward will focus on the Group\u2019s Airijoki Project in Sweden and has impaired the other projects acquired from Pursuit. As part of the purchase agreement with Pursuit there is deferred contingent consideration based on two accretive value milestones being achieved; c) Milestone One which triggers a A$250,000 (approx. \u00a3136,000) payment in cash, is the completion by the Group (or any successor or assignee) of a Feasibility Study, as defined by the JORC Code (2012), on any individual project area in the Nordic Projects, demonstrating an internal rate of return of not less than 25%; and d) Milestone Two which triggers a A$500,000 (approx. \u00a3272,000) payment in cash is a decision to mine being made by the Group (or any successor or assignee) in respect of any project area in the Nordic Projects. No provision has been made in these financial statements for the deferred contingent consideration referred to above as all the other projects acquired from Pursuit have been fully impaired and the Airijoki Project is in the exploration phase and therefore it is not certain that a Feasibility Study will be completed or a decision to mine be made in the next few years, or if at all. Acquisition of EV Metals AB On 4 August 2023 the Company signed a Share Sale and Purchase Agreement with EMX Royalty Corporation (EMX) to acquire 100% of EV Metals AB, a Swedish company that owns the Njuggtraskliden and Mjovattnet exploration licences (the \u201cSwedish Nickel Projects\u201d) hosting drill-defined magmatic nickel\u2013copper\u2013cobalt\u2013platinum group metal mineralisation along the Swedish \u201cNickel Line\u201d. The consideration paid to acquire EV Metals AB was SEK110,780 (approx. \u00a38,200) and the issue of 15 Million 5 year options to EMX to acquire ordinary shares in the Company at 1.3 pence per Kendrick Share. Further commitments in relation to the Swedish Nickel Projects From 13 January 2024 onwards, the Company has to pay an annual advanced royalty of US$30,000 per project to EMX which increases by US$5,000 annually per Project, ceasing upon the Commencement of Commercial Production (\u201cAdvance Royalty\u201d). The Advance Royalty for 2024 has not been paid but has been accrued for. The Advance Royalty will not be due in relation to 2025 onwards as the Swedish Nickel Projects are not being continued. On or before 13 May 2024 the Company has committed to one thousand meter drilling for each of the Swedish Nickel Projects and thereafter annually, ceasing for a project on the date upon which the Company commissions a Pre-Feasibility Study on the project (\u201cDrilling Commitment\u201d). 13. CONGINGENT LIABILITIES (continued) Royalty Agreement: At the closing of the Swedish Nickel Projects acquisition the Company entered into a royalty agreement under which a 3% net smelter royalty is payable to EMX on commercial production from any of the Swedish Nickel Projects (\u201cProduction Royalty\u201d). A 1% interest in this royalty may be bought back in stages for a total cash consideration of US$1,000,000 on or before the fifth anniversary of the closing of the Acquisition. The Group is not continuing with the Swedish Nickel Projects and no liability has been recognised in these financial statements for the further commitments under the Swedish Nickel Projects Acquisition above in relation to; the Drilling Commitment as the Group is not continuing with the Swedish Nickel Projects; and Production Royalty as the Group is not continuing with the Swedish Nickel Projects so will not bring them into commercial production.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-16": { "value": "14. INVESTMENT IN AND LOANS TO SUBSIDIARIES
Loans to Subsidiaries
Company
Northern X Northern X
Total Investment
Investment in
Scandinavia
Scandinavia Caledonian
EV Metals
in & Loans to
Subsidiaries
AB
Finland
OY
Minerals
AS
AB
Subsidiaries
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Balance
29 December
2022
2,455,312 497,064 86,741 246,882 - 3,285,999
Acquisition
of
EV
48,666 - - - - 48,666
Metals
Loans to Subsidiaries
-
803,509
1,084
517,008
239
1,321,840
Movement in the Year
48,666
803,509
1,084
517,008
239
1,370,506
Impairment
Provision
(152,145)
-
(72,534)
(98,600)
-
(323,279)
Balance
29 December
2023
2,351,833 1,300,573 15,291 665,290 239 4,333,226
Loans to Subsidiaries
-
(
199,0
79
)
4,548
82
,
282
2
6,6
3
7
(
85,612
)
Impairment
Provision
*
*
(
1,081
,
7
5
3
)
-
(19,839)
(
7
47
,5
72
)
(26,876)
(1,8
7
6,
0
4
0
)
Balance
29 December
202
4
1,270,080 1,101,494 - - - 2,371,574
* * The 2023 impairment provision related to the Kramsta 100 licence in Sweden, the Karhujupukka North & Karhujupukka North licences in Finland and the Hosanger & Sigdal licences in Norway that it was decided not to renew as part of the Company\u2019s ongoing licence management as they were assessed to have relatively low prospectivity compared to the Company\u2019s remaining licences. ** The 2024 impairment provision relates to the Simesvallen 100, Kullberget100, Sumasjon1, Mjovattent and Njuggtraskliden licences in Sweden , the Koitelainen and Karhujupukka North licences in Finland and the Espedalen & Sigdal licences in Norway. The provision was made as after an assessment of the current funding market for nickel exploration and development companies and the operational and maintenance costs of its projects and their relative prospectivity. The Board has decided to focus on its Airijoki vanadium energy storage project in Sweden notwithstanding the prospectivity of its other projects were they fully funded. To facilitate the smooth transfer of the Norwegian Project Licences the Company acquired Caledonian Minerals AS a Norwegian company established by EMX as a clean special purpose vehicle on 13 May 2022 for \u00a36,186, which at that date had not carried out any business and had no assets of liabilities. Investments in subsidiaries are recorded at cost, which is the fair value of the consideration paid less impairment. 14. INVESTMENT IN AND LOANS TO SUBSIDIARIES (continued) The Company conducted an impairment review under IFRS 9 of the loans made to subsidiaries and determined that i) the recoverability of the Company investment in and loans to Northern X Scandinava AB in relation to the Airijoki Project is supported by the Airijoki exploration licences owned by Northern X Scandinava AB, that ii) loans made to subsidiaries related to exploration licences that have been relinquished or will not be a focus of the Group going forward should be assessed as stage 3 loans and iii) that loans made to Northern X Scandinava AB related to the retained Airijoki exploration licences should be assessed as stage 1 loans with no provision against their carrying value. Accordingly an impairment provision of \u00a31,081,753 (2023: \u00a3152,145) against the carrying value of the Company\u2019s investment in subsidiaries and \u00a3794,287 (2023: \u00a3171,134) was made against the Company\u2019s loans to subsidiaries assessed as stage 3. The Company is satisfied that having made these provisions the carrying value of \u00a32,371,574 (2023: \u00a34,333,226) is reasonable and no further impairment is necessary. Principal Subsidiaries (in 2023 and 2024 unless indicated to the contrary)
Country of Company\u2019s
Name & registered incorporation Nature of Proportion
office
address
and
residence
business
of
equity
Northern X Scandinavia
Sweden
Base
100%
AB
Hellstrom Advokatbyra
Metals
KB, Box 7305, 103 90 Exploration
Stockholm
Sweden
Northern X Finland Oy C/o Millar Finland Base 100%
Ab, Storgatan 51, 972 31 Lule\u00e5 Metals
Sweden, Finnish business identity Exploration
code 2892740-6
Caledonian Minerals AS c/o IM
Norway
Base
100%
Ruud Regnskap AS, Metals
Smalgangen 3, 0188 Oslo,
Norway
Exploration
EV Metals AB c/o Nordfors Sweden Base 100%
Consulting AB, Box 528, 101 Metals
30
Stockholm
Exploration
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-228": { "value": "The Company conducted an impairment review under IFRS 9 of the loans made to subsidiaries and determined that i) the recoverability of the Company investment in and loans to Northern X Scandinava AB in relation to the Airijoki Project is supported by the Airijoki exploration licences owned by Northern X Scandinava AB, that ii) loans made to subsidiaries related to exploration licences that have been relinquished or will not be a focus of the Group going forward should be assessed as stage 3 loans and iii) that loans made to Northern X Scandinava AB related to the retained Airijoki exploration licences should be assessed as stage 1 loans with no provision against their carrying value. Accordingly an impairment provision of \u00a31,081,753 (2023: \u00a3152,145) against the carrying value of the Company\u2019s investment in subsidiaries and \u00a3794,287 (2023: \u00a3171,134) was made against the Company\u2019s loans to subsidiaries assessed as stage 3. The Company is satisfied that having made these provisions the carrying value of \u00a32,371,574 (2023: \u00a34,333,226) is reasonable and no further impairment is necessary.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-18": { "value": "15. TRADE AND OTHER RECEIVABLES
Group
Group
Company
Company
202
4
202
3
202
4
202
3
\u00a3
\u00a3
\u00a3
\u00a3
V
AT
receivable
8,355
9,099
8,355
8,624
Prepayments
25,707
26,190
25,707
26,190
Other
receivable
s
12,
93
5
12,751
2,000
2,000
46
,
997
48,040
3
6,062
36,814
The fair value of trade and other receivables is not significantly different from the carrying value and none of the balances are past due.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-17": { "value": "16. TRADE AND OTHER PAYABLES
Group
Group
Company
Company
202
4
202
3
202
4
202
3
\u00a3
\u00a3
\u00a3
\u00a3
Trade and other payables
444
,
932
238,704
444
,
932
238,704
Amount owed to directors
217,510
77,819
217,510
77,819
Accruals
140
,
759
108,534
140,759
108,534
Loans and o
ther payables
18,177
3,653
18,056
3,532
82
1,
378
428,710
821
,
257
428,589
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-19": { "value": "17 BORROWINGS On 22 April 2024 the Company entered into an unsecured convertible loan funding facility (the \u201cFacility\u201d) for \u00a3500,000 with Sanderson Capital Partners Ltd (the \u201cLender\u201d), a long term shareholder in the Company. The Facility is convertible at 0.75 pence per ordinary share (\u201cShares\u201d) and can be drawn down in 4 tranches of \u00a3125,000 each (\u201cLoan Tranches\u201d). During the year a drawdown of \u00a3125,000 (\u201cTranche One Drawdown\u201d) was made and paid under the Facility. During the year a second drawdown notice of \u00a3125,000 (\u201cTranche Two Drawdown\u201d) was issued under the Facility. The Tranche Two Drawdown has not yet been paid. Working Capital Facility Agreement The Facility is for \u00a3500,000 in total, is unsecured, interest free and can be drawn down in four tranches as follows: \u00a3125,000 drawn down within 6 months of 7 May 2024 (\u201cTranche One\u201d \u2013 drawn down); \u00a3125,000 drawn down within 6 months of 7 July 2024 (\u201cTranche Two\u201d due as at 29 December 2024); \u00a3125,000 drawn down within 6 months of 7 September 2024 (\u201cTranche Three\u201d); and \u00a3125,000 drawn down within 6 months of 7 November 2024 (\u201cTranche Four\u201d). 17 BORROWINGS (continued) The Company will provide a loan drawdown notice if and when it requires a drawdown. The Company has the option but not the obligation to drawdown on part or all of the Facility. Repayment and Conversion Repayment Unless otherwise converted, the Company must repay each Loan Tranche on the first anniversary of the advance by the Lender of the applicable Loan Tranche (\u201cMaturity Date\u201d). The Company may prepay the whole or part of the Facility on any day prior to the Maturity Date for a Loan Tranche upon giving not less than 14 days\u2019 prior written notice to the Lender and paying in cash a prepayment fee of 5% of the amount which the Company prepays in cash before the Maturity Date. The Lender can during the 14 days\u2019 notice period make an election for all or part of the Loan subject to a prepayment notice to be repaid in shares in which case the 5% fee shall not apply to that proportion of the Loan repaid in shares. Conversion of Loan Tranche by Lender The Lender may at any time during the Facility Period elect to convert all or part of any drawn down amount into such number of new shares equal to the amount of the Loan Tranche that is to be repaid at the date of the election, divided by the 0.75 pence (\u201cConversion Price\u201d) (the \u201cConversion Shares\u201d). The Conversion Price of 0.75 pence per share represented a 87% premium to the closing share price of 0.4 pence on 19 April 2024. Conversion of Loan by the Company The Company may at any time during the Loan Period elect to convert all or part of Tranche One to Tranche Four if the share price exceeds 1 pence (\u201cTarget Conversion Price\u201d) for a period of five or more business days. Conversion Adjustment If the Company before i) the Maturity Date for a Loan Tranche and before ii) the Loan Tranche has been repaid issues shares for cash consideration (\u201cIssue Price\u201d) at a discount to 0.75 pence per share (the \u201cBase Issue Price\u201d) then the Conversion Price and the Target Conversion Price in respect of that Loan Tranche shall be multiplied by a fraction, the numerator of which will be the Issue Price and the denominator of which will be 0.75 pence. Interest and Fees The Loan is interest free. The Lender shall be paid an arrangement fee of 10% of the amount of the Facility to be settled by the issue of 11,764,706 new shares (\u201cFacility Fee Shares\u201d) credited as fully paid by at an issue price of 0.425p per Share (being the Five Day VWAP on the date of the announcement of the Working Capital Facility Agreement) with the Facility Fee Shares to be issued on or before 31 December 2024 or such other date agreed by the parties. The Facility Fee Shares have not yet been issued as the 17 BORROWINGS (continued) drawdowns under Loan Tranche Two during the period and under Loan Tranche Three post the period end have not yet been paid. On the drawdown of any Loan Tranche the Lender shall be paid a further fee of 2% of the amount of the relevant Loan Tranche which is to be settled by the issue of new Shares credited as fully paid at the five-day VWAP on the date of the relevant Loan drawdown notice (\u201cDrawdown Fee Shares\u201d) with the Drawdown Fee Shares to be issued on or before 31 December 2024 or such other date agreed by the parties. Option to Extend Facility If the Company draws down in full or in part against Tranche One, Tranche Two, Tranche Three and Tranche Four then it has the option to elect to be able to drawdown up to an additional \u00a3250,000 (\u201cOptional Loan Tranche\u201d) This must be made in writing within 30 days of the date the Company has made a drawdown in full or in part against Tranche One, Tranche Two, Tranche Three and Tranche Four. Warrants On the drawdown of any Loan Tranche, the Lender shall be issued three year warrants over shares (\u201cWarrants\u201d) with a face value equal to 50% of the amount drawn down under the Loan Tranche. The exercise price for the Warrants applicable to each of the tranches are as follows: 1.5 pence per share for the drawdown of Tranche One to Tranche Four; and 2 pence per share for the drawdown of the Optional Loan Tranche; During the year the Company issued 4,166,667 warrants exercisable at 1.5 pence for three years in relation to the drawdown of \u00a3125,000 under the Facility which was paid during the year. If there are no drawdowns under two or more of the Loan Tranches then at 7 May 2025 which is 6 months after the Tranche Four Drawdown Date of 7 November 2024, the Company will issue a three year warrant to the Lender for an amount equal to 25% of the Facility that has not been drawn down with an exercise price of 1 pence per share. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-229": { "value": "
18. SHARE CAPITAL AND SHARE PREMIUM
202
4
20
2
3
Issued and fully paid
equity share capital
Number
\u00a3
Number
\u00a3
Ordinary shares of \u00a30.0003 each
250,248,152
75,074
243,882,767
73,165
Deferred shares of \u00a30.00999 each
335,710,863
3,353,752
335,710,863
3,353,752
Deferred shares of \u00a30.009 each
1,346,853,81
12,121,684
1,346,853,817
12,121,684
Deferred shares of \u00a30.01 each
19,579,925
195,799
19,579,925
195,799
D
e
f
e
r
r
e
d
s
h
a
r
e
s
o
f
\u00a3
0.
0
4
e
a
ch
1
81
,
3
7
8
,
7
6
6
7
,
2
5
5
,
15
1
1
81
,
3
7
8
,
7
6
6
7
,
2
5
5
,
15
1
23,001,460
22,999,551
Group & Company
Number of Share
Ordinary Share Premium
shares capital
\u00a3 \u00a3
As at 1 January
2023
239,738,372
71,921
31,810,107
Shares issued on acquisition of the Norwegian projects
4,144,395
1,244
35,021
As at 29 December 2023
243,882,767
73,165 31,845,128
Shares issued
to settle acc
r
ued fees to consultants
6,365,385
1,909
44,091
As at 29 December 2024 250,248,152 75,074 31,889,219
On 18 September 2024 the Company issued 6,365,385 new ordinary shares of \u00a30.0003 to
settle \u00a346,000 of accrued fees due to consultants as per the table below:
Period
Fees
Issue price
No. of shares
12 mths to 31 August 2024
\u00a3
30,000
\u00a3
0.00650
4,615,385
12 months to 2 May 2024
\u00a3
16,000
\u00a3
0.00914
1,750,000
At the Annual General Meeting held on 4 February 2021, shareholders approved that the
335,710,863 Existing Ordinary Shares in issue be subdivided each into one new ordinary share
of \u00a30.00001 (\u201cNew Ordinary Share\u201d) and one deferred share of \u00a30.00999 (\u201c2020 Deferred
Share) in the capital of the Company. The New Ordinary Shares carry the same rights as
attached to the Existing Ordinary Shares (save for the reduction in their nominal value). The
2020 Deferred Shares have no voting rights and have no rights as to dividends and only very
limited rights on a return of capital. They will not be admitted to trading or listed on any stock
exchange and will not be freely transferable. The holders of the 2020 Deferred Shares are not
entitled to any further right of participation in the assets of the Company. As such, the 2020
Deferred Shares effectively have no value.
18. SHARE CAPITAL AND SHARE PREMIUM (continued)
At the Annual General Meeting held on 25 October 2021, shareholders approved an
ordinary resolution that for every thirty (30) issued and unissued ordinary share of
\u00a30.00001 each in the share capital of the Company (\u201cExisting Shares\u201d) be consolidated
into one (1) ordinary share of \u00a30.0003 each (\u201cNew Shares\u201d) such New Shares having the
same rights and being subject to the same restrictions, save as to nominal value, as the
Existing Shares.
The deferred shares of \u00a30.01 each and \u00a30.009 each confer no rights to vote at a general
meeting of the Company or to a dividend. On a winding-up the holders of the deferred
shares are only entitled to the paid-up value of the shares after the repayment of the
capital paid on the ordinary shares and \u00a35,000,000 on each ordinary share.
The deferred shares of \u00a30.04 each have no rights to vote or to participate in dividends
and carry limited rights on return of capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-246": { "value": "18. SHARE CAPITAL AND SHARE PREMIUM
202
4
20
2
3
Issued and fully paid
equity share capital
Number
\u00a3
Number
\u00a3
Ordinary shares of \u00a30.0003 each
250,248,152
75,074
243,882,767
73,165
Deferred shares of \u00a30.00999 each
335,710,863
3,353,752
335,710,863
3,353,752
Deferred shares of \u00a30.009 each
1,346,853,81
12,121,684
1,346,853,817
12,121,684
Deferred shares of \u00a30.01 each
19,579,925
195,799
19,579,925
195,799
D
e
f
e
r
r
e
d
s
h
a
r
e
s
o
f
\u00a3
0.
0
4
e
a
ch
1
81
,
3
7
8
,
7
6
6
7
,
2
5
5
,
15
1
1
81
,
3
7
8
,
7
6
6
7
,
2
5
5
,
15
1
23,001,460
22,999,551
Group & Company
Number of Share
Ordinary Share Premium
shares capital
\u00a3 \u00a3
As at 1 January
2023
239,738,372
71,921
31,810,107
Shares issued on acquisition of the Norwegian projects
4,144,395
1,244
35,021
As at 29 December 2023
243,882,767
73,165 31,845,128
Shares issued
to settle acc
r
ued fees to consultants
6,365,385
1,909
44,091
As at 29 December 2024 250,248,152 75,074 31,889,219
On 18 September 2024 the Company issued 6,365,385 new ordinary shares of \u00a30.0003 to settle \u00a346,000 of accrued fees due to consultants as per the table below:
Period
Fees
Issue price
No. of shares
12 mths to 31 August 2024
\u00a3
30,000
\u00a3
0.00650
4,615,385
12 months to 2 May 2024
\u00a3
16,000
\u00a3
0.00914
1,750,000
At the Annual General Meeting held on 4 February 2021, shareholders approved that the 335,710,863 Existing Ordinary Shares in issue be subdivided each into one new ordinary share of \u00a30.00001 (\u201cNew Ordinary Share\u201d) and one deferred share of \u00a30.00999 (\u201c2020 Deferred Share) in the capital of the Company. The New Ordinary Shares carry the same rights as attached to the Existing Ordinary Shares (save for the reduction in their nominal value). The 2020 Deferred Shares have no voting rights and have no rights as to dividends and only very limited rights on a return of capital. They will not be admitted to trading or listed on any stock exchange and will not be freely transferable. The holders of the 2020 Deferred Shares are not entitled to any further right of participation in the assets of the Company. As such, the 2020 Deferred Shares effectively have no value. 18. SHARE CAPITAL AND SHARE PREMIUM (continued) At the Annual General Meeting held on 25 October 2021, shareholders approved an ordinary resolution that for every thirty (30) issued and unissued ordinary share of \u00a30.00001 each in the share capital of the Company (\u201cExisting Shares\u201d) be consolidated into one (1) ordinary share of \u00a30.0003 each (\u201cNew Shares\u201d) such New Shares having the same rights and being subject to the same restrictions, save as to nominal value, as the Existing Shares. The deferred shares of \u00a30.01 each and \u00a30.009 each confer no rights to vote at a general meeting of the Company or to a dividend. On a winding-up the holders of the deferred shares are only entitled to the paid-up value of the shares after the repayment of the capital paid on the ordinary shares and \u00a35,000,000 on each ordinary share. The deferred shares of \u00a30.04 each have no rights to vote or to participate in dividends and carry limited rights on return of capital. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-20": { "value": "18. SHARE CAPITAL AND SHARE PREMIUM
202
4
20
2
3
Issued and fully paid
equity share capital
Number
\u00a3
Number
\u00a3
Ordinary shares of \u00a30.0003 each
250,248,152
75,074
243,882,767
73,165
Deferred shares of \u00a30.00999 each
335,710,863
3,353,752
335,710,863
3,353,752
Deferred shares of \u00a30.009 each
1,346,853,81
12,121,684
1,346,853,817
12,121,684
Deferred shares of \u00a30.01 each
19,579,925
195,799
19,579,925
195,799
D
e
f
e
r
r
e
d
s
h
a
r
e
s
o
f
\u00a3
0.
0
4
e
a
ch
1
81
,
3
7
8
,
7
6
6
7
,
2
5
5
,
15
1
1
81
,
3
7
8
,
7
6
6
7
,
2
5
5
,
15
1
23,001,460
22,999,551
Group & Company
Number of Share
Ordinary Share Premium
shares capital
\u00a3 \u00a3
As at 1 January
2023
239,738,372
71,921
31,810,107
Shares issued on acquisition of the Norwegian projects
4,144,395
1,244
35,021
As at 29 December 2023
243,882,767
73,165 31,845,128
Shares issued
to settle acc
r
ued fees to consultants
6,365,385
1,909
44,091
As at 29 December 2024 250,248,152 75,074 31,889,219
On 18 September 2024 the Company issued 6,365,385 new ordinary shares of \u00a30.0003 to settle \u00a346,000 of accrued fees due to consultants as per the table below:
Period
Fees
Issue price
No. of shares
12 mths to 31 August 2024
\u00a3
30,000
\u00a3
0.00650
4,615,385
12 months to 2 May 2024
\u00a3
16,000
\u00a3
0.00914
1,750,000
At the Annual General Meeting held on 4 February 2021, shareholders approved that the 335,710,863 Existing Ordinary Shares in issue be subdivided each into one new ordinary share of \u00a30.00001 (\u201cNew Ordinary Share\u201d) and one deferred share of \u00a30.00999 (\u201c2020 Deferred Share) in the capital of the Company. The New Ordinary Shares carry the same rights as attached to the Existing Ordinary Shares (save for the reduction in their nominal value). The 2020 Deferred Shares have no voting rights and have no rights as to dividends and only very limited rights on a return of capital. They will not be admitted to trading or listed on any stock exchange and will not be freely transferable. The holders of the 2020 Deferred Shares are not entitled to any further right of participation in the assets of the Company. As such, the 2020 Deferred Shares effectively have no value. 18. SHARE CAPITAL AND SHARE PREMIUM (continued) At the Annual General Meeting held on 25 October 2021, shareholders approved an ordinary resolution that for every thirty (30) issued and unissued ordinary share of \u00a30.00001 each in the share capital of the Company (\u201cExisting Shares\u201d) be consolidated into one (1) ordinary share of \u00a30.0003 each (\u201cNew Shares\u201d) such New Shares having the same rights and being subject to the same restrictions, save as to nominal value, as the Existing Shares. The deferred shares of \u00a30.01 each and \u00a30.009 each confer no rights to vote at a general meeting of the Company or to a dividend. On a winding-up the holders of the deferred shares are only entitled to the paid-up value of the shares after the repayment of the capital paid on the ordinary shares and \u00a35,000,000 on each ordinary share. The deferred shares of \u00a30.04 each have no rights to vote or to participate in dividends and carry limited rights on return of capital. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-21": { "value": "19. WARRANTS AND SHARE OPTIONS At 29 December 2024 the warrants in the table below over ordinary shares in the issued share capital of the Company were issued and at the period end had not been exercised.
Number
of
Exercise Expiry
Warrants price (p)
Fundraising Warrants
92,857,143
6.0 6 May 2025
Broker Warrants
4,642,856
3.5 6 May 2025
Consultant Warrants
4,375,943
3.5 6 May 2025
Drawdown Warrants
4,166,667
1.5 23 August 2026
106,042,609
A warrant reserve was not created in relation to the 101,875,942 warrants as they were all issued in relation to raising funds for the Company\u2019s Listing in May 2022. During the year the Company issued 4,166,667 Drawdown Warrants exercisable at 1.5 pence for three years in relation to the drawdown of \u00a3125,000 under the Facility which was paid during the year. The fair value of the drawdown warrants of \u00a39,333 was determined at the date of the grant using the Black Scholes model, using the following inputs but has not been provided for in these financial statements:
Share price at the date of issue
0.78p
Strike price
1.5p
Volatility
65%
Expected life
1,095 days (3 years)
Risk free rate
3.81%
19. WARRANTS AND SHARE OPTIONS (continued) A new Share Option Scheme for the directors, senior management, consultants and employees was approved at the AGM on 4 February 2021, as outlined in the Directors Report. On 2 February 2023 the Company issued in aggregate, 22,550,000 options over ordinary shares of \u00a30.0003 par value in the capital of the Company (\"Ordinary Shares\") have been granted fully vested pursuant to the Share Option Scheme (the \"Options\"). Of the 22,550,000 Options, 13,750,000 have been awarded to directors of the Company, as detailed further below and the balance of 8,800,000 to other eligible participants. The Company has not previously issued any Options pursuant to the Share Option Plan.
Directors
No. of Options
Colin Bird Executive Chairman
6,000,000
Martyn Churchouse
5,000,000
Alex Borrelli
1,000,000
Evan Kirby
1,000,000
Kjeld Thygesen
750,000
Total Directors
13,750,000
All the Options have an exercise price of 3.5 pence per Ordinary Share and vested on issue. To incentivise and retain directors, officers, consultants and employees critical to enhancing the future market value of the Company. The options expire on 3 February 2031 being the date one day prior to the tenth anniversary of the AGM at which the Share Option Plan was approved. The Options can be exercised any time after vesting and prior to their scheduled expiry and must be exercised within 6 months of an option holder leaving the Company or within 12 months of the death of an option holder. The Company\u2019s mid-market closing share price on 2 February 2023, being the latest practicable date prior to the issue of the options, was 0.93 pence. As a result of this the fair value of the share options was determined at the date of the grant using the Black Scholes model, using the following inputs:
Share price at the date of issue
0.93p
Strike price
3.5p
Volatility
50%
Expected life
2,920 days (8 years)
Risk free rate
4%
The resultant fair value of the share options as at 29 March 2023 was determined to be \u00a359,758. 19. WARRANTS AND SHARE OPTIONS (continued) As detailed in note 13 in addition to the consideration paid to acquire EV Metals AB on 7 August 2023, the Company issued 15 million 5 year options to EMX to acquire ordinary shares in the Company at 1.3 pence per Kendrick Share. The options can be exercised any time after vesting and prior to their scheduled expiry and the Company\u2019s mid-market closing share price on 4 August 2023, being the latest practicable date prior to the issue of the options, was 0.775 pence. As a result of this the fair value of the share options was determined at the date of the grant using the Black Scholes model, using the following inputs:
Share price at the date of issue
0.775p
Strike price
1.3p
Volatility
50%
Expected life
1,825 days (5 years)
Risk free rate
5%
The resultant fair value of the options was determined to be \u00a340,500. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-22": { "value": "20. FINANCIAL INSTRUMENTS Capital risk management The Company manages its capital to ensure that it will be able to continue as a going concern, while maximising the return to shareholders. The capital resources of the Company comprises issued capital, reserves and retained earnings as disclosed in the Statement of Changes in Equity. The Company\u2019s primary objective is to provide a return to its equity shareholders through capital growth. Going forward the Company will seek to maintain a yearly ratio that balances risks and returns of an acceptable level and also to maintain a sufficient funding base to the Company to meet its working capital and strategic investment needs. Categories of financial instruments
202
4
20
2
3
\u00a3
\u00a3
Financial assets
Current asset investment
1,79
8
1,798
Cash and cash equivalents
17,551
199,992
Trade and o
ther receivables
21
,290
21,850
40
,
6
3
9
223,640
Financial liabilities classified as held at amortised cost
Trade and other payables
4
44,932
238,704
4
44,932
238,704
20. FINANCIAL INSTRUMENTS (continued) All financial assets are held at amortised costs except current asset investments as detailed below. Fair value of financial assets and liabilities Fair value is the amount at which a financial instrument could be exchanged in an arm\u2019s length transaction between informed and willing parties, other than a forced or liquidation sale and excludes accrued interest. Where available, market values have been used to determine fair values. The current asset investment is Level 1 in the fair value hierarchy and is held at fair value. Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments which are measured at fair value by valuation technique: Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities; Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and Level 3: Techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data. Management assessed that the fair values of current asset investment, cash and short-term deposits, other receivables, trade and other payables, borrowings and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. Financial risk management objectives Management provides services to the business, co-ordinates access to domestic and international financial markets, monitors and manages the financial risks relating to the operations of the Group through internal risks reports which analyse exposures by degree and magnitude of risks. These risks include foreign currency risk, credit risk, liquidity risk and cash flow interest rate risk. The Group does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. The Company entered into an unsecured convertible loan funding facility, which is subject to an arrangement fee of 10% of the amount of the Facility to be settled by the issue of new shares as detailed in note 17. The Loan is interest free and so the Group is not exposed to any risks associated with fluctuations in interest rates on the loan. Otherwise the Group has no other committed borrowings. Fluctuation in interest rates applied to cash balances held at the balance sheet date would have minimal impact on the Group. 20. FINANCIAL INSTRUMENTS (continued) Foreign exchange risk and foreign currency risk management Foreign currency exposures are monitored on a monthly basis. Funds are transferred between the Sterling and US Dollar accounts in order to minimise foreign exchange risk. The Group holds the majority of its funds in Sterling. The carrying amounts of the Group\u2019s foreign currency denominated financial assets and monetary liabilities at the reporting date are as follows:
Financial liabilities
Financial assets
202
4
202
3
202
4
202
3
\u00a3
\u00a3
\u00a3
\u00a3
US
Dollars
47,958
16
19
8
1
9
Swedish Krona
57,190
113,579
15
160,050
Euros
4,588
-
-
-
Norwegian Krona
16,223
52,534
-
-
Credit risk management Credit risk refers to the risk that a counter party will default on its contractual obligations resulting in financial loss to the Group. The Group does not have any significant credit risk exposure on trade receivables. The Group makes allowances for impairment of receivables where there is an identified event which, based on previous experience, is evidence of a reduction in the recoverability of cash flows. The directors consider the foreign exchange risk exposure is limited. The credit risk on liquid funds (cash) is considered to be limited because the counterparties are financial institutions with high credit ratings assigned by international credit-rating agencies. The carrying amount of financial assets recorded in the financial statements represents the Company\u2019s maximum exposure to credit risk. Liquidity risk management Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. Management monitor forecasts of the Company\u2019s liquidity reserve, comprising cash and cash equivalents, on the basis of expected cash flow. At 29 December 2024, the Group held cash and cash equivalents of \u00a317,551 (2023: \u00a3199,992) and the directors assess the liquidity risk as part of their going concern assessment (see note 3). The maturity of the Group\u2019s financial liabilities at the Statement of Financial Position date, based on the contracted undiscounted payments as disclosed in note 14, falls within one year and payable on demand. The Group aim to maintain appropriate cash balances in order to meet its liabilities as they fall due. 20. FINANCIAL INSTRUMENTS (continued)
Maturity analysis
Group Between Between Between
2024 On In 1 and 6 6 and 12 1 and 3
T
otal
demand
1
month
months
months
years
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Trade and other
payables
821,
378
-
133,660 687,718 - -
Borrowings
125,000
-
-
125,000
-
-
Group
2023 Between Between Between
On In 1 and 6 6 and 12 1 and 3
T
otal
demand
1
month
months
months
years
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
T
rad
e
an
d
othe
r
payables
428,710
-
82,971 345,739 - -
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-230": { "value": "
Capital risk management
The Company manages its capital to ensure that it will be able to continue as a going
concern, while maximising the return to shareholders.
The capital resources of the Company comprises issued capital, reserves and retained
earnings as disclosed in the Statement of Changes in Equity. The Company\u2019s primary
objective is to provide a return to its equity shareholders through capital growth. Going
forward the Company will seek to maintain a yearly ratio that balances risks and returns
of an acceptable level and also to maintain a sufficient funding base to the Company to
meet its working capital and strategic investment needs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-231": { "value": "
Fair value of financial assets and liabilities
Fair value is the amount at which a financial instrument could be exchanged in an arm\u2019s
length transaction between informed and willing parties, other than a forced or liquidation
sale and excludes accrued interest. Where available, market values have been used to
determine fair values. The current asset investment is Level 1 in the fair value hierarchy
and is held at fair value.
Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of
financial instruments which are measured at fair value by valuation technique:
Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities;
Level 2: Other techniques for which all inputs which have a significant effect on the
recorded fair value are observable, either directly or indirectly; and
Level 3: Techniques which use inputs that have a significant effect on the recorded fair
value that are not based on observable market data.
Management assessed that the fair values of current asset investment, cash and short-term
deposits, other receivables, trade and other payables, borrowings and other current
liabilities approximate their carrying amounts largely due to the short-term maturities of
these instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-247": { "value": "Fair value hierarchy The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments which are measured at fair value by valuation technique: Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities; Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and Level 3: Techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data. Management assessed that the fair values of current asset investment, cash and short-term deposits, other receivables, trade and other payables, borrowings and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-232": { "value": "
Financial risk management objectives
Management provides services to the business, co-ordinates access to domestic and
international financial markets, monitors and manages the financial risks relating to the
operations of the Group through internal risks reports which analyse exposures by degree
and magnitude of risks. These risks include foreign currency risk, credit risk, liquidity risk
and cash flow interest rate risk. The Group does not enter into or trade financial
instruments, including derivative financial instruments, for speculative purposes.
The Company entered into an unsecured convertible loan funding facility, which is subject
to an arrangement fee of 10% of the amount of the Facility to be settled by the issue of
new shares as detailed in note 17. The Loan is interest free and so the Group is not exposed
to any risks associated with fluctuations in interest rates on the loan. Otherwise the Group
has no other committed borrowings. Fluctuation in interest rates applied to cash balances
held at the balance sheet date would have minimal impact on the Group.
20. FINANCIAL INSTRUMENTS (continued) Foreign exchange risk and foreign currency risk management Foreign currency exposures are monitored on a monthly basis. Funds are transferred between the Sterling and US Dollar accounts in order to minimise foreign exchange risk. The Group holds the majority of its funds in Sterling. The carrying amounts of the Group\u2019s foreign currency denominated financial assets and monetary liabilities at the reporting date are as follows:
Financial liabilities
Financial assets
202
4
202
3
202
4
202
3
\u00a3
\u00a3
\u00a3
\u00a3
US
Dollars
47,958
16
19
8
1
9
Swedish Krona
57,190
113,579
15
160,050
Euros
4,588
-
-
-
Norwegian Krona
16,223
52,534
-
-
Credit risk management Credit risk refers to the risk that a counter party will default on its contractual obligations resulting in financial loss to the Group. The Group does not have any significant credit risk exposure on trade receivables. The Group makes allowances for impairment of receivables where there is an identified event which, based on previous experience, is evidence of a reduction in the recoverability of cash flows. The directors consider the foreign exchange risk exposure is limited. The credit risk on liquid funds (cash) is considered to be limited because the counterparties are financial institutions with high credit ratings assigned by international credit-rating agencies. The carrying amount of financial assets recorded in the financial statements represents the Company\u2019s maximum exposure to credit risk. Liquidity risk management Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. Management monitor forecasts of the Company\u2019s liquidity reserve, comprising cash and cash equivalents, on the basis of expected cash flow. At 29 December 2024, the Group held cash and cash equivalents of \u00a317,551 (2023: \u00a3199,992) and the directors assess the liquidity risk as part of their going concern assessment (see note 3). The maturity of the Group\u2019s financial liabilities at the Statement of Financial Position date, based on the contracted undiscounted payments as disclosed in note 14, falls within one year and payable on demand. The Group aim to maintain appropriate cash balances in order to meet its liabilities as they fall due.
20. FINANCIAL INSTRUMENTS (continued)
Maturity analysis
Group Between Between Between
2024 On In 1 and 6 6 and 12 1 and 3
T
otal
demand
1
month
months
months
years
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Trade and other
payables
821,
378
-
133,660 687,718 - -
Borrowings
125,000
-
-
125,000
-
-
Group
2023 Between Between Between
On In 1 and 6 6 and 12 1 and 3
T
otal
demand
1
month
months
months
years
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
T
rad
e
an
d
othe
r
payables
428,710
-
82,971 345,739 - -
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-248": { "value": "
Foreign exchange risk and foreign currency risk management
Foreign currency exposures are monitored on a monthly basis. Funds are transferred
between the Sterling and US Dollar accounts in order to minimise foreign exchange risk.
The Group holds the majority of its funds in Sterling.
The carrying amounts of the Group\u2019s foreign currency denominated financial assets and
monetary liabilities at the reporting date are as follows:
Financial liabilities
Financial assets
202
4
202
3
202
4
202
3
\u00a3
\u00a3
\u00a3
\u00a3
US
Dollars
47,958
16
19
8
1
9
Swedish Krona
57,190
113,579
15
160,050
Euros
4,588
-
-
-
Norwegian Krona
16,223
52,534
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-250": { "value": "
Credit risk management
Credit risk refers to the risk that a counter party will default on its contractual obligations
resulting in financial loss to the Group. The Group does not have any significant credit
risk exposure on trade receivables. The Group makes allowances for impairment of
receivables where there is an identified event which, based on previous experience, is
evidence of a reduction in the recoverability of cash flows. The directors consider the
foreign exchange risk exposure is limited.
The credit risk on liquid funds (cash) is considered to be limited because the counterparties
are financial institutions with high credit ratings assigned by international credit-rating
agencies.
The carrying amount of financial assets recorded in the financial statements represents the
Company\u2019s maximum exposure to credit risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-249": { "value": "
Liquidity risk management
Liquidity risk is the risk that the Company will not be able to meet its financial obligations
as they fall due. Management monitor forecasts of the Company\u2019s liquidity reserve,
comprising cash and cash equivalents, on the basis of expected cash flow. At 29 December
2024, the Group held cash and cash equivalents of \u00a317,551 (2023: \u00a3199,992) and the
directors assess the liquidity risk as part of their going concern assessment (see note 3).
The maturity of the Group\u2019s financial liabilities at the Statement of Financial Position
date, based on the contracted undiscounted payments as disclosed in note 14, falls within
one year and payable on demand. The Group aim to maintain appropriate cash balances
in order to meet its liabilities as they fall due.
Maturity analysis
Group Between Between Between
2024 On In 1 and 6 6 and 12 1 and 3
T
otal
demand
1
month
months
months
years
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
Trade and other
payables
821,
378
-
133,660 687,718 - -
Borrowings
125,000
-
-
125,000
-
-
Group
2023 Between Between Between
On In 1 and 6 6 and 12 1 and 3
T
otal
demand
1
month
months
months
years
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
\u00a3
T
rad
e
an
d
othe
r
payables
428,710
-
82,971 345,739 - -
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-23": { "value": "21. RELATED PARTY TRANSACTIONS Remuneration of key management personnel The key management personnel of the Company are considered to be the Directors. Details of their remuneration are covered in note 7. Amounts owed to Directors is shown in Note 16. The shareholdings of the Directors in the issued share capital of the Company was as follows:
29 December 2024
29 December 2023
Director
Number of
Percentage Number of Percentage
Ordinary of issued Ordinary of issued
Shares ordinary Shares ordinary
share share
capital capital
Colin Bird*
47,819,227
19.11% 45,069,227 18.48%
Kjeld Thygesen
2,142,857
0.86% 2,142,857 0.88%
Alex Borrelli
82,777
0.03% 82,777 0.03%
Evan Kirby
-
- - -
Martyn Churchouse - - - -
* Includes 3,695,238 shares held by Lion Mining Finance Ltd and 33,428,571 shares held by Camden Park Trading Ltd, companies controlled by Colin Bird. 21. RELATED PARTY TRANSACTIONS (Continued) The Company entered into a licence agreement dated 1 February 2022 with Lion Mining Finance Limited (a company controlled by Colin Bird, a director of the Company) which was amended with effect from 1 June 2022. Pursuant to this agreement, the Company has been granted a licence to use the premises at 7-8 Kendrick Mews, London SW7 for a licence fee of \u00a31,500 per month (ex VAT) which can be terminated on 2 month\u2019s notice as the initial 12 month term of the agreement has already expired.. In addition, Lion Mining Finance Limited provides basic administrative and support services as required by the Company from time-to-time. At the year end the Group owed Lion Mining Finance Ltd \u00a327,250 (2023 - \u00a35,650) and incurred expenses of \u00a321,600 (2023 - \u00a321,850) in the year. Directors\u2019 Letters of Appointment and Service Agreements (a) Pursuant to an agreement dated 29 April 2022 the Company renewed the appointment of Colin Bird as a Director. The appointment continues unless terminated by either party giving to the other three months\u2019 notice in writing. Colin Bird is entitled to director\u2019s fees of \u00a318,000 per annum for being a Director of the Company plus reasonable and properly documented expenses incurred during the performance of his duties. Colin Bird is not entitled to any pension, medical or similar employee benefits. The agreement replaces all previous agreements with Colin Bird in relation to his appointment as a director of the Company. At the year end the Group owed Colin Bird \u00a338,708 (2023 - \u00a320,708) in respect of director fees. (b) Pursuant to a consultancy agreement dated 29 April 2022, the Company has, with effect from the date of the IPO, appointed Colin Bird as a consultant to provide technical advisory services in relation to its current and future projects including, but not limited to, assessing existing geological data and studies, existing mine development studies and developing exploration programs and defining the framework of future geological and mine study reports (the \u201cColin Bird Services\u201d). The appointment continues unless terminated by either party giving to the other three months\u2019 notice in writing. Colin Bird is entitled to fees of \u00a32,500 per month for being a consultant to the Company plus reasonable and properly documents expenses incurred during the performance of the Colin Bird Services. At the year end the Group owed Colin Bird \u00a342,500 (2023 - \u00a315,000) in respect of consultancy fees. (c) Pursuant to an agreement dated 29 April 2022, renewed the appointment of Kjeld Thygesen as a non-executive Director. The appointment continues unless terminated by either party giving to the other three months\u2019 notice in writing. Kjeld Thygesen is entitled to director\u2019s fees of \u00a318,000 per annum for being a director of the Company plus reasonable and properly documented expenses incurred during the performance of his duties. Kjeld Thygesen is not entitled to any pension, medical or similar employee benefits. At the year end the Group owed Kjeld Thygesen \u00a354,000 (2023 - \u00a336,000) in respect of director fees. 21. RELATED PARTY TRANSACTIONS (Continued) (d) Pursuant to an agreement dated 29 April 2022, Alex Borrelli was appointed as a non- executive Director. The appointment continues unless terminated by either party giving to the other three months\u2019 notice in writing. Alex Borrelli is entitled to director\u2019s fees of \u00a318,000 per annum for being a director of the Company plus reasonable and properly documented expenses incurred during the performance of his duties. Alex Borrelli is not entitled to any pension, medical or similar employee benefits. At the year end the Group owed Borelli Capital Ltd a company controlled by Alex Borrelli \u00a328,333 (2023 - \u00a35,684) in respect of director fees in relation to Alex Borrelli. (e) Pursuant to an agreement dated 29 April 2022, Evan Kirby was appointed as a non- executive Director. The appointment continues unless terminated by either party giving to the other three months\u2019 notice in writing. Evan Kirby is entitled to director\u2019s fees of \u00a318,000 per annum for being a director of the Company plus reasonable and properly documented expenses incurred during the performance of his duties. Evan Kirby is not entitled to any pension, medical or similar employee benefits. At the year end the Group owed Metallurgical Management Services a company controlled by Evan Kirby \u00a338,708 (2023 - \u00a36,000) in respect of director fees in relation to Evan Kirby. Loans to Subsidiaries
2024 2023
\u00a3
\u00a3
Loans to Northern X Scandinavia AB
1,101,493
1,300,573
Loans to Northern X Finland OY
-
15,291
Loans to
Caledonian Minerals AS
-
665,290
Loans to EV Metals
AB
-
239
1,101,493
1,981,393
All intra-group loans are interest-free and form part of the Company\u2019s investment in subsidiaries. The loans are net of the impairments detailed in note 14.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-251": { "value": "21. RELATED PARTY TRANSACTIONS Remuneration of key management personnel The key management personnel of the Company are considered to be the Directors. Details of their remuneration are covered in note 7. Amounts owed to Directors is shown in Note 16. The shareholdings of the Directors in the issued share capital of the Company was as follows:
29 December 2024
29 December 2023
Director
Number of
Percentage Number of Percentage
Ordinary of issued Ordinary of issued
Shares ordinary Shares ordinary
share share
capital capital
Colin Bird*
47,819,227
19.11% 45,069,227 18.48%
Kjeld Thygesen
2,142,857
0.86% 2,142,857 0.88%
Alex Borrelli
82,777
0.03% 82,777 0.03%
Evan Kirby
-
- - -
Martyn Churchouse - - - -
* Includes 3,695,238 shares held by Lion Mining Finance Ltd and 33,428,571 shares held by Camden Park Trading Ltd, companies controlled by Colin Bird. 21. RELATED PARTY TRANSACTIONS (Continued) The Company entered into a licence agreement dated 1 February 2022 with Lion Mining Finance Limited (a company controlled by Colin Bird, a director of the Company) which was amended with effect from 1 June 2022. Pursuant to this agreement, the Company has been granted a licence to use the premises at 7-8 Kendrick Mews, London SW7 for a licence fee of \u00a31,500 per month (ex VAT) which can be terminated on 2 month\u2019s notice as the initial 12 month term of the agreement has already expired.. In addition, Lion Mining Finance Limited provides basic administrative and support services as required by the Company from time-to-time. At the year end the Group owed Lion Mining Finance Ltd \u00a327,250 (2023 - \u00a35,650) and incurred expenses of \u00a321,600 (2023 - \u00a321,850) in the year. Directors\u2019 Letters of Appointment and Service Agreements (a) Pursuant to an agreement dated 29 April 2022 the Company renewed the appointment of Colin Bird as a Director. The appointment continues unless terminated by either party giving to the other three months\u2019 notice in writing. Colin Bird is entitled to director\u2019s fees of \u00a318,000 per annum for being a Director of the Company plus reasonable and properly documented expenses incurred during the performance of his duties. Colin Bird is not entitled to any pension, medical or similar employee benefits. The agreement replaces all previous agreements with Colin Bird in relation to his appointment as a director of the Company. At the year end the Group owed Colin Bird \u00a338,708 (2023 - \u00a320,708) in respect of director fees. (b) Pursuant to a consultancy agreement dated 29 April 2022, the Company has, with effect from the date of the IPO, appointed Colin Bird as a consultant to provide technical advisory services in relation to its current and future projects including, but not limited to, assessing existing geological data and studies, existing mine development studies and developing exploration programs and defining the framework of future geological and mine study reports (the \u201cColin Bird Services\u201d). The appointment continues unless terminated by either party giving to the other three months\u2019 notice in writing. Colin Bird is entitled to fees of \u00a32,500 per month for being a consultant to the Company plus reasonable and properly documents expenses incurred during the performance of the Colin Bird Services. At the year end the Group owed Colin Bird \u00a342,500 (2023 - \u00a315,000) in respect of consultancy fees. (c) Pursuant to an agreement dated 29 April 2022, renewed the appointment of Kjeld Thygesen as a non-executive Director. The appointment continues unless terminated by either party giving to the other three months\u2019 notice in writing. Kjeld Thygesen is entitled to director\u2019s fees of \u00a318,000 per annum for being a director of the Company plus reasonable and properly documented expenses incurred during the performance of his duties. Kjeld Thygesen is not entitled to any pension, medical or similar employee benefits. At the year end the Group owed Kjeld Thygesen \u00a354,000 (2023 - \u00a336,000) in respect of director fees. 21. RELATED PARTY TRANSACTIONS (Continued) (d) Pursuant to an agreement dated 29 April 2022, Alex Borrelli was appointed as a non- executive Director. The appointment continues unless terminated by either party giving to the other three months\u2019 notice in writing. Alex Borrelli is entitled to director\u2019s fees of \u00a318,000 per annum for being a director of the Company plus reasonable and properly documented expenses incurred during the performance of his duties. Alex Borrelli is not entitled to any pension, medical or similar employee benefits. At the year end the Group owed Borelli Capital Ltd a company controlled by Alex Borrelli \u00a328,333 (2023 - \u00a35,684) in respect of director fees in relation to Alex Borrelli. (e) Pursuant to an agreement dated 29 April 2022, Evan Kirby was appointed as a non- executive Director. The appointment continues unless terminated by either party giving to the other three months\u2019 notice in writing. Evan Kirby is entitled to director\u2019s fees of \u00a318,000 per annum for being a director of the Company plus reasonable and properly documented expenses incurred during the performance of his duties. Evan Kirby is not entitled to any pension, medical or similar employee benefits. At the year end the Group owed Metallurgical Management Services a company controlled by Evan Kirby \u00a338,708 (2023 - \u00a36,000) in respect of director fees in relation to Evan Kirby. Loans to Subsidiaries
2024 2023
\u00a3
\u00a3
Loans to Northern X Scandinavia AB
1,101,493
1,300,573
Loans to Northern X Finland OY
-
15,291
Loans to
Caledonian Minerals AS
-
665,290
Loans to EV Metals
AB
-
239
1,101,493
1,981,393
All intra-group loans are interest-free and form part of the Company\u2019s investment in subsidiaries. The loans are net of the impairments detailed in note 14.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-233": { "value": "
22. NET DEBT
Group
Company
Group
Company
2024
2024
2023
2023
\u00a3
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
17,551
15,204
199,992
39,953
Borrowings
(125,000)
(125,000)
-
-
Net (debt) / funds at year end
(107,449)
(109,796)
199,992
39,953
Net
funds
brought /forward
199,992
39,953
1,817,706
1,769,719
Cash flow
movements
(
307,441)
(
149,749
)
(
1,617,714
)
(
1,729,766
)
Net (debt) / funds as at year end
(
1
07,449)
(109,796)
1
99,992
39,953
Net debt is calculated as total borrowings (including \u201ccurrent and non-current
borrowings\u201d as shown in the statement of financial position) less cash and cash
equivalents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-25": { "value": "22. NET DEBT
Group
Company
Group
Company
2024
2024
2023
2023
\u00a3
\u00a3
\u00a3
\u00a3
Cash and cash equivalents
17,551
15,204
199,992
39,953
Borrowings
(125,000)
(125,000)
-
-
Net (debt) / funds at year end
(107,449)
(109,796)
199,992
39,953
Net
funds
brought /forward
199,992
39,953
1,817,706
1,769,719
Cash flow
movements
(
307,441)
(
149,749
)
(
1,617,714
)
(
1,729,766
)
Net (debt) / funds as at year end
(
1
07,449)
(109,796)
1
99,992
39,953
Net debt is calculated as total borrowings (including \u201ccurrent and non-current borrowings\u201d as shown in the statement of financial position) less cash and cash equivalents. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } }, "fact-24": { "value": "23. EVENTS AFTER THE REPORTING DATE As announced on 25 February 2025 the Company has raised \u00a3107,500 before expenses at 0.25 pence per Ordinary Share (the \u201cFundraising Price\u201d) through the issue of 43,000,000 new Ordinary Shares of \u00a30.0003 each. The Fundraising comprised a placing of 31,000,000 Fundraising Shares raising \u00a377,500 via Shard Capital Partners PLC (\u201cShard\u201d) and the Company arranged share subscriptions for 12,000,000 raising \u00a330,000. Following the issue of the Fundraising Shares the Company\u2019s total issued share capital consist of 293,248,152 Ordinary Shares with voting rights. Colin Bird, the Company\u2019s Executive Chairman subscribed \u00a320,000 for 8,000,000 Fundraising Shares which represent in aggregate 18.6% of the gross fundraising proceeds. On 7 March 2025 the Company issued a drawdown notice of \u00a3125,000 under Loan Tranche Three of the Working Capital Facility Agreement with Sanderson Capital Partners Ltd (see Note 17) which has not yet been paid. The Company also issued a warrant to Shard to subscribe for 1,550,000 new Ordinary Shares exercisable at the fundraising price for a period of three years from Admission of the shares on 28 February 2025. Other than these matters, no significant events have occurred subsequent to the reporting date that would have a material impact on the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800U66STYS4VQZH68", "period": "2023-12-30T00:00:00/2024-12-30T00:00:00" } } } }