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All Star Minerals Plc - Final Results

PR Newswire

London, June 30

30 June 2022

All Star Minerals Plc

(“All Star” or the “Company”)

Final Results for the year ended 31 December 2021

All Star (AQSE:ASMO), a mining investing company listed on the AQSE Stock Exchange, announces its results for the year ended 31 December 2021.

Summary Financial Statements are set out below. A full copy of the audited Annual Report will be available shortly on the Company's website, www.allstarminerals.co.uk and will be posted to shareholders in due course.

Highlights

Successfully implemented the new business strategy of pursuing opportunities in the natural resources sector, particularly in Africa, to realise the full potential of the Company and create value for all stakeholders
Entered into Heads of Agreement to acquire interests, in the Blesberg Lithium and Tantalum Project in South Africa (the "Blesberg Project") and the Nkombwa Hill Tantalum, Rare Earth Elements and Phosphate Project in Zambia (the "Nkombwa Project") (together the "Projects")
Successfully completed its due diligence over the Blesberg Project and the Nkombwa Hill Project and, as a result, the terms of the Heads of Agreement became effective and the Company proceeded with its planned investment in the Projects
Proposed name change to Marula Mining Plc to better reflect the Company's updated strategic objectives and increased focus on delivering on its strategy of investing in, and developing, mining assets
Retirement of Mr Graham Mascall from the Board
Appointment of Jason Brewer as Director and Chief Executive Officer and appointment of Marcel Nally as a Director
Ian Harebottle reverts from acting Chief Executive Officer role to the position of Non-Executive Director
Proposed Share Capital Reorganisation to reduce number of ordinary shares that are in issue to a level more in line with comparable companies
Appointment of Monecor (London) Ltd, trading as OvalX, as its Broker
Completed successful Placing’s and Subscription to raise a total of £456,700

Jason Brewer, CEO, said:

“Recent times have proven to be the Company’s most significant yet with a whole host of changes across the board. A complete shift in our business strategy has meant we are now focused on the exciting battery metal space in Africa, and with a reorganised management team and Board, we are more than well equipped with the experience and expertise to bring these promising green metal assets up the value curve.

“Following the recent successful raise of funds, the Company is looking forward to commencing its planned development activities at both the Blesberg Lithium and Tantalum and Nkombwa Hill Tantalum, Rare Earth Elements and Phosphate Projects.

“I would like to take this opportunity to thank each and every one of the All Star Minerals team for their continual support in what has been a transformational period. Additionally, I would like to extend a special thanks to our loyal shareholders for their support and patience. We look forward to providing you with updates in the near future.”

The directors of All Star are responsible for the content of this announcement.

This announcement contains inside information for the purposes of UK Market Abuse Regulation, and has been arranged for release by Jason Brewer, Chief Executive Officer of the Company.

Enquiries:


All Star Minerals Plc Jason Brewer, Chief Executive Officer	[email protected] Contact via BlytheRay, Financial PR and IR (details below)
AQSE Corporate Adviser Cairn Financial Advisers LLP Liam Murray / Ludovico Lazzaretti	+44 (0)20 7213 0880
Financial PR and IR BlytheRay Tim Blythe / Megan Ray	+44 (0)20 7138 3204

STRATEGIC REPORT

REVIEW OF THE BUSINESS – Chairman’s Statement

The past year has represented a period of rapid change for the Company; a change of strategy was required as the gemstones opportunities, especially with equipment being in Russia, was going to prove to take considerable time and the restrictions imposed made this impossible. We have welcomed Jason Brewer as CEO, and Marc Nally as Director, both of whom I have known for some 30 years. With their combined drive and African knowledge, we have already identified a number of exciting near term producing assets which we will look to develop in 2022/23, creating early cashflow and a portfolio approach to the battery and energy metals space.

Considerable success has been achieved on a number of fronts in a short period of time since the formation of the new Board, and strong “on the ground” partnerships have been forged in Southern Africa.

As part of a capital restructuring process, we will be looking to consolidate the share base at c.100:1 to reduce the number of shares in issue to a more manageable number. Our ambition is also to graduate to a more senior exchange once the assets described below are further advanced. We will be looking to raise additional funds in the very near future and conversations with existing and new backers are progressing well.

Jason Brewer and Marc Nally formally joined the Board as CEO and Non-Executive Director respectively in March 2022, while Graham Mascall stepped down from his position as Non-Executive Chairman in November 2021. I was pleased to take over this role at the Annual General Meeting (“AGM”) in November 2021 and look forward to working with the new Board and with refreshed strategy to realise the full potential of the Company and create value for all stakeholders. David Bourne has also retired from the Board, and we thank him for his assistance in migrating to the new company set up and his historic financial support. Ian Harebottle remains on the Board as a Non-Executive Director having stepped down from his role as Interim CEO.

With a weight of experience, the Board is now directing its focus on creating a solid operating structure from which to direct its future growth plans. These have included the implementation of robust operating procedures, policies and practices, numerous cost cutting exercises, Key Advisor reviews, and a detailed desktop and on site evaluations of a number of investment opportunities. The key Heads of Terms for the first two assets, Blesberg Lithium project in the Norther Cape, South Africa and Nkombwe Hill, Rare Earths project, in Zambia have already been announced and initial earn-in payments have been made.

FINANCIAL OVERVIEW

The results for the 12-month period to 31 December 2021 shows a loss after taxation of £287,782 (2020: £213,771).

The basic loss per share from continuing operations was 0.01p (2020: loss per share of 0.01p).

The Directors do not recommend the payment of a dividend.

OUTLOOK

To rapidly grow the Company within the Battery and Energy metals sectors the Board has decided to focus its efforts on progressing to immediate production opportunities currently available within Southern Africa utilising their considerable collective experience in these commodity and geographical areas. The initial focus on Lithium / Tantalum in South Africa and Niobium / Tantalum / Rare Earths in Zambia will create early stage cashflow and project development.

The Company is evaluating opportunities that offer fast track development, attractive returns with minimal capital investment and low operating costs. Further opportunities are available and we are undertaking final due diligence on assets including Copper / Graphite and Tin projects that would provide a platform for future growth. Key to progressing these opportunities will be the ability to access further funding.

I would like to take this opportunity to thank my fellow Board members, all of whom have worked relentlessly at nil to limited reward, our loyal shareholders and our advisers for their continued support and patience.

The new focus on a battery and energy metals portfolio of producing, or near producing, assets has the potential to rapidly grow All Star Minerals (to be re-named Marula Mining) and realise significant value and return.

Richard Lloyd

FIMMM FGS

Chairman

30 June 2022

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEFOR THE YEAR ENDED 31 DECEMBER 2021


	2021	2020
	£	£
Administrative expenses	(287,792)	(213,801)
Finance income	10	30
(Loss) / profit before taxation	(287,782)	(213,771)
Income tax expense	-	-
(Loss) / profit for the year	(287,782)	(213,771)
Other comprehensive income
Items that will not be reflected to profit or loss in subsequent periods:
Other comprehensive losses	-	-
Total comprehensive loss for the year	(287,782)	(213,771)

(Loss) / profit per share expressed in pence per share
Basic	(0.01)	(0.01)
Diluted	(0.01)	(0.01)

STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 DECEMBER 2021


	2021	2020
	£	£
CURRENT ASSETS
Trade and other receivables	20,106	6,380
Cash and cash equivalents	144,521	78,320
	164,627	84,700
TOTAL ASSETS	164,627	84,700

EQUITY ISSUED CAPITAL AND RESERVES
Issued share capital	762,183	599,333
Share premium	2,050,994	1,900,529
Other Reserves	774,131	772,481
Accumulated losses	(3,579,020)	(3,291,238)
TOTAL EQUITY	8,288	(18,895)
CURRENT LIABILITIES
Trade and other payables	156,339	103,595
	156,339	103,595
TOTAL EQUITY AND LIABILITIES	164,627	84,700

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2021


	Issue Capital	Share Premium	Other Reserve	Accum-ulated Losses	Total Equity
	£	£	£	£	£
At 1 January 2020	428,433	1,773,610	720,452	(3,077,467)	(154,972)
Profit for the year	-	-	-	(213,771)	(213,771)
Total comprehensive loss for the year	-	-	-	(213,771)	(213,771)
Shares issued during the year	170,900	198,100	-	-	369,000
Cost of issue of shares	-	(19,152)	-	-	(19,152)
Warrants issued		(52,029)	52,029		-
Total transaction with owners	170,900	126,919	52,029	-	349,848
Balance at 31 December 2020	599,333	1,900,529	772,481	(3,291,238)	(18,895)


At 1 January 2021	599,333	1,900,529	772,481	(3,291,238)	(18,895)
Profit for the year	-	-	-	(287,782)	(287,782)
Total comprehensive loss for the year	-	-	-	(287,782)	(287,782)
Shares issued during the year	162,850	162,850	-	-	325,700
Cost of issue of shares	-	(10,735)	-	-	(10,735)
Warrants issued	-	(1,650)	1,650	-	-
Total transaction with owners	162,850	150,465	1,650	-	314,965
Balance at 31 December 2021	762,183	2,050,994	774,131	(3,579,020)	8,288

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021


		2021	2020
	Notes	£	£
CASH FLOWS FROM OPERATING ACTIVITIES
Total (loss) / profit		(287,782)	(213,771)
Changes in working capital:
(Increase) / decrease in trade and other receivables		(13,726)	(6,380)
Increase / (decrease) in trade and other payables		52,744	37,864
CASH FLOW USED IN OPERATING ACTIVITIES		(248,764)	(182,287)

NET CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of investments		-	-
NET CASH FLOWS FROM INVESTING ACTIVITIES		-	-

NET CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from issue of shares		314,965	260,848
Repayment of convertible loan note		-	(20,000)
NET CASH FLOWS FROM FINANCING ACTIVITIES		314,965	240,848

Movement in cash for the year		66,201	58,559
Cash and cash equivalents brought forward		78,320	19,761
CASH AND CASH EQUIVALENTS AS AT 31 DECEMBER	13	144,521	78,320

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

1.EARNINGS PER SHARE

Basic earnings per share are calculated by dividing net result for the year attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the period. No adjustments were made to the net result for the year when calculating basic earnings per share in either year. The weighted average number of shares outstanding for 2021 was 3,530,117,600 (2020: 2,057,351,455).

Diluted earnings per share amounts are calculated by dividing the net result attributable to ordinary equity holders after adjustments for instruments that dilute basic earnings per share by the weighted average of ordinary shares outstanding during the period (adjusted for the effects of dilutive instruments). For the year ended 31 December 2021, as the Company was loss making the effect of any share options is anti-dilutive such that the diluted EPS figure is equivalent to the basic EPS figure. For the year ended 31 December 2020, the effect of dilutive instruments does not affect the basic EPS figure.

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identi?ed by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect", ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements re?ect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.