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Tamar Minerals plc
Earnings Release • Apr 1, 2025
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National Storage Mechanism | Additional information
Tectonic Gold Plc - Interim Results for the 6 months ended 31 December 2024
PR Newswire
LONDON, United Kingdom, April 01
Interim Financial Report
Tectonic Gold PLC
For the 6 months ended 31 December 2024
Contents
3 COMPANY INFORMATION
5 MANAGING DIRECTOR’S STATEMENT
6 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
7 CONSOLIDATED STATEMENT OF FINANCIAL POSITION
8 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
10 CONSOLIDATED STATEMENT OF CASH FLOWS
11 NOTES TO FINANCIAL STATEMENTS
COMPANY INFORMATION
Tectonic Gold PLC
For the 6 months ended 31 December 2024
Directors
Bruce Fulton (Non-Executive Chairman)
Brett Boynton (Chief Executive Director)
Sam Quinn (Executive Director)
Jonathan Robbeson (Executive Director)
Secretary
Sam Quinn
Registered Office
167-169 Great Portland Street
Fifth Floor, London, 1W5PF
Company Registration Number
05173250
Registrar and Transfer Office
Link Market Services Limited
6th Floor, 65 Greshan Street
London
EC2V7NQ
Solicitors
Mildwaters Consulting LLP
Walton House, 25 Bilton Road, Rugby
Warwickshire
CV227AG
Independent Auditor
Moore Kingston Smith LLP
6th Floor, 9 Appold Street
London
EC2A2AP
COMPANY INFORMATION
Aquis Corporate Advisor and Broker
VSA Capital Limited
Park House
London
EC2M 7EB
Bankers
Barclays Bank Plc
1 Churchill Place
London
E14 5HP
MANAGING DIRECTOR’S STATEMENT
Tectonic Gold PLC
For the 6 months ended 31 December 2024
Dear Shareholder,
During the half year to December 2024, the Company worked with our farm-out partner, White Energy Company Limited (ASX:WEC), on the Specimen Hill project. Following successful exploration activities identifying target zones, White Energy prepared a drilling program for the Specimen Hill project to test and begin definition of copper-gold mineralisation in earlier discoveries made by Tectonic.
White Energy announced earlier in the week that they had met the first $1 million expenditure milestone and have moved to a 51% interest in the Specimen Hill project. They have also advised that they will continue with exploration through the remainder of the year with the intention of completing the second $1 million expenditure milestone. This will bring them bring them to the final $2 million cash acquisition payment. Tectonic will retain 3% NSR royalty.
During the period we sold the residual interest in the South African diamond and mineral sands projects (Deep Blue Pty Ltd and Whale Head Minerals Pty Ltd) to our joint venture partner, Kazera Global Investments Plc (“Kazera”) (LSE:KZG). This generated a small cash consideration of $150,000 and 27,110,947 shares in Kazera, which at the current share price of £0.0175 has a value of almost £475,000.
On 17 March 2025 we announced reaching agreement with Godolphin Exploration Limited, a privately held English exploration company focused on tin and copper exploration in the South West of England (Devon and Cornwall). Godolphin is led by Mark Thompson, an acknowledged expert in the tin and copper markets, and a long-term proponent of the rebirth of the Cornish mining industry, alongside David Lilley and Henry Maxey, both experienced commodities fund managers. We look forward to welcoming the Godolphin shareholders to the Tectonic register upon completion of this transaction.
Tin prices spiked to a fresh eight-month high in March after one of the world's largest miners – Alphamin Resources – announced a temporary shutdown of its Bisie mine in the Democratic Republic of the Congo due to advancing rebel forces nearing the site. We see a long term supply risk in the tin market and believe this may be ideal timing for Tectonic to acquire strategic positions in this critical mineral.
RESULTS AND COMPARITIVE INFORMATION
The Group generated income after tax for the reporting period of £74,531 (31 Dec 2023: £71,909).
For and on behalf of the Board.
Brett Boynton, CFA
Managing Director
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
Tectonic Gold PLC
For the 6 months ended 31 December 2024
6 MONTHS TO 31 6 MONTHS TO 31 12 MONTHS TO
NOTES DEC 2024 DEC 2023 30 JUNE 24
UNAUDITED UNAUDITED AUDITED
| Revenue | |||
| Revenue Expenses |
- | 84,104 | 1 |
| Accounting and audit fees | (66,960) | (45,400) | (70,021) |
| Administration and office costs | (5,442) | (2,169) | (6,931) |
| Corporate costs | (14,058) | (28,341) | (40,035) |
| Amortization and depreciation | - | - | - |
| Employee benefits, management fees and on costs | - | - | (80,000) |
| Exploration and tenement costs | (113) | (606) | (14,375) |
| Insurance | (10,462) | (9,278) | (11,986) |
| Legal Expenses | - | - | (3,031) |
| Share based payments | - | - | - |
| Net foreign exchange gain/(loss) | 130,492 | 49,668 | (2,750) |
| Fair value gain on financial assets at fair value through profit and loss | - | - | - |
| Other expenses | (7,515) | (1,325) | (5,317) |
| Income/Loss before income tax Income tax benefit |
(235,042) | 46,660 | - |
| Income Tax | 85,234 | - | 82,192 |
| Income/Loss for the reporting period from continuing operations Other comprehensive income |
(149,808) | 46,660 | (152,253) |
| Items that may be subsequently reclassified to profit and loss: | 224,339 | - | - |
| Exchange differences on translation of foreign subsidiaries | - | 25,249 | (1,308) |
| Total comprehensive income/loss for the reporting period Earnings per share attributable to owners of the company Basic and diluted (pence per share) |
74,531 | 71,909 | (153,561) |
From continuing operations 4 - - -
The accompanying notes form part of these financial statements.
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
Tectonic Gold PLC
For the 6 months ended 31 December 2024
| NOTES | 31 DEC 2024 GROUP UNAUDITED |
31 DEC 2023 GROUP UNAUDITED |
30-JUN-24 GROUP AUDITED |
|
| Assets | ||||
| Non-current Assets | ||||
| Property, Plant, and Equipment | - | - | - | |
| Exploration and evaluation expenditure | 3,033,783 | 3,291,075 | 3,216,838 | |
| Financial assets at fair value though profit and loss | 108,444 | 3 | 3 | |
| Total Non-current Assets Current Assets |
3,142,227 | 3,291,078 | 3,216,841 | |
| Cash and cash equivalents | 119,584 | 106,958 | 65,308 | |
| Trade and other receivables | 10,899 | 8,900 | 1,306 | |
| Other assets | 5 | 315,840 | 361,993 | 335,330 |
| Total Current Assets | 446,323 | 477,851 | 401,944 | |
| Total Assets | 3,588,550 | 3,768,929 | 3,618,785 | |
| NOTES | 31 DEC 2024 GROUP UNAUDITED |
31 DEC 2023 GROUP UNAUDITED |
30-JUN-24 GROUP AUDITED |
|
| Equity | ||||
| Equity | ||||
| Share Capital | 6,126,579 | 6,126,579 | 6,126,579 | |
| Share premium account | 61,323,350 | 61,323,350 | 61,323,350 | |
| RTO Reserve | (57,976,182) | (57,976,182) | (57,976,182) | |
| Warrant Reserves | 558,554 | 588,554 | 588,554 | |
| Foreign exchange translation reserves | (227,130) | (300,822) | (158,798) | |
| Accumulated Losses | (6,821,517) | (6,528,561) | (6,896,048) | |
| Total Equity Non-Current Liabilities |
2,983,654 | 3,232,918 | 3,007,455 | |
| Trade and other payables | - | - | 15,077 | |
| Borrowings | 164,734 | 150,101 | 151,302 | |
| Total Non-Current Liabilities Current Liabilities |
164,734 | 150,101 | 166,379 | |
| Trade and other payables | 410,162 | 385,911 | 444,951 | |
| Total Current Liabilities | 410,162 | 385,911 | 444,951 | |
| Total Liabilities | 574,896 | 536,012 | 611,330 |
Total Equity and Liabilities 3,558,550 3,768,930 3,618,785
The accompanying notes form part of these financial statements.
These financial statements were approved by the Board of Directors on 31 March 2025.
Signed on behalf of the Board by:
CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
Tectonic Gold PLC
For the 6 months ended 31 December 2024
| ISSUED CAPITAL SHARE PREMIUM WARRANT RESERVE | RTO RESERVE | FOREIGN CURRENCY RESERVE |
ACCUMULATED LOSSES | TOTAL | |||
| GROUP UNAUDITED FOR HALF YEAR ENDED 31 DEC 2024 | |||||||
| Balance at 1 July 2024 | 6,126,579 | 61,323,350 | 588,554 | (57,976,182) | (158,798) | (6,896,048) | 3,007,455 |
| Total comprehensive income for the period | - | - | - | - | - | 74,531 | 74,531 |
| Transactions with owners, recorded directly in equity: | - | - | - | - | - | - | - |
| Issue of shares | - | - | - | - | - | - | - |
| Share issue costs | - | - | - | - | - | - | - |
| Foreign Currency Translation Reserve |
- | - | - | - | (68,332) | - | - |
| Balance at 31 Dec 2024 | 6,126,579 | 61,323,350 | 588,554 | (57,976,182) | (227,130) | (6,821,517) | 3,081,986 |
| ISSUED CAPITAL | SHARE PREMIUM | WARRANT RESERVE | RTO RESERVE | FOREIGN CURRENCY RESERVE |
ACCUMULATED LOSSES | TOTAL | |
| GROUP UNAUDITED FOR HALF YEAR ENDED 31 DEC 2023 | |||||||
| Balance at July 6,126,579 61,323,350 588,554 2023 |
(57,976,182) | (157,490) | (6,743,795) | 3,161,016 | |||
| Total comprehensive - - loss for the period |
- | - | 46,652 | 46,652 | |||
| Transactions with owners, - - recorded directly in equity: |
- | - | - | - | |||
| Foreign currency translation - - reserve |
- | 25,249 | - | 25,249 |
Balance at 31 Dec 20236,126,579 61,323,350 588,554 (57,976,182) (132,241) (6,697,143) 3,232,917
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| ISSUED CAPITAL SHARE PREMIUM WARRANT RESERVE | RTO RESERVE | FOREIGN CURRENCY RESERVE |
ACCUMULATED LOSSES | TOTAL | |||
| GROUP UNAUDITED FOR THE YEAR ENDED JUNE 2024 | |||||||
| Balance at July 2023 | 6,126,579 | 61,323,350 | 588,554 | (57,976,182) | (157,490) | (6,743,795) | 3,161,016 |
| Total comprehensive loss for the period | - | - | - | - | - | (152,253) | (152,253) |
| Transactions with owners, recorded directly in equity: | - | - | - | - | - | - | - |
| Share Issued | - | - | - | - | - | - | - |
| Share Issue Costs | - | - | - | - | - | - | - |
| Foreign currency translation reserve | - | - | - | - | (1,308) | - | (1,308) |
Balance at 30 June 20246,126,579 61,323,350 588,554 (57,976,182) (158,798) (6,896,048) 3,007,455
CONSOLIDATED STATEMENT OF CASH FLOWS
Tectonic Gold PLC
For the 6 months ended 31 December 2024
| NOTES | 6 MONTHS TO 31 DEC 2024 UNAUDITED |
6 MONTHS TO 31 DEC 2023 UNAUDITED |
12 MONTHS TO 30 JUNE 2024 AUDITED |
|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||
| Profit before taxation | ||||
| Profit before taxation Adjustments for |
(235,042) | 46,660 | (234,445) | |
| Depreciation | - | - | - | |
| Foreign Exchange loss | - | - | - | |
| Investment income | 224,339 | - | - | |
| Increase in Trade and other receivables | (35,002) | 84,104 | - | |
| Decrease in trade payables | (956) | (8,673) | 54,541 | |
| Interest paid | - | - | - | |
| Research and Development Tax Incentive Claim | 85,234 | - | - | |
| Net cash used in operating activities | 38,573 | 122,091 | (179,904) | |
| NOTES | 6 MONTHS TO 31 DEC 2024 UNAUDITED |
6 MONTHS TO 31 DEC 2023 UNAUDITED |
12 MONTHS TO 30 JUNE 2024 AUDITED |
|
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||
| Payments for exploration and evaluation expenditure | (4,655) | (59,696) | (955) | |
| Payment for shares acquired in Kazera Global Plc | - | - | - | |
| Proceeds from sale of financial asset at fair value through profit and loss | - | - | - | |
| Payments for property, plant and equipment | - | - | - | |
| Research and Development Tax Incentive Claim | - | - | - | |
| Net cash used in investing activities | (4,655) | (59,696) | (955) | |
| NOTES | 6 MONTHS TO 31 DEC 2024 UNAUDITED |
6 MONTHS TO 31 DEC 2023 UNAUDITED |
12 MONTHS TO 30 JUNE 2024 AUDITED |
|
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||
| Proceeds from sale of shares in Kazera | (108,444) | - | - | |
| Proceeds from issue of shares | - | - | - | |
| Repayment of Borrowings | 130,680 | - | (1,492) | |
| Net cash provided by financing activities | 22,236 | - | (1,492) | |
| NOTES | 6 MONTHS TO 31 DEC 2024 UNAUDITED |
6 MONTHS TO 31 DEC 2023 UNAUDITED |
12 MONTHS TO 30 JUNE 2024 AUDITED |
|
| Cash and Cash Equivalents | ||||
| Net (decrease)/increase in cash held and cash equivalents | 56,154 | (21,717) | (56,988) | |
| Cash and cash equivalents at the beginning of the period | 65,308 | 123,603 | 123,604 | |
| Effects of exchange rate changes on cash and cash equivalents | (1,878) | 4,297 | (1,308) |
Cash and cash equivalents at the end of the period 119,584 106,183 65,308
NOTES TO FINANCIAL STATEMENTS
Tectonic Gold PLC
For the 6 months ended 31 December 2024
1. GENERAL INFORMATION
Tectonic Gold Plc is a company incorporated in the United Kingdom under the Companies Act 2006. The consolidated entity (the “Group”) consists of Tectonic Gold Plc (Tectonic and or the “Company”) and the entities it controlled at the end of, or during, the six months ended 31 December 2024. The principal activity of the Group during the financial period was mineral exploration.
2. BASIS OF PREPARATION
These condensed interim consolidated financial statements (“the interim financial statements”) of the Group are for the six months ended 31 December 2024 and are presented in Sterling which is the Company’s presentational currency. These interim financial statements have not been reviewed or audited.
The interim financial statements have been prepared in accordance with the recognition and measurement principles of IFRS as adopted by the European Union (EU) and on the same basis and using the same accounting policies as applied in the Company’s 2024 Annual Report and statutory accounts for the year ended 30 June 2024.
The statutory accounts for the year ended 30 June 2024 have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
The interim financial statements have been prepared on a going concern basis under the historical cost convention. The Directors believe that the going concern basis is appropriate for the preparation of these interim financial statements as the Company is in a position to meet all its liabilities as they fall due.
The interim financial statements for the six months ended 31 December 2024 were approved by the Board on 31 March 2025.
3. DIVIDEND
The Board is not recommending the payment of an interim dividend for the period ended 31 December 2024.
4. LOSS PER SHARE
The basic earnings per share is based on the profit/(loss) for the year divided by the weighted average number of shares in issue during the reporting period. The weighted average number of ordinary shares for the reporting period assumes that all shares have been included in the computation based on the weighted average number of days since issue.
| 6 MONTHS TO 31 DEC 2024 UNAUDITED |
6 MONTHS TO 31 DEC 2023 UNAUDITED |
12 MONTHS 30 JUNE 2024 AUDITED |
|
| Loss per Share | |||
| Profit/(Loss) for the period attributable to owners of the Company | 74,531 | 71,909 | (152,253) |
| Weighted average number of ordinary shares in issue for basic earnings* | 957,188,591 | 957,188,591 | 957,188,591 |
| Weighted average number of ordinary shares in issue for fully diluted earnings* (Loss)/gain per share (pence per share) |
957,188,951 | 957,188,951 | 957,188,591 |
| Basic | - | - | - |
Diluted - - -
NOTES TO FINANCIAL STATEMENTS
| 6 MONTHS TO 31 DEC 2024 UNAUDITED |
6 MONTHS TO 31 DEC 2023 UNAUDITED |
12 MONTHS 30 JUNE 2024 AUDITED |
|
| 5. OTHER ASSETS | |||
| Prepayments(i) | 308,816 | 353,536 | 327,952 |
| Other prepayments | 2,827 | 2,286 | 2,659 |
| Security deposits | 4,197 | 6,171 | 4,719 |
Total OTHER ASSETS 315,840 361,993 335,330
(I) In 2018 the Company paid Titeline Drilling Pty Ltd ACN 096 640 201 (Titeline) for future drilling services in accordance with the heads of agreement dated 28 March 2018 between Titeline, Signature Gold and Tectonic Gold. Titeline has been engaged to complete 10,000 meters of diamond drilling to produce core samples for analysis, assay and metallogenic studies from the Company’s Biloela Project site. A review to be completed after 2,500 metres of drilling has been completed. However, as at the date of this report the completion program required to be mutually agreed prior to the credit being applicable to the remaining 7,500 metres has not been produced and until such time as this program has been produced, this credit may not be utilised. As at 31 December 2024, the balance of the prepayment to Titeline is £308816 (A$625,386).
6. EVENTS AFTER THE REPORTING PERIOD
Other than as stated elsewhere in this report, Directors are not aware of any other matters or circumstances at the date of this report that have significantly affected or may significantly affect the operations, the results of the operations or the state of affairs of the Company in subsequent financial years.
7. DISTRIBUTION
Copies of these interim financial statements is available on the Company's website (www.tectonicgold.com) or directly from the Company at its registered address.
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