("
Unaudited Interim Consolidated Results for the Six Months Ended
Chairman's Statement
The first half of 2025 was a highly productive period for the Company as we continued to progress our flagship
The key operational highlight was the commencement of our long awaited 3,500m diamond drilling programme in
The results from the 14 holes for 3,549m of drilling completed across BAM East and West announced in
The results will serve to inform our updated independent mineral resource estimate (MRE), which is now expected to be received during Q4 2025, and set to be a key milestone in BAM's development.
Other achievements during the period under review included the successful acquisition of a series of additional mineral rights from 1491205
Additionally, we received the latest scheduled option payment from Storm Exploration Inc. (TSX-V: STRM) ("Storm") in
The price performance of gold during the period was unprecedented, rising approximately 25% during the first half and marking the second-strongest six-month rally in 50 years, closing at just over
Over the coming months, we will be exploring additional ways in which to do this and look forward to updating the market on our progress in the second half.
We also expect to commence a further drilling programme at BAM in due course as we build on the success of our Spring 2025 programme.
Finally, I would like to take this opportunity to thank all our loyal shareholders and wider stakeholders for supporting us as we seek to develop BAM and
Non-Executive Chairman
For further information, please contact:
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or engage with the company directly: |
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Strand (Nominated Adviser and Joint Broker) |
Tel: 020 7409 3494 |
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Tel: 020 7907 8500 |
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Tel: 020 7466 5000 |
Subscribe to our news alert service: https://investors.landore.com/auth/signup
About
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
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Unaudited As at £ |
Audited As at £ |
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Unaudited As at £ |
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Non-Current Assets |
|
|
|
|
|
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Property, plant and equipment |
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46,710 |
39,664 |
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45,220 |
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Investments |
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474,465 |
161,688 |
|
- |
|
|
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521,175 |
201,352 |
|
45,220 |
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Current Assets |
|
|
|
|
|
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Trade and other receivables |
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74,033 |
45,686 |
|
73,229 |
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Cash and cash equivalents |
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578,612 |
2,104,565 |
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2,096,773 |
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Other investments |
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- |
- |
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63,890 |
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|
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652,645 |
2,150,251 |
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2,233,892 |
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Total Assets |
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1,173,820 |
2,351,603 |
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2,279,112 |
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Current Liabilities |
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|
|
|
|
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Trade and other payables |
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197,689 |
303,700 |
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791,630 |
|
|
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197,689 |
303,700 |
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791,630 |
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Total Liabilities |
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197,689 |
303,700 |
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791,630 |
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Net Assets |
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976,131 |
2,047,903 |
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1,487,482 |
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Equity attributable to owners of the Parent |
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Share capital - nil par value |
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56,996,940 |
56,775,943 |
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54,942,655 |
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Share based payment reserve |
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573,581 |
697,360 |
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632,323 |
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Retained earnings |
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(56,205,465) |
(55,047,382) |
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(53,719,356) |
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Translation reserve |
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(382,700) |
(365,618) |
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(360,981) |
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Total equity shareholders' funds |
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982,356 |
2,060,303 |
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1,494,641 |
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Non-Controlling Interest |
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(6,225) |
(12,400) |
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(7,159) |
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Total equity |
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976,131 |
2,047,903 |
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1,487,482 |
CONDENSED CONSOLIDATED INCOME STATEMENT
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Note |
Unaudited For the 6 months ended £ |
Unaudited For the 6 months ended £ |
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Exploration costs |
3 |
(846,072) |
(132,573) |
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Administrative expenses |
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(769,135) |
(763,371) |
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Operating loss |
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(1,615,207) |
(895,944) |
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Other income |
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150,485 |
- |
|
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Other losses |
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(6,423) |
- |
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Gain/(Loss) on non-current investments measured at fair value |
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176,189 |
(22,682) |
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Loss on disposal of non-current investments |
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- |
(178,693) |
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Interest receivable & similar income |
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12,925 |
- |
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Loss before income tax |
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(1,282,031) |
(1,097,319) |
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Loss for the period |
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(1,282,031) |
(1,097,319) |
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Loss attributable to: |
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Equity holders of the Company |
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(1,281,862) |
(1,096,991) |
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Non-controlling interests |
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(169) |
(328) |
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|
|
|
(1,282,031) |
(1,097,319) |
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Basic (Loss) Per Share attributable to owners of the Parent during the period (expressed in pence per share) |
|
|
|
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Basic |
4 |
(0.005) |
(0.007) |
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Diluted |
4 |
(0.005) |
(0.007) |
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|
|
|
|
|
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CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
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|
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Unaudited For the Six months ended £ |
Unaudited For the Six months ended £ |
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Loss for the period |
|
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(1,282,031) |
(1,097,319) |
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Other Comprehensive Income: |
|
|
|
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Items that may be subsequently reclassified to profit or loss |
|
|
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Foreign exchange on translation |
|
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(17,082) |
(22,357) |
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Total other comprehensive loss for the period, net of tax |
|
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(1,299,113) |
(1,119,676) |
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Total comprehensive loss attributable to: |
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Owners of the Company |
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(1,298,944) |
(1,119,348) |
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Non-controlling interests |
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6,175 |
(328) |
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Total comprehensive loss |
|
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(1,292,769) |
(1,119,676) |
The accompanying notes form part of these unaudited condensed consolidated interim financial statements.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
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||||
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Share capital nil par value £ |
Share based payments £ |
Retained earnings £ |
Translation reserve £ |
Non-controlling interest £ |
Total £ |
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Balance as at |
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52,472,522 |
621,056 |
(52,622,365) |
(338,624) |
(6,831) |
125,758 |
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Loss for the period |
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- |
- |
(1,096,991) |
- |
(328) |
(1,097,319) |
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Other comprehensive loss in period |
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- |
- |
- |
(22,357) |
- |
(22,357) |
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Total comprehensive income for the period |
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- |
- |
(1,096,991) |
(22,357) |
(328) |
(1,119,676) |
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Issue of warrants |
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- |
11,267 |
- |
- |
- |
11,267 |
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Issue of ordinary share capital - nil par value |
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2,470,133 |
- |
- |
- |
- |
2,470,133 |
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Total transactions with owners, recognised directly in equity |
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2,470,133 |
11,267 |
- |
- |
- |
2,481,400 |
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Balance as at |
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54,942,655
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632,323
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(53,719,356)
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(360,981)
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(7,159)
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1,487,482
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||
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|
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|
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Balance as at |
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56,775,943 |
697,360 |
(55,047,382) |
(365,618) |
(12,400) |
2,047,903 |
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Loss for the period |
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- |
- |
(1,281,862) |
- |
6,175 |
(1,275,687) |
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Exchange difference from translating foreign operations |
|
- |
- |
- |
(17,082) |
- |
(17,082) |
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Total comprehensive income for the period |
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- |
- |
(1,281,862) |
(17,082) |
6,175 |
(1,292,769) |
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Issue of ordinary share capital - nil par value |
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220,997 |
- |
- |
- |
- |
220,997 |
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Exercise of warrants |
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- |
(123,779) |
123,779 |
- |
- |
- |
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Total transactions with owners, recognised directly in equity |
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220,997 |
(123,779) |
123,779 |
- |
- |
220,997 |
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Balance as at |
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56,996,940 |
573,581 |
(56,205,465) |
(382,700) |
(6,225) |
976,131 |
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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
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Six months ended £ |
Six months ended £ |
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Cash flows from operating activities |
|
|
|
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Loss before income tax |
|
(1,282,031) |
(1,097,319) |
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Adjustments for: |
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Other income |
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(150,485) |
- |
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Depreciation |
|
- |
6,512 |
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Non-controlling interest |
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6,175 |
- |
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Gain on sale of investments |
|
- |
22,682 |
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Foreign exchange |
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9,609 |
(8,222) |
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Fair value (gain)/loss on investments |
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(176,189) |
178,693 |
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Changes in working capital: |
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|
|
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(Increase) in trade and other receivables |
|
(30,448) |
(19,944) |
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Increase/(decrease) in trade and other payables |
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(106,784) |
(77,470) |
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Net cash used in operating activities |
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(1,730,153) |
(995,068) |
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Cash flows from investing activities |
|
|
|
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Proceeds from sale of investments |
|
- |
59,613 |
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Purchase of property, plant and equipment |
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(8,544) |
- |
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Net cash used in investing activities |
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(8,544) |
59,613 |
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Cash flows from financing activities |
|
|
|
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Proceeds from issue of share capital |
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220,997 |
2,520,000 |
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Transaction costs of share issue |
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- |
(38,600) |
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Net cash generated from financing activities |
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220,997 |
2,481,400 |
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Net increase/(decrease) in cash and cash equivalents |
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(1,517,700) |
1,545,945 |
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Cash and cash equivalents at beginning of the period |
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2,104,565 |
564,682 |
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Exchange loss on cash and cash equivalents |
|
(8,253) |
(13,854) |
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Cash and cash equivalents at end of the period |
|
578,612 |
2,096,773 |
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NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. General information
The Company was registered in Guernsey, Channel Islands on
The address of its registered office is P.O. Box 141, La Tonnelle House, Les Banques, St Sampson, Guernsey, GY1 3HS.
2. Basis of Preparation
The unaudited condensed consolidated interim financial statements have been prepared in accordance with UK-Adopted International Accounting Standards ("UK IFRS"), which comprise standards and interpretations approved by the
These unaudited condensed consolidated interim financial statements comprise the financial statements of
When the Group ceases to have control, any retained interest in the entity is remeasured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss.
Going concern
These unaudited condensed consolidated interim financial statements have been prepared on the going concern basis. Given the Group's current cash position and its demonstrated ability to raise additional capital when required, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the condensed consolidated interim financial statements for the period ended
At
Critical accounting estimates
The preparation of the condensed consolidated interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in Note 4 the 2024 Annual Report. The nature and amounts of such estimates have not changed significantly during the interim period.
3. Mineral properties
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Accumulated |
|
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Net expense |
expenditure at |
|
|
|
1 January |
in the |
30 June |
|
|
|
2025 |
period |
2025 |
|
|
|
£ |
£ |
£ |
|
|
|
30,351,834 |
844,482 |
31,196,316 |
|
|
|
1,535,594 |
- |
1,535,594 |
|
|
|
90,341 |
- |
90,341 |
|
Wottam |
|
61,558 |
- |
61,558 |
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Lessard |
|
709,122 |
- |
709,122 |
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Other, including |
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181,586 |
1,590 |
183,176 |
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and |
|
|
|
|
|
|
|
32,930,035 |
846,072 |
33,776,107 |
4. Loss per share
The calculation of the basic loss per share is based on the loss attributable to the equity holders of the parent for the interim period divided by the weighted average number of shares being 238,548,226 (
The potential ordinary shares which arise as a result of the options in issue are not dilutive under the terms of IAS 33 because they would reduce the loss per share. Accordingly, there is no difference between the basic and dilutive loss per share. At the period end, there were 9,850,000 (
The loss per share and diluted loss per share for the period were
5. Events after the interim reporting period
There are no events to report.
6. Approval of interim financial statements
These unaudited condensed consolidated interim financial statements were approved by the Board of Directors on
7. Availability of interim financial statements
Copies of these interim financial statements are available on Landore Resources' website at: www.landore.com.
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