Last checked at 15 Mar 2023 13:18
Artemis Resources Limited
("Artemis" or the "Company")
(ASX/AIM: ARV, FRA: ATY, US: ARTTF)
Interim Financial Report for the six months ended 31 December 2022
The Directors of Artemis Resources Limited ("Artemis Resources" or the "Company") (ASX/AIM: ARV, FRA: ATY, US: ARTTF), an Australian-based mining exploration and development company, announce the Company's interim financial report for the half year ended 31 December 2022.
A copy of the Artemis Resources Half Year Report is also available on the Company's website at www.artemisresources.com.au .
HALF YEAR REPORT
31 December 2021
Consolidated Statement of Profit or Loss And Other Comprehensive Income
For the Half Year Ended 31 December 2022
| Consolidated | |||
| 31 December |
| 31 December | |
| 2022 |
| 2021 | |
| Notes | $ |
| $ |
Other income | 3 | 13,840 | 21,629 | |
Personnel costs | (29,650) | (31,706) | ||
Occupancy costs | (15,891) | (58,522) | ||
Legal fees | (3,679) | (27,617) | ||
Consultancy costs | (365,420) | (187,926) | ||
Compliance and regulatory expenses | (123,138) | (670,497) | ||
Directors' fees | (376,750) | (290,313) | ||
Travel | (15,000) | (2,674) | ||
Borrowing costs | (4,101) | - | ||
Project and exploration expenditure written off | 6 | (113,741) | (551,677) | |
Impairment expense | 7 | (12,469,852) | - | |
Net fair value (loss)/gain on financial instruments designated as fair value through profit or loss |
5 | (3,128,849) | (138,472) | |
Share-based payments | 10 | (373,300) | - | |
Marketing expenses | (47,322) | (47,885) | ||
Depreciation and amortisation | (59,243) | (67,074) | ||
Unrealised foreign exchange (loss)/gain | (11,675) | (6,206) | ||
Other expenses | (74,206) | (172,683) | ||
LOSS BEFORE INCOME TAX | (17,197,977) | (2,231,623) | ||
Income tax expense | - | - | ||
LOSS FOR THE PERIOD | (17,197,977) | (2,231,623) | ||
Other comprehensive income, net of tax | - | - | ||
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD |
(17,197,977) |
(2,231,623) | ||
Basic loss per share - cents | 4 | (1.24) | (0.18) | |
Diluted loss per share - cents | 4 | (1.24) | (0.18) | |
The consolidated statement of profit or loss and other comprehensive income is to be read in conjunction with the accompanying notes
Consolidated Statement of Financial Position
As at 31 December 2022
| Consolidated |
| ||||
|
|
|
| |||
| 31 December | 30 June |
| |||
| 2022 | 2022 |
| |||
Notes | $ | $ |
| |||
CURRENT ASSETS |
|
| ||||
Cash and cash equivalents |
| 1,652,791 | 6,106,222 |
| ||
Other receivables |
| 572,546 | 282,701 |
| ||
Other financial assets | 5 | 945,000 | 6,283,560 |
| ||
TOTAL CURRENT ASSETS |
| 3,170,337 | 12,672,483 |
| ||
|
| |||||
NON-CURRENT ASSETS |
|
| ||||
Plant and equipment | 84,586 | 95,741 |
| |||
Intangible assets | 5,293 | 3,523 |
| |||
Right-of-use assets | 332,796 | 153,980 |
| |||
Exploration and evaluation expenditure | 6 | 31,205,451 | 27,323,626 |
| ||
Development expenditure | 7 | 15,000,000 | 27,420,924 |
| ||
TOTAL NON-CURRENT ASSETS | 46,628,126 | 54,997,794 |
| |||
TOTAL ASSETS | 49,798,463 | 67,670,277 |
| |||
| ||||||
CURRENT LIABILITIES |
| |||||
Trade and other payables | 8 | 1,605,686 | 2,931,542 |
| ||
Current lease liabilities | 149,542 | 44,140 |
| |||
Employee benefits obligation | 53,406 | 39,473 |
| |||
TOTAL CURRENT LIABILITIES | 1,808,634 | 3,015,155 |
| |||
|
| |||||
NON-CURRENT LIABILITIES |
|
|
|
| ||
Lease liabilities | 185,336 | 109,311 |
| |||
Provisions | 9 | 5,223,259 | 5,223,259 |
| ||
TOTAL NON-CURRENT LIABILITIES | 5,408,595 | 5,332,570 |
| |||
TOTAL LIABILITIES | 7,217,229 | 8,347,725 |
| |||
NET ASSETS | 42,581,234 | 59,322,552 |
| |||
| ||||||
EQUITY |
| |||||
Share capital | 10 | 115,010,598 |
| 114,927,239 |
| |
Reserves | 11 | 2,115,090 |
| 2,725,913 |
| |
Accumulated losses |
| (74,544,454) |
| (58,330,600) |
| |
TOTAL EQUITY |
| 42,581,234 |
| 59,322,552 | ||
The consolidated statement of financial position should be read in conjunction with the accompanying notes.
Consolidated Statement of Changes in Equity
As at 31 December 2022
Consolidated | Issued Capital | Accumulated Losses | Reserves
| Total Equity |
| $ | $ | $ | $ |
Balance at 1 July 2022 | 114,927,239 | (58,330,600) | 2,725,913 | 59,322,552 |
Loss for the period | - | (17,197,977) | - | (17,197,977) |
Other comprehensive income | - | - | - | - |
Total comprehensive loss for the period |
- |
(17,197,977) |
- |
(17,197,977) |
Issue of shares | 83,359 | - | - | 83,359 |
Transfer to share based payments reserve |
- |
- |
373,300 |
373,300 |
Transfer from share based payments reserve |
- |
984,123 |
(984,123) |
- |
Balance at 31 December 2022 | 115,010,598 | (74,544,454) | 2,115,090 | 42,581,234 |
Consolidated | Issued Capital | Accumulated Losses | Reserves
| Total Equity |
| $ | $ | $ | $ |
Balance at 1 July 2021 | 105,855,802 | (51,564,182) | 3,376,640 | 57,668,260 |
Loss for the period | - | (2,231,623) | - | (2,231,623) |
Other comprehensive income | - | - | - | - |
Total comprehensive loss for the period |
- |
(2,231,623) |
- |
(2,231,623) |
Balance at 31 December 2021 | 105,855,802 | (53,795,805) | 3,376,640 | 55,436,637 |
The consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
Consolidated Statement of Cash Flows
For the Half Year Ended 31 December 2022 |
| |||
|
Consolidated | |||
| 31 December 2022 |
| 31 December 2021 | |
$ |
| $ | ||
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
Receipts from customers | 15,149 | 17,739 | ||
Payments to suppliers and employees | (1,486,233) | (1,072,289) | ||
Interest received | - | 686 | ||
NET CASH USED IN OPERATING ACTIVITIES |
| (1,471,084) | (1,053,864) | |
CASH FLOWS FROM INVESTING ACTIVITIES |
| |||
Payments for exploration and evaluation | (4,723,740) | (5,169,392) | ||
Payments for property, plant and equipment | (17,293) | (56,683) | ||
Payments for purchase investments | - | (224,499) | ||
Proceeds on sale of investments | 2,209,711 | - | ||
Payment for development expenditure | (402,867) | (16,161) | ||
NET CASH USED IN INVESTING ACTIVITIES |
| (2,934,189) | (5,466,735) | |
|
| |||
CASH FLOWS FROM FINANCING ACTIVITIES |
| |||
Repayment of lease liabilities |
| (35,541) | - | |
NET CASH USED IN FINANCING ACTIVITIES |
| (35,541) | - | |
Net decrease in cash held |
| (4,440,814) |
| (6,520,599) |
Effects of exchange rate changes on the balance of cash held in foreign currencies |
| (12,617) | - | |
Cash at the beginning of the period | 6,106,222 | 9,082,554 | ||
CASH AT THE END OF THE PERIOD |
| 1,652,791 |
| 2,561,955 |
The consolidated statement of cash flows is to be read in conjunction with the accompanying notes.
For further information on the Company, please visit www.artemisresources.com.au or contact:
Artemis Resources Limited Mark Potter |
via Camarco |
| |
WH Ireland Limited (Nominated Adviser) | |
Antonio Bossi / James Bavister (Corporate Finance) | Tel: +44 20 7220 1666 |
| |
Cenkos Securities (Broker) | |
Neil McDonald / Adam Rae / Pearl Kellie (Corporate Finance) Leif Powis (Corporate Broking) | Tel: +44 20 7894 7000 Tel: +44 20 7894 7000 |
|
|
Camarco (Financial PR) |
|
Gordon Poole / Emily Hall / Rebecca Waterworth | Email: artemis@camarco.co.uk |
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.