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Corporate Update and Half-year Financial Report

31 Mar 2021 07:00

RNS Number : 0852U
IronRidge Resources Limited
31 March 2021
 

31 March 2021

 

IronRidge Resources Limited

 

Interim results

Transformational Pre and Post Period End

Strong Cash Position, Milestone Scoping Study and Highly Successful Operational Period

 

IronRidge Resources Limited (AIM: IRR, "IronRidge" or the "Company"), the African focussed minerals exploration company, is pleased to announce its unaudited interim results for the half year ended 31 December 2020.

 

A full copy of today's report (including tables and/or diagrams referred to in this release) is available through the Investor Centre of the Company's website ( www.ironridgeresources.com.au) or can be viewed in the PDF version via the following link:

 

http://www.rns-pdf.londonstockexchange.com/rns/0852U_1-2021-3-31.pdf

 

FINANCIAL AND CORPORATE HIGHLIGHTS:

Ø Exploration and evaluation expenditure during the period was A$8.0 million, resulting in an overall total of A$42.0 million at period end, with continued exploration programmes conducted across the Company's projects in Ghana, Côte d'Ivoire and Chad

Ø Cash position of A$1.5 million at 31 December 2020 (prior to the exercise of Fundraise Warrants, as announced on 22 February 2021, raising net proceeds of £3.6 million, the equivalent of A$6.4 million)

Ø Acquisition of the Bodite and Bianouan gold licenses in Côte d'Ivoire from Major Star SA

Ø Acquisition of the Vavoua gold license in Côte d'Ivoire from CAPRI Metals SARL

Ø Appointment of Ms. Amanda Harsas as full-time Chief Financial Officer

Ø Appointment of Ms. Christelle Van Der Merwe to the Board as Non-executive Director

Ø Accepted as a member of the European Battery Alliance ("EBA250")

 

POST PERIOD-END HIGHLIGHTS:

Ø Completion of a Scoping Study on the Ewoyaa Lithium Project in Ghana, West Africa which supports a business case producing an average of 295,000 tonnes per annum of 6% Li2O spodumene concentrate, with life of mine revenues exceeding US$1.55 billion

Ø On 30 March 2021 the Company announced the completion of the third phase drill programme at Zaranou for 51,539m of drilling including 20,323m in 110 RC holes and 31,216m in 611 AC holes at the Ehuasso, Ebilassokro, Yakassé, M'Basso and Coffee Bean/Super pit targets. The Company also completed a 645m diamond drilling programme in three holes at the Ehuasso target for geology, RC twinning and density work.

Ø Appointment of Ms. Amanda Harsas as full-time Company Secretary

Ø Change of the Company's registered office, in line with the Company's strategy to migrate all management and administrative services in house

Ø Exercise of Fundraise Warrants, raising net proceeds of £3.6 million

Ø Completion of the sale of the non-core May Queen gold project in South East Queensland to Australasian Gold Limited ("AGL")

Ø Completion of the acquisition of 100% of the share capital of Joy Transporters Ltd, providing IronRidge full ownership of the highly prospective Saltpond license and Cape Coast license application in Ghana

 

Commenting on the Company's latest progress, Vincent Mascolo, Chief Executive Officer of IronRidge, said:

"The period ended 31 December 2020 saw momentous progress made across the Company's portfolio of gold and lithium assets in Africa.

"In Ghana, where the Company has defined a spodumene pegmatite maiden mineral resource estimate of 14.5Mt at 1.31% Li2O in the inferred and indicated category (JORC 2012 compliant) at the flagship Ewoyaa Lithium Project, further metallurgical test work improved the recovery of lithium whilst maintaining a product grade of 6% Li2O. This test work also defined a potential valuable by-product stream in high-quality feldspar concentrate with low contaminants, which is in demand in the local and European ceramics industry.

"Post period end, we were delighted to announce Scoping Study results from Ewoyaa, which support a business case for a 2.0 Million tonnes per annum production operation, producing an average of 295,000 tonnes per annum of 6% Li2O spodumene concentrate, with life of mine revenues exceeding US$1.55 billion. This landmark Scoping Study provides outstanding asset fundamentals and confirms our belief that Ewoyaa is an industry-leading asset. Additional drilling is now underway to increase the resource scale and improve the project's economics and we are in the process of evaluating available options in order to fast track the project to production.

"Post period end, we were also pleased to complete the acquisition of 100% of the share capital of Joy Transporters Ltd, providing IronRidge full ownership of the Saltpond license and Cape Coast license application within the current portfolio. The portfolio, situated adjacent to Ewoyaa, provides exploration upside with similarly robust infrastructure support and valuable synergies for our team to advance. Having been accepted as part of the European Battery Alliance during the period, IronRidge is well-positioned to take advantage of the increasing demand for lithium and its role in the stored energy transition. 

"During the period, we continued drilling activities at the Zaranou gold license in Côte d'Ivoire. Drilling was focused on the Ehuasso target, where artisanal workings are most developed, but also commenced drilling at the Ebilassokro, Mbasso, Coffee Bean and Yakassé targets. Drilling has returned very encouraging results and, with only 12km of 47km of potential strike having been drill tested to date, we are confident that the license presents considerable further exploration upside. The acquisitions of the highly prospective Bodite and Bianouan gold licenses, which strongly complement our flagship Zaranou gold license, and the Vavoua gold license, also present us with a significant opportunity.

"In Chad, the Company successfully renewed its Dorothe, Echbara and Am Ouchar licenses for a further four years and additional gold targets have been identified within the Echbara, Am Ouchar, Kalaka and Nabagay licenses. Now that travel restrictions have eased and access is permitted into N'Djamena, we intend to undertake a maiden drilling programme to test the Dorothe target prior to the onset of the wet season in July 2021.

"Management continues to closely follow the situation regarding Covid-19 as it continues to evolve, with measures in place to safeguard all employees and communities with which we operate. During these uncertain times, we would like to once again echo our previous thanks to all our staff who have worked tirelessly during this period.

"This is a truly exciting and significant period for the Company as we further de-risk and add value to our portfolio of assets in Ghana, Côte d'Ivoire and Chad, and we retain the upmost confidence in our strategy for developing and sustaining value for the Company and its shareholders. We look forward to updating the market with our continued progress."

 

For any further information please contact:

IronRidge Resources Limited

Vincent Mascolo (Chief Executive Officer)

Amanda Harsas (Company Secretary)

www.ironridgeresources.com.au

Tel: +61 2 8072 0640

 

 

SP Angel Corporate Finance LLP

Nominated Adviser

Jeff Keating

Charlie Bouverat

Tel: +4 (0)20 3470 0470

 

 

SI Capital Limited

Company Broker

Nick Emerson

Jon Levinson

Tel: +44 (0) 1483 413 500

Tel: +44 (0) 207 871 4038

 

 

Yellow Jersey PR Limited

Henry Wilkinson

Matthew McHale

Dominic Barretto 

 

 

Tel: +44 (0)20 3004 9512

 

Competent Person Statement

Information in this report relating to the exploration results is based on data reviewed by Mr Lennard Kolff (MEcon. Geol., BSc. Hons ARSM), Chief Geologist of the Company. Mr Kolff is a Member of the Australian Institute of Geoscientists who has in excess of 20 years' experience in mineral exploration and is a Qualified Person under the AIM Rules. Mr Kolff consents to the inclusion of the information in the form and context in which it appears.

Information in this report relating to metallurgical results is based on data reviewed by Mr Noel O'Brien, Director of Trinol Pty Ltd. Mr O'Brien is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code). Mr O'Brien consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

Information in this report relating to Mineral Resources was compiled by Shaun Searle, a Member of the Australian Institute of Geoscientists. Mr Searle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Searle is a director of Ashmore. Ashmore and the Competent Person are independent of the Company and other than being paid fees for services in compiling this report, neither has any financial interest (direct or contingent) in the Company.

 

 

CHAIRMAN STATEMENT:

"We are delighted by the developments we have made during the period across the Company's portfolio. 

"The advancements at the Ewoyaa Lithium Project enabled us to complete the Scoping Study for the project post period end, supporting a business case for 2.0 Million tonnes per annum production operation with life of mine revenues exceeding US$1.55 billion. This Study is undeniably transformative for the Company and we now look forward to further progressing the project towards production in order to capitalise on the heightened demand for lithium and its role in the stored energy transition.

"Meanwhile, drilling at the Company's Zaranou gold license continued to deliver highly encouraging results and new targets for drilling, affirming our belief of potential to become a large-scale, open pit gold mine. Further updates on the results from our recent drilling programmes will be provided in due course.

"The acquisitions of the Bodite and Bianouan gold licenses and the Vavoua gold license in Côte d'Ivoire during the period, plus the completion of the acquisition of the Saltpond license and Cape Coast license application in Ghana post period, reflect the Company's strategy of growing its portfolio of assets covering in-demand commodities in Africa. Using this strategy, we have demonstrated our ability to deliver significant progress across our projects to date and subsequently return values to shareholders. As such, we retain the belief in this strategy going forward.

"As always, we would like to express our thanks to our shareholders for their continued support and we wish them all the best during what remain very uncertain times as a result of the Covid-19 pandemic.

"2021 marks a pivotal year for the growth of the projects across the Company's portfolio and we hope our shareholders are as excited as we are as we advance our respective assets. We look forward to updating the market on our progress in due course."

 

OPERATIONAL HIGHLIGHTS:

 

Ghana - Lithium:

Ø The Company continued to advance the Ewoyaa Lithium Project where a 14.5Mt at 1.31% Li2O Mineral Resource estimate (reported in accordance with the JORC Code) in Indicated and Inferred status is defined within the broader 684km2 Cape Coast Lithium portfolio, which occurs within 110km of an operating deep-sea port, within 1km of a bitumen high-way and adjacent to grid power.

Ø Additional metallurgical test work was completed on the potential to further improve lithium recoveries by re-crushing middlings in the process flow-sheet design with both fresh and transitional material seeing improved lithium recovery whilst maintaining a product grade of 6% Li2O.

Ø The test work also highlighted that the lighter SG2.6 gravity fractions have elevated levels of potassium (K2O) and sodium (Na2O) minerals considered to be commercial grade feldspar by the ceramics industry. Based on this preliminary analysis, upwards of 20% of the plant feed material could be recovered as a saleable feldspar product, which is in demand from the regional ceramics industry in Ghana and the wider industry in Europe.

Ø In August 2020, the Company was accepted as a member of the European Battery Alliance ("EBA250"); an organisation committed to driving a competitive and sustainable battery industry in Europe by 2025. The EBA250 network brings together interested stakeholders, industry specialists and participants from both the public and private sectors; a collaboration of more than 400 participants across the European Union's ("EU") battery value chain.

 

Côte D'Ivoire - Gold and Lithium:

 

Zaranou license

Ø The Company continued drilling activities at the Zaranou gold license, located approximately 200km north-east of the capital Abidjan, adjacent to the border with Ghana and covering 397km2 of highly prospective Birimian terrain. The Company focussed its drilling efforts at the Ehuasso target, where artisanal workings are most intense but also commenced drilling at the Ebilassokro, Mbasso, Coffee Bean and Yakassé targets.

Ø The Company secured unverified historical soils and drilling data from previous explorers AngloGold Ashanti ("AGA") and Etruscan Resources ("EET"), including a data for a total of 279 Rotary Air Blast ("RAB") holes for 8,025m to a maximum depth of 50m and 186 reverse circulation ("RC") holes for 9,759m to a maximum depth of 80m over the Yakassé target in the extreme south-west of the license area.

Ø The Company completed a second phase drill programme for a total of 20,312m in 404 aircore ("AC") holes and 2,077m in 12 RC holes. Drilling focused within the Ehuasso target along 160m spaced AC and RC drill traverses to test mineralisation continuity, in addition to two exploration AC drill traverses at the Ebilassokro soil anomaly.

Ø The Company commenced a third phase drilling programme for approximately 20,000m of RC resource drilling at the Ehuasso Main target, and approximately 30,000m of exploration AC drilling at the Ebilassokro, Yakassé, M'Basso and Coffee Bean/Super pit targets at broad 160m spaced AC drill traverses.

 

Vavoua Portfolio

Ø The Company announced the 100% acquisition of the Vavoua gold license from CAPRI Metals SARL.

 

Bianouan and Bodite Portfolio

Ø The Company announced the 100% acquisition of the Bodite and Bianouan Gold licenses from Major Star SA.

 

Chad - Gold:

Ø The Company successfully renewed its Dorothe, Echbara and Am Ouchar licenses for a further 4 years with requisite area reductions for a total 746.25km2 of highly prospective tenure, where it has defined a significant gold target at Dorothe in approximately 15km of trenching at 200m spacing over a 3km x 1km surface area. Additional gold targets have been identified within the Echbara, Am Ouchar, Kalaka and Nabagay licenses.

Ø The Company re-commenced travel into Chad now that travel restrictions have eased in N'Djamena to allow for field programmes to commence with the intention to focus on a maiden drilling programme to test the Dorothe target prior to the onset of the wet season in July 2021.

 

POST PERIOD-END HIGHLIGHTS:

 

Ghana - Lithium:

Ø On 19 January 2021, the Company announced the completion of a Scoping Study on the Ewoyaa Lithium Project in Ghana, West Africa which supports a business case for 2.0 Million tonnes per annum production operation producing an average 295,000 tonnes per annum of 6% Li2O spodumene concentrate with life of mine revenues exceeding US$1.55 billion.

Ø On 22 February 2021, the Company announced multiple high-grade lithium pegmatite drill intersections at new targets adjacent to the Ewoyaa Lithium Project in Ghana, West Africa.

 

Côte D'Ivoire - Gold and Lithium:

Ø On 18 January 2021, the Company announced multiple high-grade drill intersections and the confirmation of new gold targets at the Zaranou Project in Côte d'Ivoire, West Africa.

Ø On 30 March 2021 the Company announced the completion of the third phase drill programme at Zaranou for 51,539m of drilling including 20,323m in 110 RC holes and 31,216m in 611 AC holes at the Ehuasso, Ebilassokro, Yakassé, M'Basso and Coffee Bean/Super pit targets. The Company also completed a 645m diamond drilling programme in three holes at the Ehuasso target for geology, RC twinning and density work.

 

FINANCIAL HIGHLIGHTS:

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the half year ended 31 December 2020

 

 

 

 

Notes

31 December 2020 A$

(Unaudited)

31 December 2019 A$

(Audited)

 

Revenue

 

3

 

50,000

 

45

Administration and consulting expenses

 

999,410

1,311,474

Depreciation

 

30,610

3,407

Employment benefits expenses

 

215,874

238,450

Exploration costs written off

 

-

127,883

Project Generation Expenses

 

3,756

 

Legal expenses

 

34,994

69,651

Interest expenses

 

2,970

463

Share based payments expenses

 

-

548,978

Unrealised foreign exchange (gains) losses

 

136,901

(72,808)

(Loss) before income tax

Income tax expense

4

(1,374,515)

1,043

(2,227,453)

-

(Loss) for the period

 

(1,375,558)

(2,227,453)

 

Other comprehensive income (loss)

 

 

(1,318,519)

 

612

Total comprehensive loss for the period

 

(2,694,077)

(2,226,841)

 

 

 

 

Earnings per share

 

Cents per share

Cents per share

Basic earnings per share

5

(0.3)

(0.7)

Diluted earnings per share

5

(0.3)

(0.7)

 

 

The above consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.

 

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 December 2020

 

 

 

Notes

31 December 2020 A$

(Unaudited)

31 June 2020

A$

(Audited)

 

Current assets

Cash and cash equivalents

 

 

1,480,957

 

7,331,643

Trade and other receivables

 

127,762

399,250

Other current assets

 

140,709

213,916

Total current assets

 

1,749,428

7,944,809

 

Non-current assets

Other financial assets

 

 

 

186,166

 

 

186,666

Property, plant and equipment

 

292,471

348,791

Exploration and evaluation assets

 

41,986,355

34,017,466

Total non-current assets

 

42,464,992

34,552,923

 

 

 

 

Total assets

 

44,214,420

42,497,732

 

Current liabilities

Trade and other payables

 

 

 

3,776,396

 

 

2,152,690

Total current liabilities

 

3,776,396

2,152,690

 

Total liabilities

 

 

3,776,396

 

2,152,690

 

Net assets

 

 

40,438,024

 

40,345,042

 

Equity

Issued capital

 

 

6

 

 

72,975,140

 

 

70,188,081

Reserves

 

11,375,561

12,694,080

Accumulated losses

 

(43,912,677)

(42,537,119)

Total equity attributable to owners of

IronRidge Resources Limited

 

 

40,438,024

 

40,345,042

 

 

The above consolidated statement of financial position should be read in conjunction with the accompanying notes.

 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the half year ended 31 December 2020

 

 

 

Issued Capital

Accumulated Losses

Share Based Payments

Reserve

Foreign Currency Translation

Reserve

Total Equity

A$

 

A$

A$

A$

A$

 

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

 

Balance at 1 July 2019

 

57,052,711

 

(35,927,989)

 

9,839,847

 

109,954

 

31,074,523

Loss for the period

-

(2,227,453)

-

-

(2,227,453)

Other comprehensive income

-

-

-

612

612

Total comprehensive income

-

(2,227,453)

-

612

(2,226,841)

for the period

 

 

 

 

 

Shares issued during the period

4,509,799

-

-

-

4,509,799

Share issue costs

(134,704)

-

-

-

(134,704)

Share based payments

-

-

548,978

-

548,978

Balance at 31 December 2019

61,427,806

(38,155,442)

10,388,825

110,566

33,771,755

 

Loss for the period

 

-

 

(4,381,677)

 

-

 

-

 

(4,381,677)

Other comprehensive income

-

-

-

(45,169)

(45,169)

Total comprehensive income

-

(4,381,677)

-

(45,169)

(4,426,846)

for the period

 

 

 

 

 

Shares issued during the period

9,111,199

-

-

-

9,111,199

Share issue costs

(350,924)

-

48,405

-

(302,519)

Share based payments

-

-

2,191,453

-

2,191,453

Balance at 30 June 2020

70,188,081

(42,537,119)

12,628,683

65,397

40,345,042

 

Loss for the period

 

-

 

(1,375,558)

 

-

 

-

 

(1,375,558)

Other comprehensive income

-

-

-

(1,318,519)

(1,318,519)

Total comprehensive income

-

(1,375,558)

-

(1,318,519)

(2,694,077)

for the period

 

 

 

 

 

Share issued during the period

2,789,491

-

-

-

2,789,491

Shares issue costs

(2,432)

-

-

-

(2,432)

Share based payments

-

-

-

-

-

Balance at 31 December 2020

72,975,140

(43,912,677)

12,628,683

(1,253,122)

40,438,024

 

 

The above 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 2020

 

 

Notes

31 December 2020 A$

(Unaudited)

31 December 2019 A$

(Audited)

 

Cash flows from operating activities

Payments to suppliers and employees

 

 

 

(849,808)

 

 

(1,669,492)

Interest received

3

-

45

Interest paid

 

(2,970)

(463)

Other Income

 

50,000

-

Net cash flows from operating activities

 

(802,778)

(1,669,910)

 

Cash flows from investing activities

Refund of security deposits

 

 

 

500

 

 

2,500

Purchase of property, plant and equipment

 

(77,163)

(3,570)

Payments for exploration and evaluation assets

 

(5,854,104)

(4,331,992)

Net cash flows from investing activities

 

(5,930,767)

(4,333,062)

 

Cash flows from financing activities

Proceeds from the issue of shares

 

 

 

1,002,421

 

 

3,551,852

Transactions costs on the issue of shares

 

(3,475)

(38,012)

Net cash flows from financing activities

 

998,946

3,513,840

 

Net decrease in cash and cash equivalents

 

 

(5,734,599)

 

(2,489,132)

Cash and cash equivalents at the beginning of the period

 

7,331,643

6,714,222

Foreign exchange impact on cash

 

(116,087)

29,960

Cash and cash equivalents at the end of the period

 

1,480,957

4,255,050

 

 

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

 

NOTES TO THE FINANCIAL STATEMENTS

For the half year ended 31 December 2020

 

Note 1: Summary of Significant Accounting Policies

Corporate information

The consolidated financial report of IronRidge Resources Limited (the "Company") for the half-year ended 31 December 2020 was authorised for issue in accordance with a resolution of the Directors on 31 March 2021. IronRidge Resources Limited (the Parent) is a public company limited by shares incorporated and domiciled in Australia. The Company's registered office is located at Level 33, Australia Square, 264 George St, Sydney, Australia.

Basis of preparation

This half-year unaudited financial report for the period ended 31 December 2020 prepared in accordance with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001, comprises the Company and its subsidiaries (together referred to as the "Group").

The half-year financial report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the Group as the full financial report.

Accordingly, this half year financial report is to be read in conjunction with the annual financial report for the year ended 30 June 2020 and any public announcements made by the Company during the half-year reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

The accounting policies and methods of computation are the same as those adopted in the most recent annual financial report.

Going concern

The half year financial report has been prepared on a going concern basis which contemplates the continuity of normal business activities and the realisation of assets and discharge of liabilities in the ordinary course of business. The Group has not generated revenues from operations.

In addition, the COVID-19 global pandemic continues to be a risk to the international community as the virus spreads globally. These conditions have had a significant negative impact on world stock markets, currencies and general business activities which could negatively impact the Company in a material adverse manner.

As such, the Group's ability to continue to adopt the going concern assumption will depend upon a number of matters including subsequent successful raisings in the future of necessary funding and the successful exploration and subsequent exploitation of the Group's tenements.

These conditions give rise to material uncertainty which may cast significant doubt over the Group's ability to continue as a going concern. The Directors believe that the going concern basis of preparation is appropriate as the Directors believe there is sufficient cash available for the Group to continue operating until it can raise sufficient further capital to funds its ongoing activities. The Group has a proven ability to raise the necessary funding or settle debts via the issuance of shares.

Should the Group be unable to continue as a going concern, it may be required to realise its assets and extinguish its liabilities other than in the ordinary course of business, and at amounts that differ from those stated in the financial report.

 

New or amended Accounting Standards and Interpretations adopted

The accounting policies adopted in the preparation of the unaudited interim consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 30 June 2020. The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

 

Note 2: Segment Information

The Group has identified its operating segment based on the internal reports that are reviewed and used by the Board of Directors (chief operating decision makers) in assessing performance and determining the allocation of resources. The Group is managed primarily on a geographic basis, that is, the location of the respective areas of interest (tenements) in Queensland, and Gabon. Operating segments are determined based on financial information reported to the Board for the Group as a whole. The Group does not yet have any products or services from which it derives an income.

 

Accordingly, management currently identifies the Group as having only one reportable segment, being exploration for base and precious metals. The financial results from this segment are equivalent to the financial statements of the Group. There have been no changes in the operating segments during the half year.

 

 

Geographical information

 

 

31 December 2020 A$

(Unaudited)

30 June 2020

A$

(Audited)

 

 

Australia 1,386,758 1,419,068

Chad 14,025,353 14,045,557

Ghana 10,059,370 9,757,440

Ivory Coast 16,993,511 9,330,858 

 42,464,992 34,552,923

 

 

31 December 2020 A$

(Unaudited)

31 December 2019

A$

(Audited)

 

 

Note 3: Revenue

 

- Interest received - 45

- Other income 50,000 -  

Total Revenue 50,000 45

 

 

(a) Interest revenue from:

- Cash deposits held with financial institutions - 45 

Total Interest Revenue - 45

 

 

Note 4: Profit / (Loss)

 

Included in the profit / (loss) are the following specific expenses:

Depreciation

- Office equipment 2,133 198

- Plant and equipment 3,209 3,209

- Motor Vehicle 25,268 -

Superannuation expense 7,581 9,896

 

Note 5: Earnings Per Share (EPS)

 

(a) Earnings

Earnings used to calculate basic and diluted EPS (1,375,558) (2,227,453)

 

(b) Weighted average number of shares and options

Weighted average number of ordinary shares outstanding

during the period, used in calculating basic earnings per share 409,605,487 318,043,321

Weighted average number of dilutive options outstanding

during the period - -

Weighted average number of ordinary shares and potential

ordinary shares outstanding during the period, used in

calculating diluted earnings per share 409,605,487 318,043,321

 

 

 

31 December 2020 A$

(Unaudited)

30 June 2020

A$

(Audited)

 

Note 6: Issued Capital

 

(a) Issued and paid up capital

Ordinary shares fully paid 74,406,385 71,616,893

Share issue costs (1,431,245 (1,428,812) 

72,975,140 70,188,081

 

 

Ordinary shares participate in dividends and the proceeds on winding up the Company. At shareholder meetings each ordinary share is entitled to one vote when a poll is called, otherwise each shareholder has one vote on show of hands.

 

(b) Reconciliation of issued and paid-up capital

Number of Shares

A$

At 30 June 2020

404,513,660

71,616,893

1 July 2020 (1)

572,656

227,266

4 August 2020 (2)

571,309

89,716

10 August 2020 (3)

3,836,436

836,944

26 August 2020 (4)

28 October 2020 (5)

28 October 2020 (6)

16 December 2020 (7)

984,431

1,425,672

-

1,618,336

233,453

366,279

109,340

429,302

17 December 2020 (8) 1,550,388 497,192 

At 31 December 2019 415,072,888 74,406,385

 

 

(1) On 1 July 2020, 572,656 £0.22p (equivalent to $0.40) ordinary shares were issued for the acquisition of the CAPRI Metals SARL.

(2) On 4 August 2020, 571,309 £0.0866p (equivalent to $0.16) ordinary shares were issued to a contractor in partial consideration for services rendered.

(3) On numerous dates from 10 August to 9 November 2020, 3,836,436 £0.12p (equivalent to $0.22) ordinary shares were issued pursuant to a warrants placement.

(4) On 26 August 2020, 984,431 £0.1331 (equivalent to $0.24) ordinary shares were issued to a contractor in partial consideration for services rendered.

(5) On 28 October 2020, 1,425,672 £0.1397 (equivalent to $0.26) ordinary shares were issued to a contractor in partial consideration for services rendered.

(6) On 28 October 2020, funds were received for 600,000 £0.10 (equivalent to $0.18) ordinary shares previously issued on 25 January 2019 as exercise of employee options.

(7) On 16 December 2020, 1,618,336 £0.1489 (equivalent to $0.27) ordinary shares were issued to a contractor in partial consideration for services rendered.

(8) On 17 December 2020, 1,550,388 £0.18p (equivalent to $0.32) ordinary shares were issued for the acquisition of Bodite and Bianouan Gold Licenses.

 

Note 7: Contingent Assets and Contingent Liabilities

The Directors are not aware of any contingent assets or contingent liabilities at the date of this report.

Note 8: Financial Instruments

 

There are no financial assets or liabilities measured at fair value in the statement of financial position.

 

The carrying value of all financial assets and liabilities not measured at fair value in the statement of financial position approximate their fair value.

 

Note 9: Subsequent Events

 

On 11 January 2021, the Company announced that it had completed the sale of the non-core May Queen gold project in South East Queensland to Australasian Gold Limited ("AGL"), the Company received 4.5m shares representing 28.1% of the enlarged share capital of AGL with a further investment of AUD$100,000 at 10 cents per share to provide AGL with additional working capital.

On 18 January 2021, the Company announced multiple high-grade drill intersections and the confirmation of new gold targets at the Zaranou Project in Côte d'Ivoire, West Africa. The license borders with Ghana and is along strike from significant operating gold mines including Chirano, Bibiani and Ahafo.

On 19 January 2021, the Company announced completion of a Scoping Study on the Ewoyaa Lithium Project in Ghana, West Africa which supports a business case for 2.0 Million tonnes per annum production operation with life of mine revenues exceeding US$1.55 billion.

On 19 January 2021, the Company gave written notice to exercise the fully underwritten call warrants issued to participants in the Company's capital raising announced on 11 May 2020.

On 4 February 2021, the Company announced that it had completed the acquisition of 100% of the share capital of Joy Transporters Ltd for the issue of 2,360,035 ordinary shares, providing IronRidge full ownership of the highly prospective Saltpond license and Cape Coast application in Ghana.

On 5 February 2021, 2,782,919 ordinary shares were issued to a contractor in partial consideration for services rendered.

On 22 February 2021, the Company announced that all holders elected to exercise the Fundraise Warrants, notice given 19 January 2021, which resulted in net proceeds of approximately £3,630,648.

On 22 February 2021, the Company announced multiple high-grade lithium pegmatite drill intersections at new targets adjacent to the Ewoyaa Lithium Project, where the Company has defined a JORC compliant mineral resource in Ghana, West Africa.

On 30 March 2021 the Company announced the completion of the third phase drill programme at Zaranou for 51,539m of drilling including 20,323m in 110 RC holes and 31,216m in 611 AC holes at the Ehuasso, Ebilassokro, Yakassé, M'Basso and Coffee Bean/Super pit targets. The Company also completed a 645m diamond drilling programme in three holes at the Ehuasso target for geology, RC twinning and density work.

The impact of the COVID-19 global pandemic continues to be a focus in order to ensure the health and safety of all of its employees and contractors. The Company has put in place measures and protocols to ensure that safe working conditions exist for all our personnel whilst our field programmes and drilling campaigns continue. The Board will continue to monitor the situation and tailor the Company's operating model to ensure its continued viability whilst adjusting for any travel restrictions in place.

There have been no other events since the end of the half year that impact the financial report as at 31 December 2020.

 

 

 

 

 

 

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