PATH.L Regulatory News (PATH)

10 September 2020

Path Investments plc

("Path" or the "Company")

Interim Results for the six months to 30 June 2020

Path Investments plc (TIDM: PATH), the natural resources investment company, announces its interim results for the six months to 30 June 2020.

Highlights

· Continued progress on the acquisition of producing natural resource assets

· Focus on completion of DTU acquisition

· Evidence of flexibility to successfully work under the current pandemic restrictions

· Loss before tax £ 163,699 (H1 2019 profit before tax of £23,263)

· Loss per share 0.08 (H1 2019 profit 0.01 per share)

Commenting, Christopher Theis, Chief Executive of Path, said: "The first half of 2020 has challenged the working practises of many businesses. Your company has evidenced the flexibility to adapt to what is fast becoming the new normal. We are working hard to complete our acquisition of DTU and hope to be filing our prospectus with the FCA for approval shortly. The publication of our accounts is an integral part of that process."

Enquiries:

About Path Investments plc

The strategy of the Company is focused on delivering a material acquisition in natural resources production or near production assets with the objective of providing the Company's shareholders with access to a low risk and, over time, diversified portfolio which can offer a dividend stream as well as offering development potential for capital growth. The Directors are focused on the creation of a diversified portfolio of assets that is mindful of the maturity of asset developments, life of income stream and the potential for growth, and a number of opportunities have been evaluated and developed.

Chairman's Report

The ongoing pandemic environment has shifted work patterns and in certain external cases slowed the requisite steps to our stated aim of re-admission of our shares to trading on the Standard List of the Main Market of the London Stock Exchange. However, your directors have continued to work tirelessly and without compensation. As a result, the governing prospectus is nearing completion and filing for FCA approval.

We look forward to updating shareholders further as we move towards completion of our acquisition of DTU.

Brent Fitzpatrick

Non-Executive Chairman

10 September 2020

Financial Review

For the six months to 30 June 2020, the Company recorded a loss before tax of £163,699. There was no revenue in the period.

Cash flow

As at 30 June 2020 the Company held cash of £63,934 in the bank account.

STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2020

All operating income and operating gains and losses relate to continuing activities.

STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2020

The Share Capital represents the nominal value of the equity shares.

The Share Premium represents the amount subscribed for share capital, in excess of the nominal amount, less costs directly relating to the issue of shares.

The Share Based Payments reserve represents the fair value of the equity settled share option scheme.

The Retained Earnings reserve represents the cumulative net gains and losses less distributions made.

STATEMENT OF FINANCIAL POSITION

FOR THE SIX MONTHS ENDED 30 JUNE 2020

STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 JUNE 2020

NOTES TO THE ACCOUNTS

FOR THE SIX MONTHS ENDED 30 JUNE 2020

1. GENERAL INFORMATION

Path Investments Plc is a public limited company incorporated in the United Kingdom, registered under company number 04006413. The address of the registered office is 15 Victoria Mews, Millfield Road, Cottingley Business Park, Bingley, West Yorkshire, BD16 1PY. The principal activity of the Company is the investment in natural resources production and development assets.

2. ACCOUNTING POLICIES

2.1 Basis of preparation

The financial statements are presented in UK Sterling and all values are rounded to the nearest pound except where indicated otherwise.

The financial statements have been prepared under the historical cost convention or fair value where appropriate.

The results for the six months to 30 June 2020 have been prepared on the basis of the accounting policies set out in the company's 2019 annual report and accounts. The interim accounts do not constitute statutory accounts as defined by section 434 of the Companies Act 2006. The auditor has reported on the 2019 accounts and the report was unqualified and did not contain a statement under section 498(2) of (3) of the Companies Act 2006. The company's 2019 report and accounts have been filed with the registrar of companies.

During the period, there have been no changes in the nature of the related party transactions from those described in the company's 2019 accounts.

During the 2019 audit work the 2018 accounts were restated to reflect a further accrual of directors' remuneration. The six months ended 30 June 2018 have been restated to reflect this adjustment. The accruals have been increased by £514,719 and the reserves by the same.

The results for the six months are unaudited.

2.2 Responsibility statement

The directors confirm that these condensed interim financial statements have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting", as adopted by the European Union and as issued by the IASB and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely;

a) An indication of the important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

b) Material related party transactions in the first six months and any material changes in related party transactions described in the last annual report.

3. ADMINISTRATIVE EXPENSES

Included in Directors remuneration for the period ended 30 June 2019 are accrued salaries of £82,790 (June 2019 £77,081, December 2019: £292,537).

4. LOSS PER SHARE

The calculation of the basic and diluted loss per share is based on the loss on ordinary activities after taxation of and on the weighted average number of ordinary shares in issue.

There was no dilutive effect from the share options or convertible loan notes outstanding during the period.

In order to calculate the diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares according to IAS33. Dilutive potential ordinary shares include convertible loan notes and share options granted to Directors and consultants where the exercise price (adjusted according to IAS 33) is less than the average market price of the Company's ordinary shares during the period.

5. TRade and other payables

6. SHARE Capital