TIDMGUN
RNS Number : 6456X
Gunsynd PLC
21 December 2023
Gunsynd plc
("Gunsynd" or the "Company")
Final Results for the Year Ended 31 July 2023
Gunsynd (AIM: GUN, AQSE: GUN) is pleased to announce that its
Final Results for the year ended 31 July 2023 will shortly be
posted to shareholders and are available on the Company's website:
http://www.gunsynd.com/ .
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation.
The Directors of the Company are responsible for the release of
this announcement.
For further information please contact:
Gunsynd plc
Hamish Harris / Peter Ruse +44 (0) 78 7958 4153
Cairn Financial Advisers LLP (Nominated
Adviser and AQSE Corporate Adviser)
James Caithie / Liam Murray +44 (0) 20 7213 0880
Peterhouse Capital Limited (Broker)
Lucy Williams +44 (0) 20 7469 0936
CHAIRMAN'S REPORT (INCORPORATING THE STRATEGIC REVIEW)
I present the annual report and financial statements for the
year ended 31 July 2023. The Company made a loss for the year to 31
July 2023 of GBP1,706,000 (2022: loss GBP2,426,000) after taxation.
The loss was a result of unrealised losses on the value of
investments held. The Company had net assets of GBP2,145,000 (2022:
GBP3,851,000) at 31 July 2023, and cash balances of GBP164,000
(2022: GBP824,000).
Review of Investments
1. NATURAL RESOURCES INVESTMENTS
Charger Metals Limited ("Charger")
Gunsynd currently holds 2.5m shares in Charger representing
approximately 4% of Charger's issued share capital.
Charger (ASX: CHR) is a Western Australian ("WA") focussed base
metals (Ni,Cu,Co-PGE) and lithium exploration company which
currently holds three highly prospective projects in WA and the
Northern Territory ("NT") in Australia.
Highlights to 30 September 2023 for its current projects:
Bynoe Lithium Project, NT (Charger 70%)
-- Maiden reverse circulation (RC) drill programme and diamond
drill programme commenced.
-- Initial 2,000m RC drill programme completed as first-pass
test of high priority targets including the Megabucks, Old Bucks
and Enterprise prospects.
-- Assays confirm significant lithium mineralisation in
spodumene-bearing pegmatites at the Enterprise Prospect, with
results including:
- 7m @ 0.96% Li2O from 107m, including 5m @1.13% Li2O from 108m (CBYRC023); and
- 16m @ 0.65% Li2O from 185m, including 1m @1.91% Li2O from 198m (CBYRC024)
-- First hole of 1,500m diamond drill programme intersected
19.25m of spodumene-bearing pegmatite at the Enterprise Prospect -
assays pending
-- 5,000m RC drill programme commenced early July 2023 (post
reporting period) with two drill rigs operating concurrently with
the diamond rig
Lake Johnston Lithium Project, WA (Charger 70%-100%)
-- Assay results received for the maiden RC drill programme
completed at the Medcalf Spodumene Prospect, which totalled 41
holes for 7,199 metres and:
- Delineated a swarm of stacked spodumene-bearing pegmatites up
to 13m thick (down-hole) within a 100m wide corridor along 700m of
strike and 250m down-dip
- Confirmed numerous high-grade lithium results returned from spodumene-bearing pegmatites
-- Priority targets have been identified for follow-up drilling
to test for extensions to the high-grade lithium mineralisation
Rincon Resources Pty Ltd ("Rincon")
Gunsynd holds 11.1 million shares representing approximately
6.5% of Rincon's issued share capital.
Rincon (ASX: RCR) is a Western Australian ("WA") focussed gold
and base metals exploration company quoted on the ASX. It holds the
rights to three highly prospective gold and copper projects in WA,
with its main focus on the South Telfer Project, covering
50,000-hectares in Paterson province. Each project has been subject
to historical exploration, which has identified prospective
mineralised systems. Rincon is systematically exploring these
projects, aiming to delineate economic resources.
Highlights to 30 September 2023 for its current projects:
South Telfer Copper-Gold Project
- 3,000m reverse circulation ("RC") drilling program at Mammoth underway.
- 29m zone of quartz-sulphide mineralisation intersected
down-dip of historic 'Westin' high grade gold intercept
- Successful application for Exploration Incentive Scheme
("EIS"2) co-funding grant of up to $180,000 for Recurve RC drilling
program
- The final report for the Hasties technical review now received
with planning for next steps underway
West Arunta Project (formerly Kiwirrkurra project)
- Heritage survey completed ahead of diamond drilling program at Pokali
- 1,000m diamond drilling program at Pokali set to commence as
soon as site works are completed
- Site reconnaissance completed with a further 46 rock-chip samples collected for analysis
Laverton Project
- The final report for the Laverton Project assessment, target
generation and prioritisation process now received with planning
for next steps underway
Pacific Nickel Limited ("Pacific Nickel")
Gunsynd currently holds 2.78m shares in Pacific Nickel
representing approximately 0.66% of its issued capital.
Highlights to 30 September 2023 for its current projects:
Kolosori Nickel Project (PNM 80%)
-- Final drawdown of US$19m from the Glencore International AG
(Glencore) Financing Facility
-- Execution of a Barging Agreement with Marinepia Shipping
Company Limited for the Transfer of Nickel Ore
-- Mining Contractor HBS PNG Pty Ltd (HBS) delivered two
tranches of mining equipment to site from PNG.
-- HBS commenced major development activities (working 24 hours,
two shift operations) including:
- Construction of the haul road and access roads to the stockpile area
- Commenced major earth works and removal of overburden from the
first higher-grade ore blocks.
- Backfill for the wharf.
- Construction of site laboratory
- Construction of mining contractors workshop area
- Construction of a 250 man camp
Subsequent to the reporting period, commencement of mining and
stock piling of nickel ore for shipment forecast for November
2023.
Jejevo Nickel Project (PNM 80%)
-- Subsequent to the 30 September 2023, the company has entered
into a Surface Access Rights Agreement (SARA) for a Mining Lease
with landowners in respect of the Jejevo Nickel Project.
Corporate:
-- Cash of $23.075 million at 30 September 2023
Eagle Mountain Mining Limited ("Eagle Mountain")
Gunsynd holds 2.5 million shares in Eagle Mountain representing
approximately 1% of its issued share capital.
Eagle Mountain Mining Limited (ASX: EM2), is a copper focused
exploration and development company with a key objective of
becoming a low emission producer at its high-grade Oracle Ridge
project in Arizona, USA, to supply the rapidly growing green energy
market.
Highlights to 30 September 2023 for its current projects :
- Further positive drilling and channel sampling results
confirmed potential upside to the mineral resource estimate
(MRE)
- Underground channel sampling assays were some of the strongest
to date including:
- 15.3m at 4.02% Cu, 18.71g/t Ag and 0.14g/t Au
- 19.2m at 3.32% Cu, 37.66g/t Ag and 0.31g/t Au
- 35.7m at 2.60% Cu, 14.86g/t Ag and 0.08g/t Au
- 32.6m at 2.23% Cu, 26.13g/t Ag and 0.28g/t Au including 1.6m
at 9.47% Cu, 100g/t Ag and 1.01g/t Au
- Drill core assays are expected to increase both the resource
size and quality of the MRE. Results received during the Quarter
include: 11.4m at 2.29% Cu, 16.45g/t Ag and 0.14g/t Au; 4.4m at
2.23% Cu, 23.41g/t Ag and 0.39g/t Au; and 63.9m at 1.11% Cu,
10.14g/t Ag and 0.09g/t Au
-Various metallurgical test work programs progressed including
Ore sorting; Concentrate variability testwork including locked
cycle tests; Flash floatation testwork; High pressure grind roll
comminution tests; Mineral speciation testwork; and Magnetic
separation testwork to recover magnetite or garnets
-Assessment of sulphide leaching processes commenced which could
reduce capital and operating costs for the Project
- New MRE update on track for completion in the December 2023
quarter incorporating drilling and channel sampling undertaken
since the previous MRE in October 2022 and extensive new knowledge
gained from the underground mapping program
-$1.6 million in cash available at 30 September 2023
Aberdeen Minerals Limited ("Aberdeen")
Aberdeen Minerals Limited is a privately owned mineral
exploration company currently engaged in mineral exploration in
North East Scotland for battery raw materials.
Gunsynd subscribed for 2,000,000 shares at 7.5 pence per
ordinary share for a total consideration of GBP150,000 as part of
the fundraising announced on 16 January 2023.
Recent update from Aberdeen :
-Aberdeen has been awarded GBP294,000 in grant funding by the UK
Government through the Automotive Transformation Fund ("ATF").
-Aberdeen expects the ATF grant will meet 70% of the cost of a
feasibility study into innovative methods to process the minerals
at the company's Arthrath Nickel-Copper-Cobalt Project in
Aberdeenshire. This study will investigate the potential to
accelerate
the production of cathode raw materials in North East Scotland
for UK battery manufacturing, using more environmentally
sustainable and socially acceptable approaches than the
carbon-intensive, overseas supply chains on which UK industry
currently relies.
-Innovations to be tested include Glycine Leaching Technology, a
technique patented by Draslovka, which uses glycine, a non-toxic
amino acid often used as a food additive or nutritional supplement
in humans and animals, as an environmentally sustainable and
cost-effective way to produce critical minerals.
-The ATF is delivered by the Advanced Propulsion Centre ("APC")
in collaboration with the Department for Business and Trade and
Innovate UK to support large-scale industrialisation and the
transition to net zero. The ATF grant awarded to Aberdeen is part
of a broader package of funding announced by APC.
Omega Oil & Gas Limited ("Omega")
Gunsynd subscribed for 450,000 shares at AUD 20 cents per
ordinary share for a total consideration of AUD$90,000
(approximately GBP50,000) as part of the IPO fundraising announced
on 25 October 2022.
Omega Oil and Gas Limited ("Omega") is an ASX listed Australian
energy and resources company focused on natural gas exploration and
oil production (ASX: OMA), on its Basin-Centred Gas drilling
campaign.
Recent update from Omega:
-- Estimated maiden gross 2C contingent resources of 1.73
trillion cubic feet ("TCF") and 3C contingent resources of 4.5 TCF
across Omega Oil and Gas' 100% owned ATPs 2037 and 2038 in
Queensland's Taroom Trough.
-- Net 2C contingent resources comprise 1.51 TCF Gas and 68.6
million barrels (MMBBLS) of condensate.
-- The independent resource assessment, based on the Canyon
drilling campaign results, was conducted by Netherland, Sewell
& Associates, Inc., a global leader in petroleum property
analysis.
-- Allocated resources based on a modelled average reservoir
thickness of 27m in the Kianga Formation which is 221m thick at the
site of the Canyon 2 well.
-- Strong growth potential, with further assessment to be
considered on other hydrocarbon-bearing reservoirs within the
Kianga Formation and the Back Creek Group, which are highly
prospective.
-- The next phase of exploration and appraisal includes an
innovative horizontal well targeting the Kianga Formation and a
multi-stage stimulation.
-- The $21 million capital raising completed on 8 August 2023
fully funds the next stage of exploration and appraisal.
First Tin Limited ("First Tin")
Gunsynd currently holds 618,000 shares in First Tin representing
approximately 0.3% of its issued capital.
First Tin (LSE:1SN) successfully completed its IPO on the
Standard List of the London Stock Exchange in April 2022, raising
GBP20 million (before expenses) of new equity capital, positioning
it to invest into and add value to its advanced portfolio of tin
assets. As part of the IPO, First Tin acquired the Taronga tin
asset in NSW Australia, the 5(th) largest undeveloped tin reserve
globally. Taronga will now be developed alongside First Tin's other
lead asset of Tellerhäuser which is located in Saxony in
Germany.
First Tin recently commenced Definitive Feasibility Studies
("DFS") at Taronga and Tellerhäuser, which are both scheduled to be
completed in Q4 2023. During the period, the management team
focused on advancing both assets through their respective DFS.
Strong operational progress was made at the Taronga asset,
successfully completing all drilling and exploration work and
publishing an updated JORC compliant Mineral Resource Estimate
("MRE") which increased the size of the Taronga resource by over
240% to 133 million tonnes. This updated JORC MRE statement
demonstrates the true scale of the Taronga asset and there remains
plenty of scope to further increase the size of total resource both
from the Taronga asset itself and from its satellite orebodies.
Oyster Oil and Gas Limited ("Oyster")
Gunsynd has a holding valued at GBP130,000, and there has been
no material change since year end. The oil price gives the Company
some confidence of restoring value to this investment. Gunsynd will
update the market as and when material developments occur.
2. OTHER INVESTMENTS
Rogue Baron PLC ("Rogue Baron")
Rogue Baron PLC (AQSE: SHNJ) is a leading company in the premium
spirit sector listed on the Access segment of the AQSE Growth
Market. Gunsynd currently holds 21,543,563 ordinary shares in Rogue
Baron, representing approximately 24% of its
issued share capital. Gunsynd also retains a balance of
GBP111,464 of Convertible Loan Notes consisting of accrued
interest.
Rogue Baron's flagship Shinju Whisky won two medals in October
2021 including a double gold with a perfect score of 100 when voted
best whisky at the 2021 Santé International Spirit Competition. In
November 2021 Shinju won another gold medal, this time at the
prestigious John Barleycorn awards.
Following the successful completion of transitioning to a new
USA distributor in September 2022, Rogue Baron resumed full-scale
sales operations in October 2022. During the fourth quarter of
2022, Rogue Baron sold around 930 cases of Shinju whisky worldwide,
marking an impressive growth of approximately 100% compared to the
corresponding period in 2021. Sales of Shinju whisky decreased
during the first quarter of 2023 as Q1 tends to be the slowest
quarter in the spirits industry. While this slowdown may impact our
short-term sales figures, Rogue Baron projects an increase in sales
as they move further into the Spring and Summer months.
Rogue Baron anticipates a favourable outlook for sales and
margins in the second half of 2023. This positive projection is
primarily attributed to the resolution of shipping issues that have
arisen in recent years, but maintaining proper inventory levels
will be necessary to continue the growth. Additionally, there is
potential for significant growth as Rogue Baron intends to launch
the 8- year-old Shinju expression into the United States market for
the first time, projected in late 2023.
With an established distribution network in both Europe and the
US, Rogue Baron is confident that securing the required capital
would enable it to achieve a substantial increase in revenue within
the short to medium term. At the time of releasing these accounts,
they are actively engaged in discussions with multiple potential
investors. There is an optimistic outlook that the necessary funds
can be raised, leading to higher levels of revenue and
profitability in the future.
Low 6 Limited ("Low6")
The Company invested approximately GBP265,000 in Low6 of which
GBP152,000 was impaired during the year to reflect the most recent
valuation of Low6 share price. We hold 0.66% of Low6's issued share
capital.
Recent update from Low6 :
Low 6 has reached a significant milestone by generating revenue
of just under GBP1m (unaudited) for the quarter ended 30 September
2023, and expects to continue its current trajectory during Q2. Its
financial year runs from 1 July 2023 to 30 June 2024. Audited
revenue for the year ended 30 June 2022 was GBP854,851 and loss
before tax was GBP18,350,342.
Low 6 was successful in a Request for Proposal (RFP) process
with 'OPTA' Stats Perform. Its work with OPTA focuses on the launch
of multiple games based on Premier League statistics. Low6 also
successfully launched products with Oddschecker for the new English
Premier League season and signed a significant contract extension
with Rush Street Interactive in North America for product
development over the next 18 months.
Oscillate plc ("Oscillate"; formerly DiscovOre plc)
Oscillate is an investment company listed on the AQSE Growth
Market Exchange with the ticker, AQSE: MUSH. In April 2021, Gunsynd
invested GBP200,000 into Oscillate being 10 million shares at 2p
representing circa 4.5% of Oscillate. Oscillate underwent internal
repositioning and restructuring during what has been a difficult
year.
Other unlisted investments
The Company has various other minor stakes in unlisted public
company investments totalling GBP124,000. These have been impaired
by GBP62,000 during the year to reflect the downturn in economic
markets.
Finance Review
As noted above, the Company made a loss for the year of
GBP1,706,000 (2022: loss GBP2,426,000) after taxation. Most of the
loss generated was from decrease in value of the Company's
investment portfolio. The Company had net assets of GBP2,145,000
(2022: GBP3,851,000) at 31 July 2023, and cash balances of
GBP164,000 (2022: GBP824,000).
Outlook
Whilst good progress was made by a number of companies in our
portfolio this unfortunately hasn't been as yet reflected in their
share price performance. The board took the decision to take
profits on some of our listed investments at prices much higher
than they are today which has allowed the Company to maintain a
healthy cash balance. Gunsynd has not raised money since 2020.
Gunsynd maintains a low fixed cost structure and this will continue
through volatile and uncertain conditions across global
markets.
We maintain a level of diversification in our portfolio with
positions in natural resources, gaming and beverages.
The Board continues to look at investments in line with its
investment policy as highlighted on the Company's website. This
could potentially include increasing a stake(s) in investments
already held. Such investment(s) may or may not lead to a reverse
takeover.
The Board would also like to take this opportunity to thank
shareholders for their continued support.
Hamish Harris
Chairman
20 December 2023
FINANCIAL STATEMENTS
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEARED 31 JULY
2023
2023 2022
GBP000 GBP000
------------------------------------------------ --------- ---------
Continuing operations
Income
Unrealised (loss) on financial investments (1,043) (2,168)
Realised (loss)/gain on financial investments (35) 221
(1,078) (1,947)
Administrative expenses
Salaries and other staff costs (305) (300)
Other costs (263) (224)
Total administrative expenses (568) (524)
Impairment of financial investments (212) -
Other income 149 15
Finance income 3 30
(Loss) before tax (1,706) (2,426)
Taxation - -
------------------------------------------------- --------- ---------
(Loss) for the period attributable to equity
shareholders of the Company (1,706) (2,426)
------------------------------------------------- --------- ---------
Other comprehensive income / (expenditure) - -
for the period net of tax
Total comprehensive earnings for the period
attributable to shareholders (1,706) (2,426)
------------------------------------------------- --------- ---------
Earnings per ordinary share
Basic (pence) (0.379) (0.540)
Diluted (pence) (0.379) (0.540)
------------------------------------------------- --------- ---------
STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2023
2023 2022
GBP000 GBP000
----------------------------------------------- ---------- ----------
ASSETS
Non-current assets
Financial investments at fair value through
profit or loss 1,891 2,944
Total non-current assets 1,891 2,944
------------------------------------------------ ---------- ----------
Current assets
Trade and other receivables 194 163
Cash and cash equivalents 164 824
------------------------------------------------ ---------- ----------
Total current assets 358 987
------------------------------------------------ ---------- ----------
Total assets 2,249 3,931
------------------------------------------------ ---------- ----------
Current liabilities
Trade and other payables (104) (80)
Total current liabilities (104) (80)
------------------------------------------------ ---------- ----------
Total liabilities (104) (80)
------------------------------------------------ ---------- ----------
Net assets 2,145 3,851
------------------------------------------------ ---------- ----------
Equity attributable to equity holders of the
company
Ordinary share capital 382 382
Deferred share capital 2,299 2,299
Share premium reserve 13,459 13,459
Investment in own shares (26) (26)
Share based payments reserve 24 39
Retained earnings (13,993) (12,302)
Total equity 2,145 3,851
------------------------------------------------ ---------- ----------
The financial statements were approved and authorised for issue
by the Board of Directors on 20 Dec ember 2023 and were signed on
its behalf by:
Hamish Harris Donald Strang
Chairman Director
Company number: 05656604
STATEMENT OF CHANGES IN EQUITY FOR THE YEARED 31 JULY 2023
Deferred Share Investment Share-based
Share Share premium in own payments Retained
capital capital reserve shares reserve earnings Total
GBP000 GBP 000 GBP000 GBP000 GBP000 GBP000 GBP000
---------------------- --------- ---------- --------- ------------ ------------- ---------- ---------
At 31 July 2021 382 2,299 13,459 - 131 (9,968) 6,303
---------------------- --------- ---------- --------- ------------ ------------- ---------- ---------
Loss for the
year - - - - - (2,426) (2,426)
---------------------- --------- ---------- --------- ------------ ------------- ---------- ---------
Total comprehensive
Loss for the
period - - - - - (2,426) (2,426)
Transactions
with owners:
Adjustment for
shares held in
Trust - - - (26) - - (26)
Transfer within
Equity on lapse
of share options - - - - (92) 92 -
At 31 July 2022 382 2,299 13,459 (26) 39 (12,302) 3,851
Loss for the
year - - - - - (1,706) (1,706)
---------------------- --------- ---------- --------- ------------ ------------- ---------- ---------
Total comprehensive
Loss for the
period - - - - - (1,706) (1,706)
Transactions
with owners:
Transfer within
Equity on lapse
of share options - - - - (15) 15 -
---------------------- --------- ---------- --------- ------------ ------------- ---------- ---------
At 31 July
2023 382 2,299 13,459 (26) 24 (13,993) 2,145
---------------------- --------- ---------- --------- ------------ ------------- ---------- ---------
STATEMENT OF CASH FLOWS FOR THE YEARED 31 JULY 2023
2023 2022
GBP000 GBP000
---------------------------------------------------------- --------- ---------
Cash flow from operating activities
(Loss) after tax (1,706) (2,426)
Tax on losses - -
Finance income net of finance costs (3) (10)
Unrealised loss on revaluation of financial investments 1,043 2,168
Realised loss/(gain) on sale of financial investments 35 (221)
Other income (124) -
Impairment provision 212 -
Adjustment for issue of own shares - (26)
Foreign exchange movements 1 1
Changes in working capital:
Decrease in trade and other receivables 4 11
Increase in trade and other payables 24 14
Cash outflow from operations (514) (489)
Taxation received - -
----------------------------------------------------------- --------- ---------
Net cash outflow from operating activities (514) (489)
----------------------------------------------------------- --------- ---------
Cash flow from investing activities
Payments for financial investments (405) (158)
Disposal proceeds from sale of financial investments 294 400
Unsecured loans to investee company (35) -
Net cash inflow/(outflow) from investing activities (146) 242
----------------------------------------------------------- --------- ---------
Cash flows from financing activities
Proceeds on issuing of ordinary shares - -
Cost of issue of ordinary shares - -
----------------------------------------------------------- --------- ---------
Net cash inflow from financing activities - -
----------------------------------------------------------- --------- ---------
Net decrease in cash and cash equivalents (660) (247)
Cash and cash equivalents at the beginning of the year 824 1,071
Cash and cash equivalents at the end of the year 164 824
----------------------------------------------------------- --------- ---------
During the year, there were share for share exchanges involving
Pacific Nickel Limited that resulted in additional non cash
investment of GBP124,154.
NOTES TO THE FINANCIAL STATEMENTS
1 Presentation of the financial statements
Description of business & Investing Policy
Gunsynd plc is public limited company domiciled in the United
Kingdom. The Company's registered office is 78 Pall Mall, London
SW1Y 5ES.
Basis of preparation - Going concern
The financial statements have been prepared on a going concern
basis. This basis assumes that the company will have sufficient
funding to enable it to continue to operate for the foreseeable
future and the Directors have taken steps to ensure that they
believe that the going concern basis of preparation remains
appropriate.
The Company made a loss for the year of GBP1,706,000 (2022: loss
GBP2,426,000) after taxation. The Company had net assets of
GBP2,145,000 (2022: GBP3,851,000) and cash balances of GBP164,000
(2022: GBP824,000) at 31 July 2023. The Directors have prepared
financial forecasts which cover a period of at least 12 months from
the date that these financial statements are approved to 31
December 2024. These forecasts show that the Company expects to
have sufficient financial resources to continue to operate as a
going concern.
In forming the conclusion that it is appropriate to prepare the
financial statements on a going concern basis the Directors have
made the following assumptions that are relevant to the next twelve
months:
- In the event that the Company's investments require further
funding, sufficient funding can be obtained by the various investee
companies; and
- In the event that operating expenditure increases
significantly as a result of successful progress with regards to
the Company's investments, sufficient funding can be obtain by
selling level 1 investments.
The cost structure of the Company comprises a high proportion of
discretionary spend and therefore in the event that cash flows
become constrained, costs can be quickly reduced to enable the
Company to operate within its available funding. As a junior
investment company, the Directors are aware that the Company must
go to the marketplace to raise cash to meet its investment plans,
and/or consider liquidation of its investments and/or assets as is
deemed appropriate. The Company has previously constantly
demonstrated its ability to raise further cash by way of completing
placings during the prior years, and are confident of further
equity fund raising should the company require such cash injection.
Therefore, they are confident that existing cash balances, along
with the any new funding would be adequate to ensure that costs can
be covered.
Consequently, the Directors have a reasonable expectation that
the Company has adequate resources to continue to operate for the
foreseeable future and that it remains appropriate for the
financial statements to be prepared on a going concern basis.
Financial period
These financial statements cover the financial year from 1
August 2022 to 31 July 2023, with comparative figures for the
financial year from 1 August 2021 to 31 July 2022.
Accounting principles and policies
The preparation of the financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates.
The financial statements have been prepared in accordance with
the Company's accounting policies approved by the Board and signed
on their behalf by Hamish Harris and Donald Strang.
2 Earnings per share
(Loss)/profit attributable to ordinary shareholders 2023 2022
The calculation of ( loss) per share is based
on the loss after taxation divided by the weighted
average number of shares in issue during the period:
(Loss) from operations (GBP000) (1,706) (2,426)
Total (GBP000) (1,706) (2,426)
--------- ---------
Number of shares
Weighted average number of ordinary shares for
the purposes of basic (loss) per share (millions) 449.80 449.80
Weighted average number of ordinary shares for
the purposes of diluted (loss) per share (millions) 475.30 533.84
Basic (loss) per share (expressed in pence) (0.379) (0.540)
Diluted (loss) per share (expressed in pence) (0.379) (0.540)
--------- ---------
3 Events after the end of the reporting period
On 16 November 2023, the Company advised it had made payment of
the first tranche of GBP250,000 to Metals One as referenced in Note
20.
On 5 December 2023, the Company advised it had raised gross
proceeds of GBP210,000 through the issue of 105 million shares at
0.2p each.
Forward-looking statements
These forward-looking statements are not historical facts but
rather are based on the Company's current expectations, estimates,
and projections about its industry; its beliefs; and assumptions.
Words such as 'anticipates,' 'expects,' 'intends,' 'plans,'
'believes,' 'seeks,' 'estimates,' and similar expressions are
intended to identify forward-looking statements. These statements
are not a guarantee of future performance and are subject to known
and unknown risks, uncertainties, and other factors, some of which
are beyond the Company's control, are difficult to predict, and
could cause actual results to differ materially from those
expressed or forecasted in the forward-looking statements. The
Company cautions security holders and prospective security holders
not to place undue reliance on these forward-looking statements,
which reflect the view of the Company only as of the date of this
announcement. The forward-looking statements made in this
announcement relate only to events as of the date on which the
statements are made. The Company will not undertake any obligation
to release publicly any revisions or updates to these
forward-looking statements to reflect events, circumstances, or
unanticipated events occurring after the date of this announcement
except as required by law or by any appropriate regulatory
authority.
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(END) Dow Jones Newswires
December 21, 2023 06:38 ET (11:38 GMT)
Gunsynd (AQSE:GUN)
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Gunsynd (AQSE:GUN)
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